Jyske Bank (JYSK) Q4 2025 earnings summary

Executive summary

• Net profit reached DKK 5.4bn and EPS DKK 85 in 2025, both above guidance, with EPS up 18% year-over-year despite lower policy rates and DKK 200m one-off cost.

• Announced record capital distribution of DKK 4.5bn (+20% y/y), including a DKK 3bn share buyback and DKK 25 dividend per share.

• Upgraded 2026 outlook, projecting net profit of DKK 4.3bn–5.1bn and EPS of DKK 71–85, reflecting normalized loan impairments and value adjustments.

• Gained personal customers, increased mortgage market share, and maintained high customer satisfaction.

Financial highlights

• Q4 2025 net profit was DKK 1,422m, with return on tangible equity at 11.5% and cost/income ratio at 50.1%.

• EPS for 2025 was DKK 85, with DKK 23 in both Q3 and Q4.

• Net fee and commission income reached an all-time high, up 11% for the year, driven by asset management and mortgage fees.

• Mortgages up 1% quarter-over-quarter, driven by private individuals; bank lending and deposits increased, mainly from corporates.

• Loan impairment charges were low at DKK 24m in Q4, with cost of risk at 0bp and stage 3 exposures down to 0.9%.

Outlook and guidance

• 2026 EPS guidance: DKK 71–85; net profit after tax DKK 4.3–5.1bn; core income and expenses expected to decline slightly.

• Loan impairment charges expected to rise modestly in 2026.

• Capital targets set at CET1 ratio ~15% and total capital ratio ~20%.

• Capital distribution policy continues with share buybacks and a 30% dividend payout ratio.

• No significant impact from upcoming regulation is expected.