SJF Bank (SJF) Q4 2025 earnings summary

Executive summary

• Total income reached a record 679.0 million DKK in 2025, up 4% year-over-year, marking the highest in the bank's 200-year history.

• Net profit after tax was 611.6 million DKK, corresponding to a 12.7% return on equity.

• Business volume grew 9% to 119.6 billion DKK, with strong growth in both lending (+12%) and deposits (+10%).

• Dividend proposed at 11.0 DKK per share, the highest since the 2015 IPO.

Financial highlights

• Net interest income declined 4% to 921.1 million DKK due to lower general interest rates.

• Net fee and commission income increased 6% to 638.7 million DKK.

• Operating expenses rose 9% to 1,011.1 million DKK, but adjusted for one-offs, the increase was about 2%.

• Loan impairments were low at 20.2 million DKK, reflecting strong credit quality.

• Capital ratio stood at 24.4%, providing a solid foundation for further growth.

Outlook and guidance

• Pre-tax profit for 2026 is expected in the range of 675–800 million DKK, assuming stable interest rates and continued business growth.

• Cost-to-income ratio targeted to fall below 50% by 2026, with ongoing efficiency improvements.