Uddrag fra Danske Banks analyse af Jyske Bank efter regnskab:
Jyske Bank released high level FY20 figures ahead of the official report and from that perspective, there were only small surprises. Jyske reported solid profitability, with a return on equity of 9.6% in Q4, though with a strong contribution from trading income and more or less zero loan loss provisions. Asset quality continues to look very solid, with Jyske Bank reporting a decline in the share of stage 3 loans while accumulated provisions remained broadly unchanged compared to Q3. Jyske Bank maintains very strong capitalisation, with a CET1 buffer (relative to regulatory requirements) of 710bp. We see today’s report as slightly credit positive (mainly on account of loan losses and improving asset quality) and maintain our Marketweight recommendation.
