27 October 2022 
Carsten Egeriis, Chief Executive Officer, comments on the Estonia matter:
“The discussions with US and Danish authorities related to the Estonia matter are now at a stage where Danske Bank can reliably estimate the total financial impact of a potential coordinated resolution amounting to a total of DKK 15.5 billion. In addition to the provision booked in 2018 of DKK 1.5 billion, Danske Bank has therefore booked an additional provision of DKK 14 billion in the third quarter of 2022. Our dialogue with the authorities is ongoing, and while there is still uncertainty that a resolution will be reached, we hope that a resolution will be concluded before the end of this year.”
“The discussions with US and Danish authorities related to the Estonia matter are now at a stage where Danske Bank can reliably estimate the total financial impact of a potential coordinated resolution amounting to a total of DKK 15.5 billion. In addition to the provision booked in 2018 of DKK 1.5 billion, Danske Bank has therefore booked an additional provision of DKK 14 billion in the third quarter of 2022. Our dialogue with the authorities is ongoing, and while there is still uncertainty that a resolution will be reached, we hope that a resolution will be concluded before the end of this year.”
Carsten Egeriis, Chief Executive Officer, comments on the financial results:
“Historically large price increases and a severe energy crisis are currently creating challenges for and great uncertainty among consumers, businesses and society as a whole.
“Historically large price increases and a severe energy crisis are currently creating challenges for and great uncertainty among consumers, businesses and society as a whole.
As the uncertainty in the financial markets, the export markets and the housing markets increases, customers’ need for expert advisory services from us as their financial partner also increases. We therefore have a close dialogue with our customers across all segments to support and advise them in this challenging situation.
Supporting our customers through challenging times was our key focus during the corona crisis, and we continue to do so now.In the first nine months of the year, we saw continually good customer activity and larger lending volumes, leading to increasing net interest income for the seventh consecutive quarter and a high level of net fee income. Underlying costs continue to trend in a downward direction. We remain fully committed to our 2023 financial targets, supported by our continued commercial momentum and ongoing efficiency improvements.”The third quarter was marked by low macroeconomic visibility and thus by high volatility in the financial markets.
Despite these challenging market conditions, our core activities continue to deliver. Net interest income increased 9% in the third quarter as a result of increased lending, driven particularly by our corporate customers, and our repricing initiatives. Strong growth in lending to our large corporate and institutional customers means that we are capturing corporate lending market share in 2022. Fees held up well from a high level last year, driven by good activity and everyday banking products, and this provides the strength of our diversified business model. Our strong cost focus is continuing to pay off and, excluding the effect of elevated remediation costs, underlying costs continued the downward trend. While a number of significant one-offs impacted the profit for the first nine months of the year, we remain committed to our 2023 targets due to the solid traction in our underlying business and our continued progress towards becoming a more efficient bank,” says Stephan Engels, CFO
ADVERTISEMENT
