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Wealth Management Profit Drops At Danske Bank

Tom Burroughes

28 October 2016

Copenhagen-headquartered has reported a 5 per cent year-on-year drop in wealth management pre-tax profit for the first nine months of 2016, at DKK3.2 billion (about $470 million), as market volatility cut fee income.

The bank said late last week that in the third quarter, pre-tax profit was DKK1.195 billion, up from DKK937 million in the same three months of last year.

Total assets under management in the wealth business stood at DKK1.383 trillion at the end of the quarter.

Danske Bank said the cost/income ratio of its wealth management business was 43.2 per cent.