Overall profits were 30 billion DKK compared to 41 billion DKK the previous year. The fall in profits was caused by lower value adjustments, and greater personnel and administration costs. The fall in value adjustment was primarily due securities holdings and issuance of bonds. Banks are still challenged by low interest rates, which put pressure on base earnings. The challenges with turning a profit on the core business, creates a foundation for larger risk-appetite, and this greater risk-taking in, for example, real estate exposures and home lending in growth areas.
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