Denmark lowers profit outlook due to challenging financial market conditions

Bank of Denmark signs are seen at the bank’s headquarters in Copenhagen, Denmark, October 22, 2019. REUTERS/Jacob Gronholt-Pedersen

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July 10 (Reuters) – Danske Bank ( DANSKE.CO ) on Sunday cut its outlook for full-year net profit, hurt by rapidly rising interest rates and adverse financial market conditions.

Danske revised net profit to 10 billion to 12 billion Danish kroner ($1.64 billion) from previous guidance of 13 billion to 15 billion kroner.

“… we are revising our net profit guidance for this year based on significantly lower expectations for trading income and income from our insurance business,” CEO Carsten Egeriis said in a press release.

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The company also slightly revised its cost guidance to about 25.5 billion kroner.

In April, the bank reported lower-than-expected first-quarter profit, citing higher costs and turbulent financial markets. read more

($1 = 7.3037 Danish kroner)

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Reporting by Baranjot Kaur and Maria Ponnezhath in Bengaluru Editing by Matthew Lewis

Our Standards: The Thomson Reuters Trust Principles.

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