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Danske Bank posts 1.92 blb USD net profit for 2015

Xinhua, February 2, 2016 Adjust font size:

Danske Bank, Denmark's biggest financial institution, reported net profit of 1.758 billion euros(1.92 billion U.S. dollars) in 2015, and said it will initiate a share buy-back program in 2016.

Net profit before goodwill impairments was 2.375 billion euros, an increase of 36 percent from 1.739 billion euros in 2014, Danske Bank said in its annual financial report on Tuesday.

The bank said the improvement was backed by higher activity, lower costs and considerably lower loan impairments.

Its total income for the year was 5.923 billion euros, which was at the same level as in 2014, mainly owing to negative short-term interest rates and lower income from its insurance business.

As a result of the bank's ongoing work to improve credit quality as well as improved macroeconomic conditions, loan impairments in core activities amounted to 7.6 million euros, down 98 percent from 2014 levels.

"In 2015, Danske Bank continued to progress and delivered strong results despite a challenging environment," said Danske Bank CEO Thomas F. Borgen.

Among other things, the bank on Tuesday announced a share buy-back program of 1.206 billion euros in 2016, aimed to adjust the share capital to better reflect the bank's capital targets.

For 2016, Danske Bank said it expects "the net profit to be in line with the net profit before goodwill impairments in 2015." Enditem