30/10/2014

£81m Pre-Tax Profit For Danske Bank

Danske Bank in Northern Ireland has reported a pre-tax profit of £81m for the first nine months of the year.

In its financial results for the nine months to end September 2014, the bank said the figures continued its "upward trajectory in underlying profitability" over the last number of years.

It added that the outcome reflects "a combination of improved revenue performance, reduced impairment charges and cost control".

In addition, the growth in core operating income of 14% year-on-year is said to be primarily due to a reduction in the Bank's funding costs.

Commenting on the results, Danske Bank UK CEO Gerry Mallon, said: "We've continued to make good progress in quarter three, resulting in a healthy £81 million profit for the first nine months of the year. The results reflect the continuing trend of improving business performance combined with falling impairment charges and lower underlying costs.

"The improvement in business performance is the result of a strong customer focus, against a backdrop of changing consumer behaviours and new innovations in technology.

"Industry statistics point to much more activity in the mortgage market and this is something we are seeing ourselves across all borrower types. We recently held several Mortgage Open Nights at our branches and in the year to date we have approved 48% more in mortgage lending."

He continued: "While we have the appetite and capacity to lend to new and existing customers, the demand for lending is still somewhat subdued. As business confidence continues to improve, we anticipate that businesses will start to invest more and the economy will grow further.

"There are clear signs of price stability in the Northern Ireland housing market. Our own surveys show that consumer confidence is at a six year high, while businesses are slowly starting to invest again. Those trends, combined with our focus on supporting and investing in our customers puts us in a strong position as we finish the year."

(JP/CD)

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