Jyske Bank Interim Financial Report Q1-Q3 2023

Summary

  • Earnings per share rose by 94% to DKK 62.0 (Q1-Q3 2022: DKK 31.9)
  • For 2023, it is now anticipated that earnings per share will be at the upper end of the range of DKK 70-80
  • Pre-tax profit of DKK 5,501m is a doubling relative to Q1-Q3 2022 (DKK 2,742m)
  • Net interest income rose by 75% to DKK 7,155m (Q1-Q3 2022: DKK 4,083m)
  • Core income was up by 70% to DKK 10,244m (Q1-Q3 2022: DKK 6,025m)
  • Core expenses rose by 27% to DKK 4,498m (Q1-Q3 2022: DKK 3,550m)
  • Loan impairment charges amounted to an expense of DKK 96m (Q1-Q3 2022: income of DKK 447m)
  • The capital ratio is 20.9 of this a common equity tier 1 capital ratio at 16.7 compared with 19.5 and 15.2 at end-2022
  • The 30 planned branch mergers attributed to the acquisition of Handelsbanken Denmark have been implemented
  • The acquisition of Handelsbanken Denmark is expected to contribute with an additional DKK 0.3bn to a total of DKK
    1.3bn p.a. to the pre-tax profit with full effect as from 2025
  • The acquisition of PFA Bank A/S closed on 1 October 2023
  • For adoption at an extraordinary general meeting on 1 December 2023, the Supervisory Board proposes distribution of an extraordinary dividend at DKK 500m, equivalent to DKK 7.78 per share
  • Due to the higher earnings capacity, the Supervisory Board will aim for a mix of dividends and share buybacks as
    capital distribution going forward
  • The activities from Kgs. Lyngby, Havneholmen and Vesterbrogade will be gathered at Kalvebod Brygge in Copenhagen as from mid-2025
  • Lars Stensgaard Mørch will take over as CEO and Managing Director from Anders Dam on 1 November 2023.