Danske Bank reports rise in pre-tax profits

Danske Bank is one of the so-called 'big four' banks in Northern Ireland

Danske Bank in Northern Ireland has reported pre-tax profits of £24.7m for the first quarter of the year.

That is up 64% from £15.1m the same time last year because of loan impairments.

When those charges are stripped out, underlying profits were up 3% on last year.

Danske's chief executive officer Kevin Kingston said: "Business lending was up 8%, which was largely driven by small and medium-sized firms stockpiling."

He added: "But corporate lending to larger businesses is down on last year, as heightened uncertainty around Brexit means some larger customers are delaying planned investments."

Total income was 3% higher at £58m, which the bank says reflects growth in lending and deposits, and higher UK interest rates.