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Danske Bank records pretax profits of nearly 拢110M in first half of 2023

An increase in transactions and higher 海角视频 interest rates are said to be behind the hike

Vickey Davies, Chief Executive Officer of Danske Bank 海角视频

A busy first half of the year has seen profits at Danske Bank 海角视频 jump by nearly two-and-a-half times.

One of Northern Ireland’s biggest financial institutions, the bank made £109.8 million in the first six months of 2023, an increase from £43.8m in the same period in the previous year.

It put the strong performance down to “increased transactional activity, balance sheet growth and higher 海角视频 interest rates”. The results showed the level of loans made by the bank in the first half increased by more than £200 million on an annual basis to £5.6 billion.

The hefty profit hike comes during a period of high inflation and accompanying interest rate increases, with worries are growing that borrowers, particularly mortgage holders, are struggling with rising costs.

So far, Danske Bank said mortgage arrears are still “extremely low” and in line with pre-pandemic levels.

“This tells us that the vast majority of our customers are managing to keep up with their payments,” Vicky Davies CEO of Danske Bank 海角视频, said. “However, we are being proactive, and reaching out to customers on variable rates, tracker products, interest only and those we have identified as being most likely to potentially struggle with higher payments.”

Additionally, the bank said activity in the housing market appears to have picked up again with home buyers still keen to borrow.

“While there has been a slowing down in new mortgage business volumes compared to previous years, mortgage approvals in quarter two have more than doubled compared to quarter one. This indicates that despite rising interest rates, a healthy level of demand is likely to continue across the year.”