Vestjysk Bank (VJBA) Q2 2024 earnings summary

Executive summary

• Achieved profit before tax of DKK 598 million in H1 2024, up DKK 19 million year-over-year, driven by increased business volume and higher net interest income.

• Net lending rose by DKK 1,239 million (6.7%) since end-2023, with business volume and customer activity as key contributors.

• Maintained strong capital and liquidity positions, with all regulatory and internal targets comfortably met.

• CEO transition completed as Peter Hupfeld took over as CEO on July 1, 2024.

Financial highlights

• Net interest income: DKK 623 million in H1 2024, up from DKK 592 million in H1 2023.

• Profit before tax: DKK 598 million (H1 2023: DKK 579 million); net profit: DKK 445 million (H1 2023: DKK 454 million).

• Net fee and commission income: DKK 282 million, down from DKK 302 million year-over-year.

• Cost/income ratio: 49.0% (H1 2023: 49.9%); excluding market value adjustments: 52.7% (H1 2023: 55.2%).

• Net reversals on loan impairments: DKK 61 million (H1 2023: DKK 68 million).

Outlook and guidance

• Full-year 2024 pre-tax profit guidance maintained at DKK 1,000–1,200 million.