COPENHAGEN (Reuters – Danske Bank has reported lower than expected first quarter profits. It was hampered due to macroeconomic uncertainty, turbulent financial markets and other factors, but maintained its guidance for full year profit.

Danske’s first quarter net profit was 2.8 billion Danish crowns (396.28 Million), lower than the average forecast of 3.2 Billion by analysts according to a survey.

Chief Executive Carsten Geriis stated that “our core banking income continues showing progress and resilience within a very difficult environment which obviously also affects other income streams.”

Analysts were slightly surprised by net interest and net fees income in the first quarter. Trading income fell to 565 millions crowns below analysts’ average 855.

The scandal involving money laundering in Estonia’s bank branch has plagued Denmark’s largest bank since 2018. This has resulted in high compliance costs for the bank and low trust.

Thursday’s statement by the company stated it would face a “material” and potentially significant fine for its role in Estonia. It also said that the dividend it received from the Estonian case will not be paid the first quarter.

It maintained its full year net profit guidance at 13-15 billion crowns, with costs of around 25 billion. The firm stated that the outlook does not reflect any potential effects from the Estonia case settlement this year.

($1 = 7.0658 Danish crowns)