Posted on Wednesday 1 May 2019 by Ulster Business

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Danske Bank has posted pre-tax profit of £24.7m during the first quarter of the year - a more than 60% rise on the same period a year earlier.

Corporate lending to Danske Bank customers fell by 30% during the first quarter of the year as Brexit uncertainty meant customers put off investment, chief executive Kevin Kingston said.

Profit before loan impairments was up 3% to £23.1m.

But corporate lending was down, Mr Kingston said, "with the heightened uncertainty around Brexit during quarter one persuading some our larger customers to delay planned investments until later in the year".

But overall business banking lending, of which corporate lending is part, had increased by 8%, mainly to existing customers.

The chief executive said many business banking clients had been pursuing growth plans, but that others were extending their borrowing to prepare themselves "for any economic challenges that could be associated with the Brexit process".

 

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