Danish banks surprise with growing deficit and very weak trading quarter


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Monday, 02 May 2011
The fear that the Danish financial crisis is still dragging seem to be stock with their banks.
It's time for quarterly reports, which banks report their performances of the past quarter in Denmark but there is the fear that many Danish banks have little money to count.

According to various Danish media outlets, several banks in Denmark have a pretty poor first quarterly. It turns out that four out of the first ten banks that have presented their financial performances have come out with deficit after the first quarter.


Generally, the picture is that gross revenue is declining, and that results were markedly lower compared with first quarter 2010, excluding Nordea, which accounts for more than 20 percent of the Danish banking market, writes the editor of the economic weekly, �konomisk Ugebrev, Morten Sorensen.

Apart from Nordea, the base revenues of all 10 banks declined, while profit before tax fell by 27 percent.

Several banks explain of the bad results that interest rates have fallen and that people also hold back in borrowing money.
By Team

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