October 30, 2019 / 7:52 AM / 23 days ago

Denmark's Jyske Bank lowers outlook, cancels dividend

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

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