SJF Bank (SJF) Q3 2024 earnings summary

Executive summary

• Result before tax for the first nine months of 2024 increased by 22% to DKK 635.5 million, with net profit after tax at DKK 478.0 million and a 14.4% annualized return on equity.

• Core earnings rose by 29%, reflecting strong operational performance and positive business momentum.

• Net interest income increased by 16% to DKK 720.5 million, and fee and commission income grew by 4% to DKK 470.3 million.

• Cost-to-income ratio improved to 54.8% from 59.8% year-over-year, driven by efficiency initiatives and disciplined cost control.

• Total business volume grew by 6%, supported by increased lending and strong activity in both retail and corporate segments.

Financial highlights

• Net interest income: DKK 720.5 million (+16% YoY).

• Fee and commission income: DKK 470.3 million (+4% YoY).

• Core earnings: DKK 567.4 million (+29% YoY).

• Operating expenses: DKK 633.8 million (+6% YoY).

• Cost-to-income ratio: 54.8% (down from 59.8% YoY).

• Pre-tax profit: DKK 635.5 million (+22% YoY).

• Net profit: DKK 478.0 million (+18% YoY).

• Capital ratio: 25.1% (including profit); core capital ratio: 19.5%.

• Earnings per share: DKK 26.3 (+21% YoY).

• Liquidity coverage ratio: 620%.

Outlook and guidance

• Full-year pre-tax profit guidance raised to DKK 785–825 million, reflecting strong business activity, better-than-expected market gains, and solid credit quality.

• Strategic targets include a cost-to-income ratio below 50% by 2025/2026, capital ratio above 20%, and annual business volume growth of 4–8%.