Danske Bank First-Half Results Hit by Weakness in Trading; FVE Maintained
Narrow-moat Danske posted net income of DKK 8.8 billion for the first half of 2018, excluding any financial effects from the Estonian money-laundering scandal. This indicates a 15% year-over-year decline, which trends below our full-year estimate. We cut our earnings estimates for 2018, mainly to reflect the weakness in the trading activity and a self-imposed penalty amounting to DKK 1.5 billion for the Estonian issue. While it is currently unclear whether there will be any regulatory sanctions ...Danske Bank is a diversified financial services firm. Through its subsidiaries, Co.'s activities include the provision of banking, mortgage finance, insurance, real estate brokerage, asset masnagement and trading in fixed income products, foreign exchange and equities. Co. operates international retail bank operations in 15 countries, with an emphasis in the Nordic region. Co. divides its operations into five segments: Banking Activities, Danske Markets, Danske Capital, Danica Pension and Other Activities. As of Dec 31 2011, Co. had total assets of DKK3,424,403,000,000 and total deposits of DKK848,994,000,000.
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