SJF Bank (SJF) Q3 2025 earnings summary

Executive summary

• Result after tax for the first nine months of 2025 is DKK 478.0 million, matching the same period in 2024, with a return on equity of 13.3% p.a. and pre-tax profit of DKK 603.8 million.

• Business volume increased by 7% year-over-year to DKK 116.4 billion, with both loans and deposits up 9%.

• Net interest income fell 4% due to lower general interest rates, while net fee and commission income rose 5% on higher activity.

• Operating expenses increased 8%, impacted by rebranding and the new Carlsberg Byen center.

• The bank opened a new area center in Carlsberg Byen, Copenhagen, consolidating business activities and supporting future growth.

Financial highlights

• Net interest income: DKK 691.6 million (down 4% year-over-year).

• Net fee and commission income: DKK 478.6 million (up 5% year-over-year).

• Operating expenses and depreciation: DKK 738.9 million (up 8% year-over-year).

• Loans: DKK 14.0 billion (up 9% year-over-year); Deposits: DKK 23.7 billion (up 9% year-over-year).

• Equity: DKK 5.0 billion, up from DKK 4.7 billion last year.

• Basis earnings: DKK 569.7 million, down from DKK 611.4 million in 2024.

• Cost/income ratio: 56.5%, up from 52.9% last year.

Outlook and guidance

• Full-year pre-tax profit guidance narrowed to DKK 750–800 million, reflecting continued strong earnings in Q3 2025.

• Strategic goals for 2025 include cost ratio below 50%, capital ratio above 20%, ROE above 10%, annual business volume growth of 4–8%, and dividend payout of at least 25% of net profit.

• Ongoing focus on cost control in 2026 to meet economic targets.