COPENHAGEN, Feb 7 (Reuters) - Denmark's biggest lender Danske Bank posted record annual profits on Friday, backed by rising customer activity and low loan losses, and said it would launch a new share buy-back programme of 5 billion Danish crowns ($695.27 million).
Danske's annual net profit landed at 23.63 billion crowns, up from 21.26 billion in 2023.
"2024 was a year in which we consistently delivered positive results from quarter to quarter, driven by increased customer activity (and) continually strong credit quality," CEO Carsten Egeriis said in a statement.
The bank said its net profit in the fourth quarter rose to 6 billion Danish crowns from 5.77 billion a year earlier, beating the 5.05 billion expected on average by analysts in a poll, opens new tab provided by the bank.
Danske said macroeconomic conditions had developed more favourably than expected in the markets in which it operated, adding that the outlook for inflation and growth had improved during the year, especially in Denmark.
"This development is forecast to continue as central banks continue their easing trajectories, leading to lower rates for both households and businesses," the bank said in a statement.
Meanwhile, Danske forecast its total income for 2025 to be slightly lower than in 2024, primarily due to lower net interest income from lower market rates. It predicted a net profit for the year of between 21 billion and 23 billion crowns.
($1 = 7.1914 Danish crowns)
Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik
Source: Reuters