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Denmark's Spar Nord Bank, Vestjysk Bank raise profit guidance

Danish lenders Spar Nord Bank A/S and Vestjysk Bank A/S have raised their guidance for full-year profits.

Spar Nord upgraded its full-year after-tax profit for 2019 to between 925 million Danish kroner and 1.03 billion kroner, up from already revised guidance of between 850 million kroner and 950 million kroner. It said it has seen strong activity in the mortgage credit area, positive value adjustments on bonds and lower-than-expected operating expenses. Impairment charges have been lower than expected.

Vestjysk Bank A/S also upgraded its full-year after-tax profit guidance to a range of 420 million kroner to 460 million kroner from a range of 360 million kroner to 410 million kroner. It said it has seen an "exceptionally" high level of activity in remortgages, and is expecting lower impairment losses.

As of Oct. 7, US$1 was equivalent to 6.79 Danish kroner.