Kommentar til Danske Banks Q3 regnskab:
Umiddelbart et overraskende godt resultat, men billedet ødelægges lidt af ekstraordinære plus 400 mio. kr. i indtægter fra lånekonverteringer, som både påvirker Danske Bank og realkredit Danmark positivt. Uden dette ekstrabidrag var basisresultatet før nedskrivninger i den danske forretning i Q3 dykket fra 1,6 mia. kr. sidste år til nu 1,2 mia. kr. – hvor det nu er uændret 1,6 mia.kr. For koncernen er der formelt fremgang fra 3,7 mia. kr. sidste år til 4,1 mia. kr. i år, men fremgangen skyldes altså lånekonverteringer.
Umiddelbart ser Q3 resultatet også godt ud, fordi de bogførte omkostninger er lavere end både Q2 2019 og Q3 2018. I sidste kvartal blev der bogført hensættelser på tab på Flexinvest sagen, og sidste år blev der udgiftsført 1,5 mia.kr. på donoationen ifm. hvidvasksagen. Så bundlinjen er fortsat stigende omkostninger.
Basisresultatet i Q3 på 4,1 mia.kr. svarer nøjagtigt til analytikernes forventninger, indsamlet af Danske Bank, som kan ses her
Danske Bank er åbnet kl. 9 i ca. minus 3,5%
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Danske Bank skriver:
First nine months 2019 vs first nine months 2018
The period was characterised by strong competition and
lower risk appetite following the slowdown in the housing
market, but also by high remortgaging activity caused by
historically low interest rates, increasing business activity
and lending growth.
Growth in lending was driven primarily by our large real
estate segment, mainly subsidised housing and commercial
property, and personal customers’ demand for FlexLife® and
Danske Bolig Fri® home loans. Remortgaging activity was
evident across all segments but especially prevalent in our
commercial and large real estate segments.
Since the beginning of the year, the number of customers
with a NemKonto account has decreased by a net 18,900.
However, satisfaction among our retail customers continued
to improve for the second quarter running. Satisfaction
among our commercial customers also increased in the third
quarter.
Our share of the retail market declined, reflecting the
customer outflow, while our share of the commercial market
increased slightly.
Net interest income was adversely affected by strong
competition and increasing funding costs to meet the new
MREL requirement set by the Danish FSA. The low interest
rate environment in Denmark put pressure on deposit
margins and also encouraged customers to switch to loan
and mortgage products with lower margins.
Income was positively impacted by extraordinarily high
remortgaging activity, which added some DKK 400 million to
our top line compared to the same period in 2018. Fees
accounted for around half of this amount.
However, fees still decreased from the level in the first nine
months of 2018 due to the compensation of approximately
DKK 150 million payable to certain Flexinvest Fri customers
as well as reduced customer appetite for actively managed
investment products in general.
