Jyske Bank (JYSK) Investor Presentation summary

Q3 2024 highlights and financial performance

• Net profit guidance for 2024 upgraded to DKK 5.0bn–5.3bn, with EPS at DKK 21.7 and ROTE of 13.2% in Q3, supported by positive markets and loan loss reversals.

• Cost/income ratio at 47% and CET1 ratio at 17.2%, reflecting strong capital and operational efficiency.

• Healthy fee income growth driven by higher assets under management and continued good operating performance despite lower rates.

• Loan impairments remain low, with a post-model adjustments buffer of DKK 1,783m.

• Dividend payout targeted at -30%, supplemented by share repurchases, with capital ratios between 15%–17%.

Strategic direction and market positioning

• Focused on the Danish market, leveraging a strong domestic position and divesting foreign activities.

• Strengthened through successful acquisitions (Handelsbanken Denmark, PFA Bank, Opendo), all on track or delivered.

• Top-3 in both Business/Corporate and Personal Banking, with a full product suite and strong digital platform.

• Consistent value creation for shareholders, with book value per share and EPS more than doubling since 2014.

• Maintains a conservative risk profile, high collateralisation, and robust compliance and capital positions.

Risk management and regulatory environment

• Conservative risk appetite, centralised governance, and robust capital buffers underpin stability.

• Antitrust ruling and upcoming regulation (CRRIII) create new opportunities for mortgage partnerships and market consolidation.

• All strategic options in mortgages are being explored, with a measured approach to new partnerships.

• Commitment to sustainability, aiming for net zero emissions by 2045 for loans/operations and by 2050 for investments.