Jyske Bank Interim Financial Report Q1-Q3 2022

Interview with Anders Dam, CEO


Summary

  • Earnings per share, exclusive of one-off expenses relating to the acquisition of Handelsbanken Denmark: DKK 33.1 (DKK 31.5).
  • Core profit before impairment charges and value adjustments rose 31% to DKK 2,859m (DKK 2,176m).
  • Capital ratio: 23.6% (22.6%), of which common equity tier 1 capital ratio of 18.6% (18.0%).
  • The purchase of Svenska Handelsbanken’s Danish activities has been approved by the Danish Competition and Consumer Authority and is progressing according to plan. The transaction is expected to be completed before the end of the year.

    According to the agreement, Jyske Bank will on the acquisition date make a payment in cash for the assets and liabilities of Handelsbanken Denmark as well as a payment for goodwill in the amount of DKK 3.0 bn.

    Synergies are expected to amount to at least DKK 0.3 bn p.a. before tax and to be fully realised in the course of 2024.

    Restructuring and integration costs are expected to total c. DKK 0.5 bn before tax, of which c. DKK 0.1 bn in 2022 and c. DKK 0.3 in 2023.

    Due to the capital position, it is expected that the transaction will not necessitate any issue of shares or AT1 capital.