Business

Danske Bank makes £160m profit in first nine months of 2024

Year-on-year lending and deposits at north’s biggest bank both rise by 5% despite higher interest rates

Danske Bank will close it branches in Cookstown, Kilkeel, Fivemiletown and Lurgan on September 16
Danske Bank made a total profit of £160.4 million in the first nine months of 2024

Danske Bank posted a pre-tax profit of £160.4 million in the first nine months of this year - up 5% on where it was this time 12 months ago (£152.2 million).

It made more than £50m in the July-September quarter alone, and it came as both year-on-year lending and deposits at Northern Ireland’s biggest bank both rose by 5%.

And the bank says that a net impairment release of £7m reflects improving local economic conditions and the strength of the bank’s loan portfolio.

Total income in the first three quarters of 2024 was £283.2m, driven by lending and deposit growth in a higher interest rate environment,

And after expenses of £129.8 million, the bank’s profit before loan impairments came in at 153.4m.

Loans at the end of the period were £6.2 billion and its deposits stood at just over £11 billion.

Danske Bank UK’s Belfast-based chief executive, Vicky Davies.
Danske Bank UK’s Belfast-based chief executive Vicky Davies (Elaine Hill Photography)

Danske Bank UK chief executive Vicky Davies described the performance as “robust” and said the bank remains well positioned to continue to support its customers.

She added: “Even though inflation has been falling and economic conditions have been improving, we remain very conscious that customers are still facing cost of living challenges.

“We are staying close to our customers, providing assistance where it is needed, whilst continuing to help businesses pursue growth opportunities and people buy or move home.

“In the first nine months of the year we backed the Northern Ireland business community by providing over £490 million in business lending approvals.



“We have opened over 1,000 new small business accounts so far this year, and we are currently offering two years fee-free transaction banking to small businesses if they switch to Danske Bank and open a small business digital account.

“During the period we also provided over £580 million in mortgage lending approvals across Northern Ireland, up over 30% year-on-year, while mortgage lending has remained resilient, supported by a sustained demand for housing in the marketplace, decreasing interest rates and low unemployment levels.”

Danske revealed that it opened over 13,000 new personal current accounts in the first nine months of 2024, an increase of around 60% year-on-year.

Ms Davies added: “Personal loan lending volumes are also up over 15% year-on-year. Existing customers can apply for personal loans through our app and year-to-date around 90% of all personal loans have been applied for digitally.

“Looking ahead, Danske Bank will continue to be a key enabler of economic growth across Northern Ireland, with a clear purpose centred around helping customers, colleagues and society to thrive.”