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04/11/2020
Danske Bank Reports £10.5m Profit In NI
Danske Bank has reported a profit in the first nine months of 2020 in Northern Ireland.
One of the largest banks in the region, the company made a pre-tax profit of £10.5 million along with a total income of £153.3m.
Recognising the impact of the pandemic on business, Kevin Kingston, CEO of Danske Bank UK, commented: "Income and profits are much reduced year-on-year as a result of coronavirus impacts, subsequent provision for potential future loan impairments and historically low interest rates. Our primary focus remains to support our customers and to look after our colleagues, who, as key workers, have continued to offer the levels of service that the people of Northern Ireland have come to expect from Danske Bank."
Operating profit is down 37% year-on-year to £45.9m, while the business has also approved 9,000 local business-funding requests thanks to through the Government backed Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS).
Mr Kingston added: "Customers, both personal and business, are saving more than ever, with deposit growth up 23% year-on-year. We also saw further customer adoption of our digital channels, with more than 5 million digital logons per month and a 32% increase in digital transactions year-on-year.
"The coronavirus disruption to our economy looks set to continue for longer than we all hoped. Alongside this, Brexit uncertainty still prevails – with less than two months until the transition period ends on 1st January and Northern Ireland's trading relationship with the rest of the UK changes."
(CM)
One of the largest banks in the region, the company made a pre-tax profit of £10.5 million along with a total income of £153.3m.
Recognising the impact of the pandemic on business, Kevin Kingston, CEO of Danske Bank UK, commented: "Income and profits are much reduced year-on-year as a result of coronavirus impacts, subsequent provision for potential future loan impairments and historically low interest rates. Our primary focus remains to support our customers and to look after our colleagues, who, as key workers, have continued to offer the levels of service that the people of Northern Ireland have come to expect from Danske Bank."
Operating profit is down 37% year-on-year to £45.9m, while the business has also approved 9,000 local business-funding requests thanks to through the Government backed Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS).
Mr Kingston added: "Customers, both personal and business, are saving more than ever, with deposit growth up 23% year-on-year. We also saw further customer adoption of our digital channels, with more than 5 million digital logons per month and a 32% increase in digital transactions year-on-year.
"The coronavirus disruption to our economy looks set to continue for longer than we all hoped. Alongside this, Brexit uncertainty still prevails – with less than two months until the transition period ends on 1st January and Northern Ireland's trading relationship with the rest of the UK changes."
(CM)
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Northern Ireland WeatherToday:A chilly start with a widespread frost and some freezing fog, any freezing fog slow to clear. Otherwise bright with sunny spells and coastal showers. Light winds. Maximum temperature 6 °C.Tonight:Coastal showers dying out with a widespread frost developing along with freezing fog, which could become extensive. Winds remaining light. Minimum temperature -3 °C.
