Danske Bank lowers 2019 profit outlook to DKK 13B-15B from DKK 14B-16B
Danske Bank revised its 2019 outlook downwards to a net profit of DKK 13B-15B from a range of DKK 14B-16B. At the same time, the company revised the outlook for expenses in 2019 to DKK 25.5B-26.0B from "at around the level in 2018". "The downward revision is based on changes in our expectations for the second half of the year. We now expect the generally weak momentum in income to continue. This development is driven mainly by margin pressure and conditions in the financial markets,as evidenced by the weak trading income in the second quarter,"says CFO Christian Baltzer."In addition, we have higher costs for compliance and anti-money laundering activities.Given the weak financial development, we will revert later this year with an update on initiatives to improve longer-term performance."