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CEO Casper von Koskull’s comments on the results:
“Through the actions we have taken in recent quarters there are now some encouraging signs of improved business momentum, although lending margins are under continued pressure and market making activities remain challenging.
Compared to the previous quarter, reported revenues were largely unchanged while revenues excluding items affecting comparability increased by 4%. Reported costs increased by 5%, while adjusted for resolution fees in this quarter and excluding items affecting comparability were down 7%.
Our priorities are very clear – to increase business momentum and at the same time reduce the structural cost base; we are executing on both.
This quarter, there has been an intense debate about various anti-money laundering (“AML”) issues. It is a very complex and broad issue in society and we take our responsibility very seriously. We have previously stated that we expect to be fined in Denmark for our past weak AML processes and procedures, and we are consequently making a provision of EUR 95m for AML-related matters. Having invested more than EUR 700m in strengthening our risk and compliance activities in 2016–2018, we are confident that our compliance platform is of sounder quality, making us a safe and trusted partner”.