Jyske Bank A/s · OMXCOP:JYSK
Jyske Bank A/s — Jyske Bank A/S Ord — Q2 2025 Earnings Presentation
51 slides from Jyske Bank A/s's earnings presentation, Aug 19, 2025
Slide 1: Investor Presentation Q2 2025
Investor Presentation Q2 2025 19 August 2025
Slide 2: Summary
1 Summary 2 2 Highlights 6 3 Financials 16 4 Volumes 24 Q2 2025 Summary 5 Sustainability 30 Executive summary 6 Jyske Bank in brief 34 Financial highlights Outlook 7 Macroeconomics 45 8 Calendar and contacts 49
Slide 3: Improved outlook for 2025
Improved outlook Strongly improving Solid credit quality and for 2025 customer satisfaction capital position Earnings per share up 1% y/y in Q2 2025 Market-leading customer satisfaction for Solid credit quality with reversals, slightly despite significantly lower policy rates. companies with 20+ emp
Slide 4: Increasing EPS 1% y/y despite significantly lower interest rates
Summary | Financial highlights Increasing EPS 1% y/y despite significantly lower interest rates Healthy fee income momentum and solid credit quality Q2 2025 11.5% 51% -2bp DKK 20.0 16.3% Return on tangible equity (p.a.) Cost/income Cost of risk Earnings per share CET1 ratio Earnings per share Profit
Slide 5: Updated outlook for 2025
Summary | Outlook Updated outlook for 2025 Net profit now expected to reach the upper end of DKK 3.8bn-4.6bn Earnings per share Lower in 2025 than in 2024 Core income DKK Lower net interest income due to the lower level of interest rates 100 90 Slightly higher in 2025 compared with 2024 Upper 80 Cor
Slide 6: Highlights
1 Summary 2 2 Highlights 6 3 Financials 16 4 Volumes 24 Q2 2025 Highlights #1 for corporate clients with 20+ employees 5 Sustainability 30 Strongly improving personal customer satisfaction 6 Jyske Bank in brief 34 #1 for private banking clients Resilient assets under mgmt. at new all-time high Build
Slide 7: #1 for corporate clients with 20+ employees
Highlights | Corporate customer satisfaction Market-leading customer satisfaction for companies with 20+ employees Rolling 12-month CEM score (rebased, 2022=100) 130 #1 125 120 115 #1 for corporate clients 110 with 20+ employees 105 Largest improvement in the last year 100 #3 95 Acquisition of Hande
Slide 8: Strongly improving personal customer satisfaction
Highlights | Personal customer satisfaction Strongest improvement of personal customer satisfaction in the last year Rolling 12-month CEM score (rebased, 2022=100) 120 #3 115 110 Strongly improving 105 personal customer 100 #5 satisfaction 95 Top 3 reached as targeted in 2028 90 strategy update 85 A
Slide 9: #1 for private banking clients
Highlights | Private banking customer satisfaction Market-leading satisfaction for private banking customers Rolling 12-month CEM score #1 #1 #1 #1 #1 #1 #1 #1 #1 #1 #1 for private banking clients For the 10th consecutive year and with the largest gap to #2 thus far Acquisition of Handelsbanken Denm
Slide 10: Resilient assets under mgmt. at new all-time high
Highlights | Assets under management Assets under management have increased 10% p.a. in the last decade DKKbn 350 +10% p.a. 300 Resilient assets under 250 mgmt. at new all-time high Net inflow continues to underpin 200 AuM amid market volatility 150 100 2016 2017 2018 2019 2020 2021 2022 2023 2024 2
Slide 11: Building further upon momentum
Highlights | Personal customers Increased lending to personal customers Quarterly growth rate of nominal mortgage lending to personal customers 1.5% Highest organic growth rate for more than five years Underpinned by significantly improved customer satisfaction and net client inflow 1.0% 0.5% Buildi
Slide 12: Deposit margin showing strong resilience
Highlights | Deposit margin Targeted initiatives has helped reduced deposit margin pressure Basis points, p.a. 400 3-month CIBOR (avg.) Implied deposit margin (excl. repo) 350 300 Deposit margin showing 250 strong resilience 200 150 Deposit rates nearly fully reflected lower short-term rates in H1 2
Slide 13: Denmark is well-positioned to handle implications of trade war
Highlights | Trade war US tariff of 15% has direct impact on 3% of Danish exports Share of Danish exports and imports in 2024 Goods, crossing Danish borders, USA 3% Exports: Mainly pharmaceuticals, machinery 9% Goods, not crossing Danish borders, USA Services, USA 6% Denmark is well- positioned to h
Slide 14: Solid credit quality, write-offs of just 1bp in H1
Highlights | Credit quality Post-model adjustments significantly above actual write-offs DKKm 2,000 Write-offs 1,877 Post-model adjustments 1,800 1,600 1,400 Solid credit quality, write- 1,200 offs of just 1bp in H1 1,000 Post-model adjustments increased 800 slightly, stage 3 exposures declined 600
Slide 15: Strong underlying capital build of 0.9pp in Q2
Highlights | Capital position CET1 ratio remains comfortably within targeted range Share of risk exposure amount 17.0% Additional 0.4pp reservation for stipulated* 71% 2025 payout ratio 16.1% Strong underlying capital Reservation for expected payout build of 0.9pp in Q2 Reservation for expected payo
Slide 16: Financials
1 Summary 2 2 Highlights 6 3 Financials 16 4 Volumes 24 Q2 2025 Financials 5 Sustainability 30 Net interest income 6 Jyske Bank in brief 34 Net fee and commission income Value adjustments and investment portfolio earnings Other income and operating lease 7 Macroeconomics 45 Core expenses Loan impair
Slide 17: Deposit margin shows resilience as short-term interest rates decrease
Financials | Net interest income Deposit margin shows resilience as short-term interest rates decrease Lower policy rates and higher funding costs partly offset by deposit rate repricing Net interest income Net interest income down 2% q/q Net interest income bridge DKKm Quarter/quarter, DKKm Lower p
Slide 18: Continued strong fee income momentum
Financials | Net fee and commission income Continued strong fee income momentum Increase of 14% y/y underpinned by higher assets under management and higher activity levels Net fee and commission income Net fee income increased 14% y/y Net fee and commission income bridge DKKm Year/year, DKKm Asset
Slide 19: Volatile markets leaves limited impact on value adjustments
Financials | Value adjustments and investment portfolio earnings Volatile markets leaves limited impact on value adjustments Investment portfolio earnings underpinned by lower internal funding costs Value adjustments DKK 263m of value adjustments Investment portfolio earnings DKKm DKKm Spread tighte
Slide 20: Seasonal dividends leads to high level of other income
Financials | Other income and income from operating lease Seasonal dividends leads to high level of other income Income from operating lease (net) close to unchanged vs. the preceding quarter Income from operating lease (net) DKK 31m of operating lease income (net) Other income DKKm DKKm Close to un
Slide 21: Cost inflation remains manageable
Financials | Costs Cost inflation remains manageable In-line with outlook for slightly higher costs in 2025 Core expenses Underlying costs up 3% y/y in Q2 2025 Core expenses bridge DKKm Year/year, DKKm Core expenses excl. one-off items One-off items DKK 60m one-off costs from consolidating three 1,6
Slide 22: Credit quality remains solid amid reversals and lower stage 3 exposures
Financials | Loan impairment charges Credit quality remains solid amid reversals and lower stage 3 exposures Outlook for continued low level of loan impairment charges in 2025 Cost of risk DKK -113m (-2bp) cost of risk in Q2 2025 Exposure by IFRS 9 stages bp %/DKKbn Post-model adjustments increased
Slide 23: Strong capital build, CET1 ratio above target of lower end of 15%-17%
Financials | Capital and funding Strong capital build, CET1 ratio above target of lower end of 15%-17% No significant impact from upcoming regulation expected Common equity tier 1 ratio bridge 16.3% CET1 ratio vs. targeted 15%-17% Risk exposure amount Quarter/quarter DKKbn Capital distribution progr
Slide 24: Volumes
1 Summary 2 2 Highlights 6 3 Financials 16 4 Volumes 24 Q2 2025 Volumes 5 Sustainability 30 Business volumes 6 Jyske Bank in brief 34 Lending composition Mortgage portfolio 7 Macroeconomics 45 Commercial property deep dive Main exposure: The Danish mortgage market 8 Calendar and contacts 49
Slide 25: Continued improvement of momentum with personal customers
Volumes | Business volumes Continued improvement of momentum with personal customers Highest mortgage growth for more than five years Business volumes Key takeaways Development of business volumes DKKbn Personal Corporate Index Mortgage loans (nominal) 140 Assets under management Q2'25 +1% q/q, as l
Slide 26: Strong footprint within structurally growing lending for housing purposes
Volumes | Lending composition Strong footprint within structurally growing lending for housing purposes Low-risk mortgage exposures constitute 75% of total lending Split of lending volumes Loans, advances and guarantees by sector Excl. repo (net) Leasing Personal customers 39% 4% Finance and insuran
Slide 27: Robust mortgage portfolio
Volumes | Mortgage portfolio Robust mortgage portfolio Low 45% loan-to-value of mortgage exposures at Jyske Realkredit Mortgage lending with low loan-to-value Product split of mortgage lending 0%-20% 20%-40% 40%-60% 60%-80% 80%-100% Avg. Fixed ARM 3-10Y ARM 1-2Y Capped floater Non-capped floater Int
Slide 28: Prudent loan-to-value levels of commercial property exposures
Volumes | Commercial property deep dive Prudent loan-to-value Manageable share of overall exposure Non-performing loans at low level levels of commercial Residential rental; office, business property mortgages Residential rental Office, business property mortgages property mortgages 0.02% property e
Slide 29: Danish mortgage market is structural, low-risk growth
Volumes | Main exposure: The Danish mortgage market Danish mortgage market is Balance principle reduces funding risks High and resilient growth of mortgage lending structural, low-risk growth Balance sheet of Jyske Bank DKKbn 3,500 Mortgage lending, Denmark +4.2% p.a. Bank lending, Denmark Equity 3,
Slide 30: Sustainability
1 Summary 2 2 Highlights 6 3 Financials 16 4 Volumes 24 Q2 2025 Sustainability 5 Sustainability 30 Approach 6 Jyske Bank in brief 34 Targets Next steps 7 Macroeconomics 45 8 Calendar and contacts 49
Slide 31: Strategic approach and priorities for sustainability
Sustainability | Approach Strategic approach and priorities for sustainability We are committed to making a difference and enabling our customers to become more sustainable 1 2 3 Starting point Commitments Approach We have a strong sustainability We are committed to making a difference We enable our
Slide 32: Targeting net zero emissions by 2050
Sustainability | Targets Targeting net zero emissions by 2050 Reducing emission intensity, financing green investments and improving employee engagement, diversity Emission intensity reduction targets: Lending 29% Realised vs. 2021 26% Realised vs. 2021 31% Realised vs. 2021 - vs. 2020 - vs. 2020 -
Slide 33: Current priorities and next steps for sustainability efforts
Sustainability | Next steps Current priorities and next steps for sustainability efforts Select examples include focus on helping SMEs, climate action planning and furthering biodiversity Encouraging and supporting SMEs’ ESG reporting efforts through inspirational materials. Helping SMEs Increasing
Slide 34: Jyske Bank in brief
1 Summary 2 2 Highlights 6 3 Financials 16 4 Volumes 24 Q2 2025 Jyske Bank in brief 5 Sustainability 30 One of the largest financial institutions in Denmark 6 Jyske Bank in brief 34 History of Jyske Bank Jyske Bank today The last decade 7 Macroeconomics 45 Equity story 8 Calendar and contacts 49
Slide 35: One of the largest financial institutions in Denmark
Jyske Bank in brief | Summary One of the largest Founded in 1967, now a Danish SIFI Structural, low-risk growth focus Leading presence in AAA economy financial institutions in DKKbn Private Corporate 1967 Founded by merger of four banks in Silkeborg 389 83 Denmark 1989 Seven acquisitions in 1970s an
Slide 36: History of Jyske Bank
Jyske Bank in brief | History History of Jyske Bank Solid consolidator with strong track record Founded Post-2008 acquisitions Focus on core business 1967 Consolidator Divesting non-priority activities Jyske Bank founded by merger of four 2011: FinansNord, Easyfleet 2013-2015: International asset mg
Slide 37: Jyske Bank today
Jyske Bank in brief | Overview Jyske Bank today One of the leading financial institutions in Denmark Top 4 >600,000 3,900 Banking Customers Colleagues Jyske Bank Top 4 3,850 DKK 767bn c. 12% Mortgage Colleagues Total assets Market share Jyske Realkredit Top 3 >140,000 Leasing Shareholders Jyske Fina
Slide 38: During the last decade, Jyske Bank has become larger, leaner, and stronger
Jyske Bank in brief | The last decade During the last decade, Jyske Bank has become larger, leaner, and stronger DKK 8.4bn DKK 13.4bn Core income +59% 63% 49% Cost/income -15pp. 9bp -2bp Cost of risk -11bp DKK 2.5bn DKK 5.2bn 2015 Q2’25 Net profit +111% DKK 355bn DKK 514bn Lending +45% Last four qua
Slide 39: Jyske Bank – Potential for more
Jyske Bank in brief | Equity story Jyske Bank – Potential for more Aiming to deliver attractive returns through the cycle Please see the five subsequent slides for further information. Operating in Denmark, a structurally attractive banking environment 1 AAA economy with stable growth, high digitali
Slide 40: Operating in a structurally attractive banking environment
Jyske Bank in brief | Equity story deep dive (1/5) 1 Operating in a structurally Financialized economy underpins market size Denmark is highly digitized… attractive banking 4th IMD World Digital Competitiveness Ranking of 2023 environment Loans per capita 3.3x … and a digital payments leader Jyske B
Slide 41: A solid financial profile with sound fundamentals
Jyske Bank in brief | Equity story deep dive (2/5) 2 A solid financial profile with sound fundamentals Exposed towards structurally growing, low risk Danish mortgage market 75% Strong operating performance Significant long-term value creation Attractive Danish mortgage exposure Last four quarters Bo
Slide 42: Resilient operations with low risk through-the-cycle
Jyske Bank in brief | Equity story deep dive (3/5) 3 Resilient operations with low risk through-the-cycle Highly collateralized exposures, low normalised cost of risk with significant buffers in place Low cost of risk and high post-model adj. Highly collateralised exposures Solid capital and liquidi
Slide 43: 2028 strategy
Jyske Bank in brief | Equity story deep dive (4/5) 4 2028 targets 10% <50% ≥15% Capital distribution Return on Cost/income ratio CET1 ratio Share buybacks tangible equity and 30% dividend Personal & Private Banking #1 Top 3 +35% Potential for more Private banking customer satisfaction vs. top 7 larg
Slide 44: Growing capital returns to shareholders
Jyske Bank in brief | Equity story deep dive (5/5) 5 Growing capital returns to shareholders Capital generation underpinning yield potential from 30% dividend in addition to share buybacks Capital distribution Capital distribution policy Share of shareholders’ profit paid out in subsequent year 120%
Slide 45: Macroeconomics
1 Summary 2 2 Highlights 6 3 Financials 16 4 Volumes 24 Q2 2025 Macroeconomics 5 Sustainability 30 Select key figures 6 Jyske Bank in brief 34 Jyske Bank forecast 7 Macroeconomics 45 8 Calendar and contacts 49
Slide 46: Balanced Danish economic development
Macroeconomics | Select key figures (1/2) Balanced Danish economic Real gross domestic product Inflation rate development 2010=100 140 135 Denmark Euro area HICP, year/year 12% Denmark Euro area 10% 130 125 8% 120 6% Interest rates are decreasing with 115 110 4% inflation under control 105 2% 100 0%
Slide 47: Healthy sector volume development
Macroeconomics | Select key figures (2/2) Healthy sector volume Danish real estate prices House prices to disposable income development Year/year 40% One-family houses Owner-occupied flats 2015=100 140 Denmark Euro area 30% 130 20% 120 Sector bank lending up 7% y/y and 10% 110 sector deposits up 5%
Slide 48: Jyske Bank's macroeconomic forecasts for Denmark
Macroeconomics | Jyske Bank forecast Jyske Bank’s macroeconomic DKKbn Real growth (%) forecasts for Denmark Danish economy 2024 2022 2023 2024 2025E 2026E Consumer spending 1,332 -2.1 1.4 0.9 1.2 1.5 Public spending 668 -2.5 0.2 1.4 5.1 0.4 Fixed gross investment 658 -6.6 -6.6 2.7 4.3 2.3 Inventory
Slide 49: Calendar and contacts
Calendar and contacts 1 Summary 2 Financial calendar 2025 2 Highlights 6 26 Feb. Announcement of the 2024 results 26 Feb. Annual report 2024 26 Feb. Risk management report 2024 3 Financials 16 25 Mar. Annual general meeting 07 May Interim report for the first quarter of 2025 19 Aug. Interim report f
Slide 50: Disclaimer
Disclaimer This presentation and the information contained the information presented herein. Those presentations investment. Jyske Bank A/S or its affiliates may also therein is furnished and has been prepared solely for or the information reflect the different assumptions, have investment banking o
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