AMWatch

Danske Bank WM sees profits decline – but AUM moves above 2019 year-end

After Q3, Danske Bank Wealth Management's AUM moves past 2019 year-end.

Photo: Thomas Borberg/Digital foto

Danske Bank's wealth management unit generated a profit of DKK 459m in the third quarter, down from DKK 850m in Q2, driven primarily by a decrease in net fee income. For the first three quarters combined, profits landed at DKK 1,478m, down from DKK 2,999m in 2019.

While profits have declined, assets under management increased in Q3 by DKK 72m to DKK 1,632m. This is higher than the end of 2019 where the figure was at DKK 1,616m. This is largely due to increases in the asset management, retail and private banking segments as a result of positive market developments.

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