| Company announcement Announcement No. 54/2018 | Group Communications Holmens Kanal 2-12 DK-1092 København K 19 September 2018 |
Danske Bank A/S donates DKK 1.5 billion and revises outlook downwards
Earlier this year, the Board of Directors and the Executive Board of Danske Bank A/S announced that Danske Bank does not wish to benefit financially from suspicious transactions that took place in the non-resident portfolio of its Estonian branch in the period from 2007 to 2015.
As the bank is not able to provide an accurate estimate of the amount of suspicious transactions made by non-resident customers in Estonia during the period, the Board of Directors has decided to donate the gross income from the customers in the period from 2007 to 2015, which is estimated at DKK 1.5 billion, to an independent foundation which will be set up to support initiatives aimed at combating international financial crime, including money laundering, also in Denmark and Estonia.
The donation of DKK 1.5 billion will be expensed in the third quarter of 2018.
We now expect net profit for 2018 to be in the range of DKK 16-17 billion. In addition to the donation of DKK 1.5 billion, the outlook revision is owing to the continuation of the subdued development in net trading income. When we announced our financial results for the first half of 2018, we expected net profit for 2018 to be at the lower end of the DKK 18-20 billion range.
The outlook remains subject to uncertainty and macroeconomic developments.
Danske Bank
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