Danske Bank made a pre-tax profit of DKK 4.2 billion in 2011, according to accounts which are to be presented for the last time by Peter Straarup as head of Denmark’s biggest bank.

“In 2011, the Danske Bank Group posted a pre-tax profit of DKK 4.2 billion. The net profit was DKK 1.7 billion. The result was unsatisfactory and lower than expected because of the considerable financial turbulence and economic downturn in the second half of the year,” the bank says in its annual report.

Writedowns fell by 5 per cent from 2010 to 2011, and overall group writedowns were at DKK13.2bn on, among others, business properties in Ireland and Northern Ireland and Danish agricultural clients, business properties and Danes in general.

Despite a lower pofit than expected, Straarup says he is satisfied that he leaves a bank with increasingly satisfied customers.

“Our customers are increasingly satisfied with us. At the same time we have introduced various initiatives to strengthen revenues, further improve customer satisfaction and secure a competitive business in the future,” Straarup says.

Peter Straarup leaves his post at the head of Danske Bank next week and is to be replaced by Eivind Kolding, who comes to the bank from A.P. Møller-Mærsk. Kolding joins the bank at a time when it sees a difficult period ahead.

“The uncertainty in the global credit markets is likely to continue, and government budgets will generally be tightened. The potential for economic growth therefore appears limited, and the Group expects very low growth rates in Europe in 2012,” The annual report says.

“The Group expects earnings to remain low in 2012,” it says.

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