Following Stable Q3 Results, We Maintain Our FVE and Narrow Moat Rating for Danske Bank
Danske reported third-quarter results that show continued improvement. Net income for the third quarter came in at DKK 4.9 billion, an increase of 11% year over year. The firm's year-to-date net income is DKK 14.3 billion, up 9% against last year. On the back of steady improvement in return on equity, or ROE, as well as sufficient capital levels, we're maintaining our DKK 199 fair value estimate and our narrow moat rating for Danske Bank.Year-to-date net interest income was flattish, while fee ...
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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