Danske Bank reports pre-tax profits of £56.5m for first half of 2017

Danske Bank said the fall reflects lower incomes because of low interest rates and higher pension costs

Danske Bank in Northern Ireland has reported pre-tax profits of £56.5m for the first half of 2017.

That is down 12% compared to the same period in 2016, when the bank recorded profits of £64.5m.

The bank said the fall reflects lower incomes because of low interest rates and higher pension costs.

Danske Bank UK CEO Kevin Kingston said: "The underlying performance of the bank remains strong, with lending up 8% year-on-year."

He added: "Despite improved business activity across the bank, total income has remained broadly flat compared to the first half of 2016 as low interest rates continue to impede our income growth."

The bank also reported that mortgage lending had increased 7% on last year.