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Danske Bank profits increase to £64.5m for first half of 2016

By John Mulgrew

Published 21/07/2016

Danske Bank has seen its pre-tax profits grow to £64.5m
Danske Bank has seen its pre-tax profits grow to £64.5m

Danske Bank has posted pre-tax profit of £64.5m for the first six months of the year.

The bank saw a small slip in profits, based on the same period last year.

But the numbers reduced their dependency on writebacks — additional cash clawed back from loan impairments — falling to £16.5m.

Loan values remained roughly in line with the same period a year earlier, sitting at £4.42bn.

And deposit values increased by 8% to just over £6bn.

Danske Bank's chief executive in Northern Ireland, Kevin Kingston, said:

“I am pleased to report a £48m operating profit for the first half of 2016. The underlying performance of the bank continues to improve, while at the same time impairments continue to fall.

“Operating profit is up 13% on last year and our cost base is lower as a result of a tight control on expenditure.

“In personal banking we continue to focus on our mortgage business where we have enjoyed a very strong performance so far this year. We have seen a substantial increase in mortgage applications, resulting in a 108 per cent increase in approvals to customers year-on-year. New mortgage lending volume via the broker channel was nine times higher than it was in the first half of 2015.”

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