COPENHAGEN, Feb 7 (Reuters) - Denmark's largest bank, Danske Bank, reported record annual profits on Friday, driven by increased customer activity and minimal loan losses. The bank announced a new share buy-back program worth 5 billion Danish crowns ($695.27 million).
Danske Bank's annual net profit reached 23.63 billion crowns, up from 21.26 billion in 2023.
CEO Carsten Egeriis stated, 2024 was a year marked by consistent positive results quarter by quarter, supported by heightened customer activity and robust credit quality.
In the fourth quarter, the bank's net profit grew to 6 billion Danish crowns from 5.77 billion a year earlier, surpassing analysts' average expectation of 5.05 billion.
The bank highlighted that the economic conditions in the markets it operated in had improved more than expected, with a positive outlook on inflation and growth, notably in Denmark, as central banks continued easing measures, leading to lower rates for households and businesses.
Danske Bank projected a slightly lower total income for 2025 compared to 2024, primarily due to reduced net interest income resulting from declining market rates. It estimated a net profit for the year ranging between 21 billion and 23 billion crowns.
($1 = 7.1914 Danish crowns)