Array ( )
“2016 and 2017 were characterised by significant investments to improve our compliance and risk operations as well as a de-risking of the bank. These activities have had a meaningful impact on both revenues and costs. Furthermore, this has led to a situation where we have been more internally focused and we now need to get back to focusing more on our customer business. I am satisfied to say that we are now through the most important parts of the de-risking, the risk reduction in Russia, Shipping, Oil and Offshore progressing well, and our International Private Banking arm being divested.
In the first quarter of 2018 we delivered on our cost reductions, our credit quality is the strongest since 2007 and our capital ratios have never been higher. We are confident that net profit will grow in 2018 compared to 2017, as previously stated. As the underlying revenues in the first quarter were softer than expected it is more challenging to reach our full-year revenue guidance. We will therefore have an increased focus on improving the business momentum, while at the same time maintaining our risk and compliance discipline. We reiterate our cost target for 2018 of EUR 4.9bn.”
Exchange rates used for Q1 2018 for income statement items are for DKK 7.4468, NOK 9.6366 and SEK 9.9765.