Jyske Bank (JYSK) Investor Presentation summary

Company overview and strategy

• One of Denmark's largest financial institutions, founded in 1967, with a 12% market share and 88 locations.

• Growth driven by multiple acquisitions, including Handelsbanken Denmark (2022) and PFA Bank (2023).

• Focus on structural, low-risk growth and a complementary, full-service offering.

• Strong presence in the Danish mortgage market, underpinning stability and growth.

• Solid ESG credentials with an AA MSCI ESG rating and A+/Stable S&P credit rating.

Financial performance and profitability

• Net profit reached DKK 6.0bn in the last four quarters, with a 13.9% return on equity.

• Book value per share has grown at over 10% per annum, reflecting strong operating performance.

• Cost/income ratio stands at 44%, indicating efficient operations.

• Profitability improved significantly after the Handelsbanken Denmark acquisition and fee structure repricing.

• Earnings per share have shown strong momentum, with 2024 guidance in the upper half of DKK 4.3bn–5.1bn.

Mortgage and lending dynamics

• High and resilient growth in mortgage lending, with a 4.3% annual increase.

• Mortgage margin stabilizes income, unaffected by interest rate levels.

• Very low cost of risk for mortgages, supporting stable returns.

• Main exposure remains the Danish mortgage market, a key driver of stability.