Danske Bank ups guidance after bumper third quarter

31st Oct 2024 07:01

(Sharecast News) - Danske Bank boosted its full-year outlook on Thursday, after third-quarter earnings at Denmark's biggest lender smashed expectations.

Net profit reached 6.17bn Danish krone (£692m) in the three months to September end, up from DKK5.32bn a year previously and ahead of analyst forecasts for DKK5.55bn.

Total income was DKK13.83bn, up from DKK13.01bn in 2023.

That helped boost total income in the nine months to September end, up 8.4% at DKK41.8bn. Net profit jumped 13.8% to DKK17.6bn.

Danske said it had benefited from an improving macroeconomic climate and good customer activity, and revised its guidance for the rest of the year.

It now expects full-year net profits to come in between DKK22.5bn and 23.5bn, compared to its previous forecast for between DKK21bn and 23bn.

As at 1115 GMT, shares in the lender were up 3%.

Carsten Egeriis, chief executive, said: "During the first nine months of 2024, we consistently delivered satisfactory financial results while progressing with our strategic priorities.

"Stable core income, consistent cost management, improved customer activity and continually strong credit led to an increase in net profit of 14% in the first nine months."