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Crisis cost Danske Bank billions

The financial crisis cost Danske Bank many billions of kroner.

Danske Bank says that the global financial crisis has cost the bank around DKK92Billion according to Børsen, with the biggest losses in Denmark, Ireland and Northern Ireland.

From 2008 to Q3 2012, write-downs in Denmark totalled 29.2 billion and Ireland and Northern Ireland cost 25.4 billion, while other write-downs totalled 20.1 billion and 9.2 billion went on rescue packages.

“Danske Bank’s total losses have been considerable in the almost five years that the financial crisis has lasted and show that the sector has not seen anything worse in 70 years. Luckily, it’s almost over,” says Danske Bank CEO Eivind Kolding.

But he adds that despite the crisis and major losses, Danske Bank has not posted a deficit. Last year the bank made a profit after tax of DKK4.2billion.

“And relatively speaking our losses have not been greater than the average in the individual markets. Shareholders have unfortunately paid the price by not receiving dividends during the financial crisis,” Kolding says.

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