Jyske Bank (JYSK) Q4 2024 earnings summary

Executive summary

• Achieved the upper end of 2024 net profit guidance at DKK 5.3bn, driven by record-high net fee income (up 18% year-over-year in Q4) and strong asset management momentum.

• Announced the largest-ever capital return: DKK 24 per share dividend and DKK 2.25bn buyback, totaling DKK 3.8bn.

• Significant AUM growth, up 17% year-over-year, and improved customer satisfaction with highest mortgage growth since 2019.

• 2025 net profit guidance: DKK 3.8–4.6bn (DKK 60–73 per share), reflecting macro and market uncertainties and slightly higher costs.

• Integration of Handelsbanken and PFA Bank completed, contributing to higher customer satisfaction and volume growth.

Financial highlights

• Full-year net profit reached DKK 5.3bn after tax, at the top of the guidance range.

• Net fee income up 18% year-over-year in Q4 2024, supported by record-high AUM and private banking demand.

• Return on tangible equity around 12% for the year; cost-to-income ratio at 47 for the year and 49 for Q4.

• Earnings per share DKK 80 for the year, DKK 20 for Q4; CET1 ratio at 17.6%, above the 15–17% target.

• Cost of risk at zero basis points for both the quarter and the year; Stage 3 exposure stable at 1.1%.

Outlook and guidance

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

• Core income to be impacted by lower policy rates and normalizing value adjustments; deposit margins expected to compress further.

• Slightly higher costs anticipated due to strategic investments and inflation, with lower integration costs and ongoing cost measures.

• CET1 and total capital targets to be at the lower end of 15–17% and 20–22% ranges, respectively, post-Basel IV.

• Sequential NII growth likely delayed until H2 2026, with stable development expected in late 2025.