SJF Bank (SJF) Q2 2025 earnings summary

Executive summary

• Net profit after tax increased by 3% to DKK 321.6 million, with a return on equity of 13.4% p.a. and pre-tax profit of DKK 409.1 million.

• Total income after tax rose 16% to DKK 387.6 million, positively impacted by a DKK 70.8 million gain from the sale of a strategic equity stake in Nordfyns Bank.

• Lending grew by 8% to DKK 13.7 billion, and total business volume increased by 6% to DKK 113.8 billion year-over-year.

• Operating expenses including depreciation rose 5% to DKK 487.7 million, mainly from higher wages, IT, and PR costs, including rebranding.

• Name change to SJF Bank is progressing as planned and has been well received.

Financial highlights

• Net interest income fell 4% to DKK 460.4 million due to a lower general interest rate environment.

• Net fee and commission income increased 3% to DKK 322.5 million, reflecting higher activity.

• Dividend income rose to DKK 69.5 million, up from DKK 60.4 million year-over-year.

• Total lending rose by DKK 1.0 billion, and total credit mediation (loans plus mortgage brokering) increased by DKK 3.8 billion to DKK 66.5 billion.

• Cost/income ratio increased to 55.7% from 53.2% year-over-year.

Outlook and guidance

• Full-year pre-tax profit guidance was raised on July 9, 2025, to DKK 700–800 million, up from DKK 625–750 million, reflecting strong Q2 growth and better-than-expected credit and market developments.

• Strategic targets for 2025 include a cost/income ratio below 50%, capital ratio above 20%, and annual business volume growth of 4–8%.

• Continued focus on organic growth, especially in Fyn, following the sale of the Nordfyns Bank stake.