Danske Bank’s Northern Ireland arm has reported a near-threefold increase in pretax profits in the first quarter of the year.
The bank made £48.9 million for the three months to the end of March, a jump from £16.7 million in the same period last year.
It put the jump in profits down to an increase in transactions, growth in its balance sheet and higher UK interest rates.
“I am pleased to announce a strong set of results for the first three months of 2023,” Vicky Davies, CEO of Danske Bank UK, said. “A robust financial performance means we are well positioned to continue to support customers when they need us.”
The banks has also increased lending by 6% on the year to £5,806 million and saw deposits increase slightly to £10,493 million.
Corporate and business banking was also busy, the bank said, with funding agreed in the first quarter with names such as SHS Group, Savage and Whitten, Martin Property Group and Arbour Housing.
It singled its recent deal with Arbour Housing to help it build 270 new social and affordable homes over the next four years, a project which is expected to create 270 construction jobs.
Ms Davies said the bank’s personal banking division has noticed a slowdown in the mortgage market as the economy has tightened. During the quarter it introduced a 40-year mortgage, one aimed improving affordability for first time buyers, and home energy efficiency loans.
In addition, she said high inflation continues to impact both consumers and businesses.
“We remain mindful that cost of living challenges persist for many customers and across society,” she said. “Since launch there have been over 13,000 visits to our Money Worries online hub for personal customers and Rising Cost of Doing Business online hub for small business customers.
“These hubs offer advice and assistance, including a customer call back service for those who want to talk to one of our specialist advisers.”
