Danske Bank posts £140M pre-tax profits

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Danske Bank in Northern Ireland made pre-tax profits of £140 million last year.

Lending to large corporate customers was back to pre-recession levels.

Danske Bank is one of the largest in Northern Ireland

Danske Bank is one of the largest in Northern Ireland

The near-40% profits increase on last year was attributed to improved revenue, control of costs and better performance surrounding losses on loans.

Total income increased to £218 million and the value of loans and deposits rose last year, a report from Danske said.

The bank, formerly Northern Bank, is one of the largest in Northern Ireland.

Danske Bank UK chief executive officer Kevin Kingston said: “I am delighted to report a strong set of results for 2015, with continued improvement in profitability.

“The results reflect improvement in our revenue performance, ongoing cost control and impairment recoveries.

“It is also pleasing that we have delivered such results against the backdrop of what is still a recovering economy.”

He said the shift towards digital banking continued apace.

“By the end of the year, we were seeing over three million monthly digital log-ons via eBanking, mobile and tablet banking.

“Five years after we first launched our mobile banking app, eight out of 10 digital banking customers are now using mobile banking to check and manage their accounts and in a recent survey 99% of customers said they would recommend our apps.”

The bank attracted a significant number of new SME businesses and total lending in that area increased substantially.

Among larger corporate businesses, lending was back to pre-recession levels, with demand being strongest in the first half of the year, the report said.

There was increased activity in the commercial property and social housing sectors in particular.