Pre-tax profit: DKK 1,710m (First nine months of 2

• Core earnings: DKK 1,471m (First nine months of 2012: DKK 90m)
• Pre-tax profit: DKK 1,710m (First nine months of 2012: DKK 411m)
• The pre-tax profit corresponded to an annualised return of 14.6% on opening equity
• Loan impairment charges and provisions for guarantees: DKK 858m
• Bank loans: DKK 111bn (end-2012: DKK 106bn)
• Bank deposits: DKK 110bn (end-2012: DKK 97bn)
• Solvency ratio of 15.7%, of which Core Tier 1 capital ratio excluding hybrid capital of 14.8%
• Individual solvency requirement: 10.0% (end-2012: 10.2%)
• Liquidity reserve: DKK 50bn (end-2012: DKK 43bn)
 

In connection with the publication of the interim financial report for the first nine months of 2013, Anders Dam, CEO and Managing Director states: 

"The result generated in the third quarter was almost in line with those of the preceding four quarters, which - in the light of the modest economic development in Denmark - is considered satisfactory.

In the third quarter the Danish FSA conducted a credit inspection of the bank. The objective of the survey was to assess the bank's credit management, use of ratings, impairment charges and IRB models. The FSA concluded that the bank's impairment charges were sufficient, and the FSA has no substantive comments to the bank's solvency statement.

Moreover in relation to the IRB models the FSA concluded that the bank must reserve additional capital in its individual solvency requirement to uncertainties regarding the determination of maturity of corporate customers as well as handling of weak customers. FSA's conclusions are included in the individual solvency requirement of 10.0% at the end of third quarter.

Since 2012, Jyske Bank has cooperated with BRFkredit about joint funding of covered bonds. Thanks to this cooperation, Jyske Bank has obtained attractive and flexible access to funding of the bank's mortgage lending that is suitable for covered bond funding - totalling about DKK 15bn.

Jyske Bank will now through BRFkredit's product development be able to offer loans for residential properties and holiday homes at a fixed interest rate. The term of the loan may be up to 30 years and it may set up as a non-amortized loan for up to 10 years", says Anders Dam.