Danske Bank lowered its outlook for 2019 after a disappointing first quarter, du...
COPENHAGEN - Danske Bank lowered its outlook for 2019 after a disappointing first quarter, due in part to the effects of a massive money laundering scandal at its Estonian branch that has sent ripples across the Nordic banking sector.
On Tuesday it said the considerable investments it is making in compliance to repair its image had pushed up costs, while higher funding costs also weighed on its first quarter performance. That heaped further pressure on its share price, which slid more than 8 percent in morning trade. Danske said it now expects net interest income for the full year to be lower than last year’s level. It had previously said it expected net interest income to be around the 2018 level.
On top of the troubles related to money laundering cases, net interest income at Danske Bank was hit by a challenging market in the quarter. Sweden’s SEB called for joint initiatives between banks and regulators and authorities to combat money laundering, after saying in its first quarter statement that it couldn’t guarantee it would never be used for criminal activity.A confidential EU document, seen by Reuters, showed that Russia’s central bank sent warnings to Estonian and Danish regulators in 2007 and 2013 about suspect transactions at Danske Bank’s Estonian branch, but they were largely ignored.
The bank had seen “very little” effect on its financial result from 8,500 retail customers in Denmark leaving the bank in the first quarter, Baltzer said.
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