July 8, 2019 / 6:29 PM / 2 months ago

Danske Bank cuts 2019 profit outlook

July 8 (Reuters) - Danske Bank A/S cut its 2019 net profit outlook, citing weak trading income, pressure on its margins and higher costs for compliance and anti-money laundering activities.

The bank said on Monday it expects 2019 net profit of 13-15 billion Danish crowns ($1.95 billion-$2.25 billion), down from a previous range of 14-16 billion Danish crowns.

“This development is driven mainly by margin pressure and conditions in the financial markets, as evidenced by the weak trading income in the second quarter,” Chief Financial Officer Christian Baltzer said in a statement.

“In addition, we have higher costs for compliance and anti-money laundering activities. Given the weak financial development, we will revert later this year with an update on initiatives to improve longer-term performance,” he added.

$1 = 6.6499 Danish crowns Reporting by Philip George in Bengaluru, editing by Deepa Babington

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