Jyske Bank Interim Financial Report First quarter of 2018
Jyske Bank Interim Financial Report First quarter of 2018 | SUMMARY |
| |
- Profit before tax and excl. derived effects from IFRS 9: DKK 1,170m, corresponding to a return of 14.5% p.a. on average equity.
- Profit after tax and excl. derived effects from IFRS 9: DKK 927m, corresponding to a return of 11.4% p.a. on average equity.
- Profit before tax: DKK 763m (Q1 2017: DKK 1,243m), corresponding to a return of 9.3% p.a. on average equity (Q1 2017: 15.7% p.a.).
- Profit after tax: DKK 610m (Q1 2017: DKK 976m), corresponding to a return of 7.4% p.a. on average equity (Q1 2017: 12.3% p.a.).
|
- Core profit: DKK 356m (Q1 2017: DKK 894m).
- Core expenses at DKK 1,272m fell by 8% relative to 2017 and by 1% when adjusted for one-off expenses.
- Reversed loan impairment charges and provisions for guarantees due to improving credit quality of loans, etc. affected the core profit by DKK 99m. (Q1 2017: DKK 45m).
|
- The implementation of IFRS 9 and related adjustments affected core profit by DKK -407m and equity by DKK -628m before tax, and the balance of impairment charges was increased by DKK 1,035m. The range of DKK 1,000m-1,200m had been expected.
- Capital ratio: 20.0%, of which the Common Equity Tier 1 capital ratio was 16.5% (end of 2017: 19.8% and 16.4%).
|
| COMMENTS BY MANAGEMENT |
| In connection with the publication of the interim financial report for the first quarter of 2018, Anders Dam, CEO and Managing Director states: "The Group generated a profit of DKK 927m in the first quarter of 2018, corresponding to a return on equity of 11.4% p.a. adjusted for IFRS 9. Inclusive of IFRS 9, the Group generated a profit of DKK 610m for the first quarter of 2018, corresponding to a return of 7.4% p.a. on equity. The financial statements show a satisfactory development when allowing for IFRS 9 in the Group. Net interest and fee income amounted to DKK 1,913m against DKK 1,817m in the first quarter of 2018, i.e. a satisfactory increase by just above 5%. Widening of yield spreads and increasing interest rates affected the value adjustments of the Group's bond portfolio adversely, and on the whole, value adjustments amounted to DKK -68m against DKK 346m in the first quarter of 2017 under core profit. IFRS 9 affected the profit for the period by DKK -407m, as the effect from the changed estimates at BRFkredit are recognised as an expense in the income statement as opposed to the effect at Jyske Bank, where the effect is deducted directly from equity", concludes Anders Dam. |
Scroll down for more posts ▼
Top 10 Most Recent News Articles
Changing the AI Game in Enterprise At the heart of Tel Aviv-Yafo, ABnet Communication Ltd. is spitting fire, and this ain't your average tech chatter. They're drilling right down to the marrow, stressing just how much Anthropic—kingpin of advanced AI for enterprises—is shaking up the corporate shell game. Today’s conversation leans heavily into autonomous AI, and...
Continue Reading
Pharmacy Certification Made Easy When ScriptSafe rolled out its certification service for pharmacies, it felt like the industry's straitjacket was finally coming off. We’re talking about a process that traditionally took months, cost a small fortune, and made pharmacies fill out forms like they were honing a doctoral thesis. But now, you've got ScriptSafe offering a...
Continue Reading
Shaking Up the Job Market with AI Skills What's shaking things up this time around? Handshake's dramatic unveiling of its AI Skills Studio, that's what. While the world spins on its financial axis, Handshake's showing up with a toolkit that's not just geeky gobbledygook. They're dead set on prepping job seekers with the nitty-gritty of AI know-how hosted in a rather...
Continue Reading
Pioneering Leadership for Children's Brain Tumor Network In a world where every advance in pediatric oncology can make a measurable difference, the Children's Brain Tumor Network (CBTN) has just unveiled quite the ace up its sleeve: Dr. Sarah Leary. She's stepping in as Co-Chair of its Executive Board, taking the reins alongside Brian Rood, MD. With extensive experience...
Continue Reading
When it comes to honoring legacy and future within the Black beauty industry, the 2026 Beauty Icon Awards seem ready to steal the spotlight. Set to take place on October 10th at Atlanta's Riverside EpiCenter, this gathering is more than just a fancy shindig – it's a tribute to Black beauty's massive influence on culture and commerce. Celebrating Pioneers and Innovators...
Continue Reading
Remember the days when the FBI felt like a mythical fortress of surveillance and high-tech wizardry? Today, we're seeing one of its key veterans, Marcus Thomas, take a different path—a path that's as gritty and necessary as any Wall Street hustle. He's jumping onto the board of Re-fined, a Denver nonprofit aiming to give survivors of sexual exploitation and human...
Continue Reading
A Fresh Chapter for Half Moon Cay Mark it down, folks—Holland America Line is shaking things up over at RelaxAway, Half Moon Cay. The cruise line, known for its deep roots in premium cruising, is pouring resources into its private island playground to celebrate its 30th anniversary in 2027. And the timing couldn't be more calculated, what with peak cruise season around...
Continue Reading
Tech Giants and Pioneers Rejoice Strap in, because TerraMaster just waved the green flag on their brand-new 725 Series Xeon Rackmount NAS, and it's high time the data storage world got a shake-up. Picture this: we're in the throes of an AI boom, and companies have data needs that gobble up yesterday's solutions with the hunger of a black hole. Well, enter TerraMaster's...
Continue Reading
AI's New Role in Wealth Management Just when you think you've seen it all, along comes a partnership that shakes things up. Beemo Automation is teaming up with Choreo, a heavyweight in the tax-focused registered investment adviser world, to infuse some AI prowess where it matters. Choreographing their moves, they're looking to build something that's not just functional...
Continue Reading
A New Twist on Protein Beverages Today, Matchi Global LLC is rolling out something new and bold: canned protein matcha lattes. It's not just another protein shake disguised in green robes. Oh no, this is a straight-up attempt to mesh pure ceremonial-grade matcha with a full 20 grams of complete filtered milk protein. And they’re delivering it all without any of those...
Continue Reading
Top 5 Most Recently Viewed Articles
New Home Sites Now Available at Seven Shores In an exciting development for prospective homeowners, Toll Brothers, Inc. (NYSE:TOL), a leader in luxury home building, has announced the opening of new home sites at their exclusive Seven Shores - Port Collection community in Naples, Florida. This collection is known for its spacious layouts and high-end features, making it a...
Continue Reading
Introduction to Nokia's Share Repurchase Program Nokia Corporation recently engaged in a significant share repurchase program, emphasizing its commitment to enhancing shareholder value. This initiative is part of Nokia's broader strategy to secure its position as a leader in technology innovation. By repurchasing its own shares, the company aims to consolidate its market...
Continue Reading
Rivian Automotive Shines in Q3 Performance Electric vehicle manufacturer Rivian Automotive (NASDAQ: RIVN) has demonstrated impressive growth in their latest quarterly earnings report. Notably, Rivian's third-quarter financial performance, announced recently, highlights the company's continued momentum amid an evolving automotive landscape. Key Financial Highlights from Q3...
Continue Reading
Growth of Food Scanning Technology Market The global food scanning technology market is evolving rapidly, focusing on ensuring safety, quality, and transparency in food production and distribution. Recent estimates indicate that by 2030, the market could reach an impressive $2.16 billion, representing a substantial growth rate. This burgeoning industry is underpinned by...
Continue Reading
Introducing Vetted Prop Firms: A Trading Resource In the ever-evolving landscape of proprietary trading, having the right resources is crucial. Vetted Prop Firms has launched its cutting-edge online platform aimed at simplifying the complex world of trading firms. This innovative site serves as a comprehensive review website, presenting traders with a clear and structured...
Continue Reading