Denmark's biggest lender Danske Bank has today reported third-quarter earnings above market expectations and raised its guidance for the full year.
"Despite the more positive macroeconomic outlook, we remain prudently aware of the downside risks stemming from the geopolitical situation and concerns about a potential slowdown in economic activity," the bank said in a statement.
Danske said its net profit rose to 6.17 billion Danish crowns ($897.78m) in the July to September quarter from 5.32 billion a year earlier, topping the 5.55 billion expected by analysts on average in a poll provided by the bank.
The bank raised its net profit guidance for the full year to a range between 22.5 billion and 23.5 billion Danish crowns, up from a previous range of 21 billion to 23 billion crowns.
Swedish banks Handelsbanken, SEB and Swedbank have also posted higher-than-expected earnings for the quarter.
Net interest income, a key metric measuring banks' income from lending and deposits, fell to 9.17 billion crowns from 9.32 billion, broadly in line with the 9.19 billion expected by analysts.
Danske Bank still has a Large Corporates & Institutions unit in Ireland.
Alistair Welch, Head of International Units & Country Manager Ireland at Danske Bank, said the Large Corporates & Institutions unit in Ireland has delivered a strong performance, contributing to the positive financial results of the wider Danske Bank Group.
"In a demanding business environment, our clients have effectively utilised our advisory services and the capabilities of our digital platform to meet their strategic goals," Mr Welch said.
"Additionally, we have made significant progress in financing the green transition for our clients both at home and abroad, accelerating the collective advancement towards a more sustainable future. We are excited to continue this progress, offering innovative financial solutions that generate both economic and social value for our stakeholders," he added.
