NI outperforms global trends in new Danske Bank report

Danske Bank has released its Q1 2019 financial reports, highlighting a drop in profitability globally but increased lending and profit in Northern Ireland.

The first quarter of 2019 hasn't been smooth sailing globally for Danske Bank according to its latest quarterly financial reports, but the statistics for Northern Ireland are looking up. While the bank group as a whole saw a drop of 39% in net profit for the first quarter of 2019 compared to the same period last year, the Northern Ireland division posted a 3% operating profit increase.

The bank posted an operating profit of £23.1m in Northern Ireland and reported an increase in lending compared to 2018. Lending volumes in Northern Ireland grew by 8% year-on-year, deposits grew by 6%, producing a total income increase of 3%. Costs rose by 2% as the bank made further investments in new customer solutions, staff upskilling to meet future needs, and ongoing regulatory compliance.

This quarter has been about more than money, though, with an investment being made in the launch of a new fraud and cyber crime team. The Catalyst FinTech Hub has also hit the six month mark since its launch in September 2018, having served the needs of 75 businesses and seen over 4,000 visitors to the shared office and working spaces.

Find out more or read the full report at www.danskebank.com/reports.


Source: Written based on press release
Update: Amended error in NI vs Global stats