Jyske Bank (JYSK) Q3 2026 earnings summary

Executive summary

• Q3 EPS was DKK 21, up 14% YoY excluding value adjustments; net profit was DKK 1,278m. Q1–Q3 EPS was DKK 60.8 versus DKK 62.5 a year earlier, and net profit was DKK 3,680m versus DKK 3,992m.

• High customer activity, accelerating business momentum and solid credit quality supported the raised 2026 earnings outlook.

Financial highlights

• Q3 core income was DKK 3,276m; net interest income was DKK 2,270m, up 3% YoY and 4% q/q.

• Q1–Q3 core income declined 3% YoY to DKK 9,666m, mainly on lower value adjustments and dividends; net interest income was DKK 6,586m, down 1%, while fee income rose 8% to DKK 2,231m.

• Q3 net fee and commission income was DKK 773m, up 12% YoY; value adjustments and dividends were DKK 177m.

• Q3 core expenses rose 4% YoY to DKK 1,605m; excluding DKK 16m of one-off items, they rose 3%. Q1–Q3 expenses were DKK 4,733m, flat YoY.

• Q3 loan impairment charges were income of DKK 50m; core profit was DKK 1,721m and pre-tax profit DKK 1,727m. Q1–Q3 impairment charges were income of DKK 10m.

Outlook and guidance

• 2026 net profit guidance is DKK 4.7bn–5.2bn, equivalent to EPS of DKK 78–87; raised on 12 October from DKK 4.3bn–5.1bn and DKK 71–85.

• Core income is expected lower in 2026 than 2025, primarily from lower value adjustments; core expenses are expected slightly lower as savings and fewer one-off costs offset inflation and other spending.

• Loan impairment charges are expected higher than in 2025 but remain low; macroeconomic and market uncertainty remains.

• Expected capital ratios are c. 15% CET1 and c. 20% total capital; 2026 cost/income ratio is expected slightly above 2025’s 48%.