Danske Bank's wealth management continues weak growth

Despite an extraordinary drop in goodwill after the purchase of SEB Pension Danmark, the underlying fees continued to trickle in to Danske Bank Wealth Management in the final quarter of 2019.

Photo: Thomas Borberg/Ritzau Scanpix

When the whole year is considered, the 2019 result is more than satisfactory for Danske Bank Wealth Management (WM). The division includes both Danica Pension as well as the more traditional asset management department formerly called Danske Capital. But under the surface, the business is still continuing its weak development.

2019 was marked by two one-off events: the sale of Danica Pension in Sweden and a larger write off of EUR 107 million (DKK 800 million) after the purchase of SEB Pension's Danish operations. In total, the result for the year before taxes came in at EUR 401 million (DKK 3 billion) compared to EUR 289 million (DKK 2.16 billion) the previous year.

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