AMWatch

Pretax profit dives 24 percent at Danske's wealth management unit

The road has been rough for Danske Bank's wealth management arm in the first half. Integrating SEB Pension Denmark has come at a cost and the aftermath of MiFID II has also left a mark, the head of wealth management, Jacob Aarup-Andersen, tells AMWatch.

Photo: DANICA

Three things stand out from a glance at the latest interim report of Danske Bank's wealth management unit: Costs are up, net trading income is down and SEB is playing a lead role in the second quarter.

In the first six months of this year, profit before tax fell by 24 percent from the level seen in the first half of 2017 -- dropping to DKK 1.65 billion from DKK 2.18 billion (EUR 22 million to EUR 29 million).

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