Danske cuts profit forecast due to challenging financial market conditions

Danske Bank on Sunday lowered its full-year net profit outlook due to rapidly rising interest rates and unfavorable financial market conditions.

Danske revised its net profit to 10 billion to 12 billion Danish Kroner ($1.64 billion), down from an earlier forecast of 13-15 billion Danish Kroner. "... we are revising our net profit guidance for this year as our expectations for trading revenue and revenue from our insurance business are significantly lower," Chief Executive Officer Carsten Egeriis said in a press release. The company also slightly revised its cost guidance to about 25.5 billion kroner. In April, the bank reported a lower-than-expected first-quarter profit, citing higher costs and turbulent financial markets. 1$ = 7.3037 Danish Kroner

---

Another news you might be interested in: European Central Bank (ECB): 'Banks Are Not Yet Ready' The European Central Bank has published the results of its first major climate test. According to this report, the transition to a low-carbon economy has a negative impact on banks. It is stated that banks may face a loss of 70 billion euros. The European Central Bank's (ECB) first major climate stress test noted that banks face a loss of 70 billion euros ($71 billion) if the transition to a low-carbon economy is unpredictable. https://ieconomy.io/avrupa-merkez-bankasi-amb-bankalar-henuz-hazir-degil/