• Operating profit up 9% year-on-year
• Lending up 7% year-on-year
• Deposits up 2% year-on-year
• A strong income performance was driven by lending growth and higher UK interest rates
• Costs are increased due to inflationary pressures and continued investment to improve customer experience
• Impairments remain low reflecting the strength of the loan portfolio

Vicky Davies, CEO of Danske Bank UK, commented:

“I am pleased to announce a strong set of results for the first six months of 2024. A robust financial performance means we are well positioned to continue to support customers when they need us.

“At Danske Bank we are very aware that many customers continue to face cost of living challenges. We are staying close to our customers, providing support for those who need it, whilst continuing to help businesses pursue growth opportunities and people buy or move home.

“In the first half of the year we supported the Northern Ireland business community with over £370 million in business lending approvals. Notable business deals during this period included growth funding support for local enterprises Andras House, Finnebrogue, Used Cars NI, Exorna kitchens, the Deluxe Group and Connswater homes.

“The number of new small business accounts opened was up around 70% year-on-year, with us currently offering two years fee-free banking to small businesses if they switch to Danske Bank and open a small business digital account. In addition to our easy-to-use digital banking platforms, small business customers are supported through a strong local presence on the ground in Northern Ireland through our branches, contact centres and business advisor teams. Small businesses can apply to become a customer digitally through our website.

“In the first six months of the year we also provided around £360 million in mortgage lending approvals across Northern Ireland, up over 30% year-on-year. Markets are expecting the Bank of England base rate to ease back over the months ahead, and we are anticipating that the healthy level of mortgage lending seen in the first half of the year will continue across the rest of 2024.

“As part of our sustainability commitments, we have amended our affordability assessment approach for those seeking a mortgage to purchase more energy efficient homes. This change means customers are now able to borrow more when the property they are buying has an Energy Performance Certificate Rating A-C.

“When it comes to everyday banking, I am pleased to share that we have opened over 9,000 new personal current accounts in the first six months of 2024, an increase of more than 80% year-on-year. You can apply for a Danske personal current account online in less than ten minutes.

“We continue to support society through the many local community initiatives that we are involved in. This work includes our financial education programme, Money Smart, through which colleagues volunteer their time to help teach children and young people about money and budgeting through face-to-face sessions in schools. In the first six months of the year, we have helped educate over 7,000 pupils across Northern Ireland.

“Looking forward to the rest of the year, we will keep focused on helping customers, colleagues and society thrive - while continuing to play an integral role in supporting the local economy.”