Jyske Bank (JYSK) investor relations material

Executive summary

• Earnings per share rose 1% year-over-year in Q2 2025, reaching DKK 39.4, the highest H1 result to date, despite lower short-term interest rates.

• Customer satisfaction reached record highs across private, corporate, and personal banking, with private banking ranked #1 in Denmark for ten consecutive years.

• Credit quality remains robust with reversals in impairments, lower stage 3 exposures, and a strengthened capital position.

• Strategic focus on operational optimization, digitalization, and sustainable customer solutions advanced.

• Integration of Handelsbanken Denmark and PFA Bank completed, supporting improved satisfaction and operational efficiency.

Financial highlights

• Return on tangible equity at 11.3–11.5% for H1 2025; cost/income ratio at 49–51% in Q2.

• EPS steady at DKK 20 for Q2 and DKK 39.4 for H1; net profit for Q2 at DKK 1,281m and H1 at DKK 2,537m.

• Net fee and commission income up 14% year-over-year, driven by higher AUM and mortgage activity.

• Loan impairment charges reversed to an income of DKK 47m in H1 and DKK 113m in Q2, reflecting solid credit quality.

• Core expenses rose 1–3% year-over-year, including one-off costs from office consolidation.

Outlook and guidance

• 2025 net profit expected at the upper end of DKK 3.8–4.6bn, with EPS at the upper end of DKK 60–73.

• Core income projected lower in 2025 due to reduced net interest income, while core expenses are expected to be slightly higher.

• Loan impairments anticipated to remain low, supported by robust credit quality and post-model adjustment buffers.

• CET1 ratio guidance at the lower end of 15–17%, with no major regulatory impacts expected.

• Guidance is subject to macroeconomic and financial market uncertainties.