Jyske Bank Interim Financial Report - 1st half 2015

18.08.2015

Core income: DKK 4,472m (H1 2014: DKK 3,712m, excl. of bargain purchases of DKK 2,360m).
Pre-tax profit or loss: DKK 1,803m (H1 2014: DKK 443m, excl. of bargain purchases of DKK 2,360m).
The pre-tax profit corresponded to an annualised return of 13.1% on opening equity (H1 2014: 5.1% excl. of bargain purchases).
Value adjustments under core profit: DKK 386m (H1 2014: DKK 76m).
Loan impairment charges under core profit: DKK 351m (H1 2014: DKK 838m).
o Of which management's estimate amounts to DKK 270m (H1 2014: DKK 0m).
Loans and advances: DKK 375bn (End-2014: DKK 362bn).
o Mortgage loans: DKK 234bn (End-2014: DKK 219bn).
o Bank loans and advances: DKK 114bn (End-2014: DKK 120bn).
Bank deposits: DKK 129bn (End-2014: DKK 133bn).
Capital ratio 17.1%, of which Common Equity Tier 1 capital ratio of 16.1% (End-2014: 16.4% and 15.3%).
o Capital buffer: DKK 10.3bn (End-2014: DKK 9.7bn).
o Target: capital ratio of 17.5% and Common Equity Tier 1 capital ratio of 14.0%.
Merger with BRFkredit:
o Pre-tax profit or loss, BRFkredit: DKK 362m (H1 2014: DKK 53m).
o All cost and earnings synergies are expected to show full annual effects in mid-2018, while earlier estimates pointed to end-2018.
o Expected integration costs in the range of DKK 100-150m (previous estimate: DKK 150-200m).