Danske Bank's latest Northern Ireland financial report has been released, showing strong results for the first half of 2019 with profit before impairments of £47.8m.Danske Bank currently employs around 1,500 staff across 40 branches and 3 regional business centres across Northern Ireland. The bank has reported a profit before impairments of £47.8m for the first half of 2019 in Northern Ireland, with total income in the region up 1% despite economic uncertainty and lending up 5% compared to the same period last year.
Lending to the retail customers has been strong throughout the start of the year, though the bank reports that new lending to businesses has been impacted by Brexit uncertainty as many firms are delaying investments for the moment. Customer deposits grew by 2% year-on-year and costs have remained comparable to 2018 levels as the bank continues to invest in new customer solutions and workforce skills.
Profit before tax is 13% higher than last year due to reduced loan impairments, and the bank continues to grow its lending with a loan to deposit ratio of 76% as at June 2019. Danske Bank's UK CEO Kevin Kingston commented on the results:
"I am pleased to report an operating profit of £47.8 million for the first half of 2019. The underlying performance of the Bank remains healthy, withlending up 5% year-on-year. In May we were delighted to be named Northern Ireland’s Responsible Company of the Year by Business in the Community. We are very proud of this and it is a reflection of the positive societal impact we continue to make, alongside our various community partners, right across Northern Ireland."
"We recently published our Northern Ireland Quarterly Sectoral Forecast report for Q2, which contains projections for local economic and employment growth in 2019 and 2020. We expect the Northern Ireland economy to grow by 1 per cent in 2019, and for the rate of growth to pick up to 1.3 per cent in 2020. These forecasts are based on the assumption that a no-deal Brexit is avoided and that the UK eventually leaves the EU with a deal."
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Source: Written based on press release
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