March 16, 2020 / 5:04 PM / 25 days ago

BRIEF-Danske Bank Expects Lower Net Profit And Suspends Guidance For 2020

March 16 (Reuters) - DANSKE BANK A/S SAYS:

* EXPECTS LOWER NET PROFIT AND SUSPENDS GUIDANCE FOR 2020 DUE TO UNCERTAIN MACROECONOMIC OUTLOOK

* EXPECTS LOWER NET PROFIT AND SUSPENDS GUIDANCE FOR 2020 DUE TO UNCERTAIN MACROECONOMIC OUTLOOK

* MACROECONOMIC OUTLOOK AS A RESULT OF COVID-19 SITUATION, DANSKE BANK EXPECTS A NEGATIVE IMPACT ON ITS FINANCIAL RESULTS FOR 202

* OUR PRELIMINARY ASSESSMENT BASED ON INPUT FROM CHANGES TO MODEL ASSUMPTIONS IS THAT LOAN IMPAIRMENT CHARGES ARE LIKELY TO INCREASE DUE TO MORE SEVERE SCENARIOS

* FURTHERMORE, GLOBAL FINANCIAL MARKETS ARE IMPACTED BY VERY HIGH VOLATILITY, WHICH MAY HAVE A NEGATIVE IMPACT ON TRADING INCOME

* WE WILL CONTINUE TO ASSESS IMPACT ON LOAN IMPAIRMENT CHARGES AND INCOME AS SITUATION DEVELOPS

* UNDERLYING BUSINESS IS PERFORMING AS EXPECTED, AND OUR CAPITAL AND LIQUIDITY POSITIONS REMAIN STRONG WITH SIGNIFICANT BUFFERS WELL ABOVE REGULATORY REQUIREMENTS

* UNPRECEDENTED, AND IT IS VERY DIFFICULT TO PREDICT ECONOMIC IMPACT, DANSKE BANK HAS DECIDED TO SUSPEND ITS NET PROFIT GUIDANCE FOR 2020 (PREVIOUS NET PROFIT GUIDANCE OF DKK 8-10 BILLION)

* WE EXPECT TO BE ABLE TO PROVIDE AN UPDATE ON GUIDANCE IN CONNECTION WITH INTERIM REPORT FOR Q1 OF 2020 SOURCE TEXT FOR EIKON: FURTHER COMPANY COVERAGE: (Reporting by Jacob Gronholt-Pedersen)

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