Danske Bank reports 516.7-mln-euro profit in 2014

Denmark's Danske Bank reported net profit of 516.7 million euros (about 584 million U.S. dollars) in 2014, it said here Tuesday.

The net profit was 1,739.1 million euros before goodwill impairments, an increase of 82 percent from 2013 level, Danske Bank said in its annual financial report.

The increase was driven by growth in all income lines, lower expenses and lower loan impairments, it added.

"2014 was a year of considerable progress for Danske Bank. Our focus on delivering value to our customers helped strengthen our underlying business and our results," Danske Bank CEO Thomas F. Borgen said.

The bank's total income for the year was 5,893.1 million euros, up 10 percent from 5,339.2 million euros in 2013.

The bank said the goodwill impairments of 1,222.4 million euros are the result of assumptions about weaker long-term macroeconomic developments and relate to the activities in Finland, Northern Ireland and Estonia.

In November, Moody's raised Danske Bank's long-term rating from Baa1 to A3, following the increase by Standard & Poor's of the bank's long-term rating to A from A- in April.

The bank expects a net profit of above 1,880.8 million euros this year, according to the report. (1 euro = 1.13 U.S. dollars) Endit