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Danske Bank up despite loss of PS1m; BUSINESS.

Byline: JILLY BEATTIE

DANSKE Bank made a loss of nearly PS1million in the first half of the year here, it emerged yesterday.

But its balance sheet has improved vastly since the same period last year, when it lost PS25million.

Now the bank's main business is operating in profit, but it had to write off a significant amount of bad debt, mostly due to loans in the property sector that will never be paid back.

The bank made PS200,000 pre-tax profit earlier this year because of reduced levels of potential bad debt.

Chief executive Gerry Mallon said: "The amount of bad debt provision has decreased massively. It's down by 70%, so things are trending very strongly in the right direction."

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Publication:The Mirror (London, England)
Date:Aug 2, 2013
Words:125
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