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Spar Nord Bank further lifts FY'19 profit guidance

Danish lender Spar Nord Bank A/S further raised its full-year 2019 after-tax profit guidance to between 1.05 billion Danish kroner and 1.06 billion kroner from between 925 million kroner and 1.03 billion kroner.

In October 2019, the bank upgraded the guidance to between 925 million kroner and 1.03 billion kroner from between 850 million kroner and 950 million kroner.

Spar Nord Bank also raised its guidance for core earnings before impairment to a range of 1.32 billion kroner to 1.33 billion kroner from 1.20 billion kroner to 1.30 billion kroner.

The lender said the upgrade was due to a large number of remortgaged loans and lower-than-expected loan impairment charges.

Spar Nord will publish its fourth-quarter and full-year 2019 results Feb. 6.

As of Jan. 9, US$1 was equivalent to 6.73 Danish kroner.