Danske’s profits drop 22% as impairment charges surge
Higher impairment charges for shaky loans sapped Danske Bank’s half-year profits, largely driven by exposures in its corporates & institutions (C&I) unit and the Danish banking division, Banking DK (BDK).
Impairment charges stood at DKK470 million ($71 million) over the six months to end-June, compared with a net release of DKK707 million in the first half of 2018.
Pre-tax profits fell 13% to DKK9.5 billion year-on-year without taking into account these charges, but dropped 22% once these
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