Danske ‘to keep cutting costs’

Danske Bank will continue to trim its business as Denmark’s largest lender adjusts to a post-crisis client landscape that chief executive Thomas Borgen says is "changing rapidly".

The Copenhagen-based bank reported a 91% surge in net income to 2.81bn kroner (€376m) last quarter from a year earlier, it said. Impairments sank 55%, while costs dropped 6%.

The bank also said its cost/income ratio improved by 8.5 percentage points to 52.6% from the fourth quarter.