SJF Bank (SJF) Q4 2024 earnings summary

Executive summary

• Result before tax reached DKK 814.8 million, up 16% year-over-year, with net profit after tax at DKK 623.1 million, a 12% increase from 2023.

• Return on equity after tax was 14.1%, and before tax 18.4%, both exceeding strategic targets.

• Cost/income ratio improved to 56.0% from 61.1% in 2023, reflecting ongoing efficiency measures.

• Total business volume grew by 6% to DKK 109.7 billion, with lending up 1% and deposits up 3%.

• Dividend proposed at DKK 10.00 per share, the highest since the 2015 IPO.

Financial highlights

• Net interest income rose 11% to DKK 961.4 million; fee and commission income increased 3% to DKK 623.3 million.

• Operating expenses increased 2% to DKK 895.9 million.

• Impairments on loans amounted to DKK 44.6 million, with continued strong credit quality.

• Capital ratio stood at 24.4%, well above the 20% minimum target.

• Basis earnings surged 26% to DKK 726.1 million.

Outlook and guidance

• 2025 pre-tax profit expected in the range of DKK 625–750 million, assuming three 0.25% rate cuts by the central bank and cautious impairment assumptions.