Danske Bank: right on target

Half-year earnings for Denmark's largest bank meet predictions and notch up a sizeable gain

Danske Bank presented its half-year figures Thursday, showing a net profit of DKK 6.1 billion. The spokesman for the bank's board of directors, Peter Straarup, was pleased with the figures, which, by and large, met forecasts.

'The balance sheet for the first two quarters showed a satisfactory result,' said Straarup. 'The underlying economy in communities where the bank is active continues to be healthy.'

Straarup also lauded Danske Bank's foreign affiliations, especially in Sweden and Norway, which contributed DKK 1.5 billion to the bank's end results. The bank's concerns in Ireland and Northern Ireland operated at a significant loss, but Straarup indicated that he did not expect to see a profit in that region before 2008.

Despite the reported half-year profits, Danske Bank's stocks have only increased 0.6 percent in value since the start of the year.

Figures are more positive, however, when compared to last year's numbers. Since 2005, Danske Bank's net profits have risen 12 percent, while its stock value has increased a full 21 percent.

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