Danske Bank reveals £11m profit

Danske Bank reveals £11m profit

The Danske Bank in Northern Ireland has reported a pre-tax profit of over £11m for 2013.

The return to profit marks a major turnaround in the bank's performance after it recorded a loss of almost £60m the previous year.The bank, which employs around 1,600 people across its 53 branches, said the reduction in the amount of bad debt write-offs, coupled with an improvement in business performance helped its return to profit - the first time since the financial crash in 2008.In 2012 the bank wrote off over £150m in bad loans, compared to just under £50m in 2013.The past year was the first full period of the organisation trading as Danske following the rebrand of the Northern Bank.Sign of the times. Danske over the moon about a modest 11 million pound full year profit.— Jamie Delargy (@Jamie_utv) February 6, 2014Chief executive of the bank in Northern Ireland, Gerry Mallon, welcomed the £11.4m profit.He said: "I am pleased that the bank's first full year trading as Danske proved to be a significant one."In 2013 we continued to focus on a wide range of offers to support homebuyers and help stimulate the mortgage market."Comparative offers during the year made Danske Bank mortgages more attractive for those looking for value."Our business banking continues to go from strength to strength."In 2013 even more good trading businesses moved to Danske Bank with the level of new customer acquisitions among the highest levels seen in recent years."2013 was also a record year for lending with over £450m in new and increased lending provided to business customers. A figure which represents an increase of 50% year on year and of which almost half went to new customers."He added: "With a continuing strong customer focus, satisfaction levels have remained high in 2013 and are above our competitor average."Danske Bank has a significant role to play in growing Northern Ireland's economy."Our improving 2013 results demonstrate our ability to support both personal and business customers."We have started 2014 in a strong position from which to deliver future growth as the economic recovery continues."Overall the Danish owned organisation made a profit of over €950m, something group chief executive Thomas F Borgen described as "improved but still unsatisfactory".


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