Jyske Bank Annual Report 2023

Comments from CEO Lars Mørch


Summary

  • Core income increased by 66% to DKK 9,722m
  • Core expenses rose by 25% to DKK 6,103m
  • Loan impairment charges amounted to an expense of DKK 127m against an income of DKK 605m the year before
  • Net profit was up by 57% to DKK 5,904m
  • Earnings per share rose to DKK 89.3 from DKK 55.4
  • Capital ratio at 20.1%, of which common equity tier 1 capital ratio amounted to 16.9pp
  • The acquisition of PFA Bank A/S was implemented on 1 October 2023. PFA Bank will be merged into Jyske Bank on 8
  • June 2024 conditioned upon approval from the authorities
  • Lars Mørch took over as CEO and Managing Director from Anders Dam on 1 November 2023
  • Handelsbanken Denmark’s migration of data vendor to Bankdata from BEC was carried out on 11 November 20 23
  • Extraordinary dividend at DKK 500m, or DKK 7.78 per share distributed in December 2023
  • For adoption at the annual general meeting, the Supervisory Board proposes distribution of a dividend of DKK 500m, or DKK 7.78 per share
  • The Supervisory Board endeavours to distribute an annual dividend in the region of 30% of the shareholders’ result from fiscal year 2024. The annual dividend is to be supplemented by share repurchases contingent on Jyske Bank’s capital position
  • Net profit is expected to be in the range of DKK 4.3bn-5.1bn in 2024, corresponding to earnings per share in the range of DKK 64-76.