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Wide drop in European bank shares dipped DNB – Stock exchange and finance


Bank shares dragged on Tuesday several European bourses down. Oslo Stock Exchange was no exception.

The financial sector in the stock market, which consists of 16 companies, fell by about 1.4 percent on Tuesday, mainly burdened shares DNB.

The fall of the European Bank for spread to the Norwegian share of a major bank from the beginning, and finally ended down nearly two percent of the price of 165.6 koruna.

DNB shares were sold to more than 415 million in the course of trading on Tuesday.

Wide Bank case

Bank decline in Europe & # 39 came after a number of European banks set weaker than expected data for the first three months on Tuesday.

Neither the Danske Bank, Nordea and Santander failed to beat analysts' expectations, which sent shares directly on the European stock exchanges.

The share of Danske Bank with a & # 39 is a Tuesday afternoon, down nine percent on the price of 119 Danish kroner, while the Nordea share is reduced by about four per cent of the price of 74.65 kronor on the Stockholm Stock Exchange.

DNB, which is a & # 39 is the second-largest company by market capitalization on the Oslo Stock Exchange presents its figures for the first quarter on Friday.

Hit scandal

Danske Bank has attracted in its report noted that the costs associated with a major case of money laundering in the Baltic countries continues to affect the results.

  • Gains Danske Bank totaled 10.8 billion Danish kroner, which was slightly below the consensus Infront of 10889 billion Danish kroner.
  • Profit before tax amounted to DKK 4.012 billion, nearly half a billion less than the estimate, which was 4.469 trillion.
  • Net interest income amounted to 5.52 billion Danish kroner, compared with an estimate of 5.733 trillion DKK.

As of March 14, he recorded 169 various lawsuits relating to claims for compensation by shareholders related to the case of money laundering, which was Danske Bank. The size of claims is currently 3500000000 DKK.

– It is impossible to assess when and how the high costs that may be associated with lawsuits and fines, but we can talk about large sums, the Bank wrote in a quarterly report.

Disappointed in

Nordea can not put any analysts at waiting in advance:

  • Profit from operations amounted to 621 million euros on turnover, which amounted to € 2.115 billion.
  • It is expected that the profit will end up at 730 million euros, from 2.133 billion euros in revenue.

– Through the measures that we have undertaken in the last quarter, we are now seeing some positive signs of improving revenue growth, while lending margins under constant pressure, said CEO Kasper von Koskull in a statement.

In Denmark, at the risk of the bank get a penalty associated with the lack of systems to detect money laundering.

– We have already said that we expect that the fines in Denmark for our previously weak processes and procedures to combat money laundering, and therefore we do provide 95 million euros for the problems related to money laundering, says Koskull in a press release sent out bank .

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