COPENHAGEN, Oct 30 (Reuters) - Danish lender Jyske Bank lowered its full-year profit outlook and said it would not offer an annual dividend citing negative interest rates and increased compliance spending after posting a fall in third-quarter results on Wednesday.
Jyske said it now expects profit after tax of approximately 2 billion Danish crowns ($298 million) versus a previous estimate of 2-3.3 billion.
Denmark’s third-largest bank posted a pretax profit for the first nine months of 1.83 billion crowns, down 27% from a year earlier.
Net interest income fell 7% to 3.97 billion while fee and commission income rose 16% to 1.57 billion.
Jyske said it would propose no ordinary dividend but raise its existing share buyback programme by 500 million crowns and extend it until March 31, 2020.
$1 = 6.7192 Danish crowns Reporting by Nikolaj Skydsgaard; editing by Jason Neely