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The Danske Bank report for the second quarter reinforces the risk of money in money laundering traces and worries about the development of the case.
In a quick comment,
Danske Bank's pre-tax net profit was 5.5 billion kroner. 0.5 billion less than the consensus Inquiry Financials. As part of this report, the bank announced that the net profit for 2018 is expected to end in the lower part of 18-20 billion DKK.
Morgan Stanley points out that the forecasts indicate a downward revision of the consensus of about 5%.
"With an estimate of 8.7 times the expected profit for Nordic and European banks of about 10, this already reflects concerns about survey risks and trade trends, but this report could blow up these fears, "writes the investment bank. 19659003] As part of this report, Danske Bank also announced that it intended to donate the estimated profits that the bank could have made on money-laundering-related operations in Estonia during the 2007-2015 period for charities. The amount and method are not determined, but the relevant portfolio has generated a total profit of about SEK 1.5 billion over the years.
"The results guide excludes the expected negative impact of transactions in Estonia," says RBC.
The basic equity ratio of 15.9% is certainly due to Dansk's 14-15% target, RBC notes but adds that it was even weaker than expected.
DKK 1.5 billion in profits earned in Estonia
"The core capital ratio decreased by 50 basis points during the quarter mainly due to the SEB acquisition Pension, "writes RBC.
The Analysis House estimates that the exchange expectations for the current year, where 96% of the results should be distributed, seems to be "too high."
"We see a meadow" RBC also writes
Danske Bank's share falls by about 7% on Wednesday.
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