Jyske Bank

Earnings Release • Apr 18, 2023

National Storage Mechanism | Additional information

Jyske Bank expects earnings per share of DKK 65-75, corresponding to a net profit of DKK 4.3bn - 4.9bn in 2023. The interval includes one-off costs related to the integration of Handelsbanken Denmark, which are expected to amount to c. DKK 0.3bn.

The upgraded outlook reflects a net profit of DKK 1,289m in the first quarter of 2023, corresponding to an increase of 51% compared with the first quarter of 2022. The increase can be attributed to the acquisition of Handelsbanken Denmark, which significantly surpasses the original expectations for 2023. The integration is progressing according to plan and the first branch mergers have been completed. Additionally, the effect from the higher level of interest rates also contributed.

In the table below, an income statement as well as selected balance sheet items and key figures are shown.

Core profit and net profit for the period (DKKm)	Q1	Q1	Index
	2023	2022	23/22
Net interest income	2,224	1,312	170
Net fee and commission income	658	683	96
Value adjustments	240	9	-
Other income	104	105	99
Income, operating lease (net)	84	80	105
Core income	3,310	2,189	151
Core expenses	1,480	1,160	128
Core profit before loan impairment charges	1,830	1,029	178
Loan impairment charges	96	-55	-
Core profit	1,734	1,084	160
Investment portfolio earnings	31	4	-
Profit before one-off items	1,765	1,088	162
One-off items relating to Handelsbanken DK	-38	0	-
Pre-tax profit	1,727	1,088	159
Tax	438	237	185
Net profit for the period	1,289	851	151
Summary of balance sheet, end of period (DKKbn) and key figures
Mortgage loans, fair value	338.2	329.5	103
Mortgage loans, nominal	367.3	341.2	108
Bank loans (excl. repo)	155.1	110.5	140
Bank deposits (excl. repo and triparty deposits)	202.2	127.1	159
Earnings per share (DKK)	19.5	12.1	161
Expenses as a percentage of income	44.7	53.0	84

Previously, Jyske Bank expected earnings per share of DKK 60-70, corresponding to a net profit of DKK 4.0bn - 4.6bn in 2023.

Earnings per share	Outlook 2023	2022	2021	2020
DKK	65-75	55.4	42.4	19.8

The interim financial report for the first quarter of 2023 will expectedly be published on 2 May.

Yours faithfully,  

Jyske Bank

Contact person: Birger Krøgh Nielsen, CFO, tel. +45 89 89 64 44

Attachment

• Corporate Announcement_20230418