Danske Bank has announced a pre-tax profit of £218.2 million for 2024, a 17% increase on the previous year.
The north’s biggest bank said both business and personal deposits are at a record high.
The Danish-owned lender cited the higher interest rate environment as a contributor to the 16.6% increase in its income during 2024, which jumped by £55m year-on-year to £387.3m.
Deposits were up 6.6% to £11.4 billion, while lending increased by 4% to £6.3 billion
The bank’s Belfast-based UK operation also saw its expenses increase by around £19m (12%) in 2024, largely due to inflationary pressures, higher regulatory expenses and investment in the business.
But the higher costs did little to detract from the strength of Danke’s 2024 financial performance, with loan impairments down 26% to £9.6m.
Danske Bank chief executive Vicky Davies said: “Moving into 2025 in a robust financial position means we are a bank that remains well positioned to support customers when they need us.”
The bank boss said mortgage approvals in Northern Ireland soared by 35% year-on-year to a record £730m.
“In 2023 over half of our local mortgage customers opted for a five-year fixed mortgage product,” she said.
“Whereas in 2024 63% chose a two-year fixed option, with many anticipating that the Bank of England base rate was going to start to fall in the nearer term.
“We expect local mortgage lending to remain healthy this year, buoyed by the decreasing rate environment, low unemployment levels and strong buyer demand.”
Danske Bank also expanded its mortgage business across the rest of the UK in 2024, providing around £290m in mortgage lending approvals, an annual increase of 25%.
Business lending also increased significantly last year to £750m, up from the £575m approved in 2023.
Danske Bank said it attracted 1,500 new small business customers last year, with lending approvals to smaller firms up 14% year-on-year.
Meanwhile, the lender said 16,000 new personal accounts were opened in 2024, a 60% annual increase.
