Efter aflæggelse af Q3 regnskabet afholdte Jyske Banks ledelse med analytikerne, deres investorpræsentation som kan ses via dette link. Her har man mulighed for at høre Q&A med analytikerne efter ledelsens indledende præsentation.
Jyske Bank indleder præsentationen sådan:
Net profit of DKK 696m, return on equity of 8.1%
Jyske Bank realised a return on equity of 8.1% p.a. in Q3 underpinned by an intensified cost focus,
which helped reduce expenses 9% y/y. Additionally, core incomerose 9% y/y as higher value
adjustments and lower deposit rates more than compensated for lower remortgaging activity,
lower bank lending and lower other net interest income. Credit quality remained strong in Q3.
Focus on sound credit quality
Lending (excl. repo) declined 2% y/y, as bank lending fell 13% due to low credit demand amid the
COVID-19 outbreak and government support as well as a tightened credit policy and the sale of
Jyske Bank (Gibraltar). Deposits (excl. repo) declined 5% y/y. Credit quality remains solid with an
all-time low share of non-performing loans and a total management’s estimate of DKK 1,656m.
Healthy activity levels amid government support
The COVID-19 outbreak and government-imposed lockdown reduced activity levels in the
Danish economy in the Spring. Supported by e.g. compensation schemes and postponed VAT
and tax payments, activity levels have rebounded. However, the rebound remains highly
dependent on the spread of COVID-19 and the phasing out of extraordinary policy measures.
Strong capital and liquidity positions
Jyske Bank remains focused on helping clients mitigate the financial consequences of the
COVID-19 outbreak and continues to have strong capital, liquidity and funding positions as well
as a management’s estimate of DKK 1,045m relating to COVID-19. At the end of Q3 2020, Jyske
Bank had a record-high capital ratio with a buffer of 7.0pp and a liquidity coverage ratio of 273%.
Outlook slightly improved
Jyske Bank nowexpects a net profit for 2020 of DKK 1.0bn-1.5bn incl. one-offexpenses (DKK
75m in H1 2020), while core expenses are expected to show a declining trend. The Supervisory
Board of Jyske Bank expects to restart capital distribution in 2021, provided the economic
outlook does not deteriorate significantly.
