An improving picture for the Northern Ireland economy has helped Danske Bank 海角视频 make nearly 拢50 million so far this year.
In its third quarter results, a sharp reversal of loan impairments 鈥 money set aside to protect against potential bad debt 鈥 helped the Northern Ireland arm of the Danish banking giant to report nearly five times the pretax profit of 拢10.5 million it made in the same period last year.
The increase emerged despite a slight hike in expenses and a fall in total income.
Meanwhile, the bank said business and personal customers are paying off debt and holding savings with deposit balances up 17%.
Vicky Davies, CEO of Danske Bank 海角视频, said the bank had performed well.
鈥淚 am delighted to share a set of results that reflects an improving economic outlook for Danske Bank and the Northern Ireland economy,鈥 she said.
Encouragingly, loans to small businesses have recovered well since the Covid-19 pandemic, up 4% year-on-year, excluding government-backed loans, and is approaching pre-pandemic levels, Ms Davies said.
However, lending to larger businesses has been more subdued 鈥渄ue to many organisations carrying excess liquidity and some delaying growth plans into 2022鈥.
Meanwhile, digitalisation within the bank, something Danske has been championing for a number of years, continues to accelerate.
Log ons to Danske Bank鈥檚 digital channels have increased 10% year-on-year with around six million log ons now registered per month. Wearable payments, which includes the likes of Apple Pay and Google Pay, are up 54% year-on-year.
Ms Davies said the bank will continue to develop its offering.
鈥淭o ensure we keep pace with customer expectations around digital banking we have established a Technology and Digital Development unit within the bank in Belfast, which we are actively investing in and growingThe unit includes digital channels, robotics, automation, data analytics and IT infrastructure and security teams.鈥
Meanwhile, parent company Danske Bank also reported its results, making net profit of 3.22 billion Danish kroner in the third quarter compared to 1.99 billion last year, a figure which was ahead of expectations. However, its shares fell on Friday after the bank reduced its profitability target for 2023.
