Half-year report Summary Pre-tax profit, exclusive of
Half-year report | Summary |
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- Pre-tax profit, exclusive of derived effects from IFRS 9: DKK 2,189m, corresponding to a return of 13.3% p.a. on average equity (H1 2017: DKK 2,067m and 13% p.a.)
- Post-tax profit, exclusive of derived effects from IFRS 9: DKK 1.738m, corresponding to a return of 10.5% p.a. on average equity (H1 2017: DKK 1,615m and 10.2% p.a.)
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- Core expenses: DKK 2,415m, corresponding to a decline by 13% relative to H1 2017
- Adjusted for one-off expenses, core expenses fell by 1%
- Impairment charges amounted to DKK 335m, of which DKK 407m related to IFRS 9
- Reversed loan impairment charges and provisions for guarantees due to improving credit quality of loans, etc.: DKK 72m (H1 2017: DKK -120m)
- The impairment charges included an increase of DKK 100m in the management's estimate relating to agricultural clients primarily due to the drought
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- Capital ratio: 20.4%, of which the Common Equity Tier 1 capital ratio was 16.7% (end of 2017: 19.8% and 16.4%, respectively)
- Implementation of new share buy-back programme of up to DKK 1bn, running over the period 22 August to 28 December 2018
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| Comments by Management |
| In connection with the publication of the interim financial report for the first half of 2018, Anders Dam, CEO and Managing Director states: “In the first half of 2018, Jyske Bank generated a return of 10.5% on equity after tax and exclusive of effects derived from IFRS 9. The first half of 2018 saw lending growth within banking as well as mortgage and leasing activities. Within banking, especially the corporate client segment is improving, while in the mortgage credit area growth was seen both within the personal as well as corporate client segments. Growth within leasing is broadly based. The growth is supported by the good ranking achieved by Jyske Bank in various image and client satisfaction surveys. Most recently, Jyske Bank was the highest ranking bank in Berlingske Business’ Guld Image 2018 . Jyske Bank's capital position was strengthened further in the first half of 2018 through the sale of the Nordjyske Bank shareholding as well as the sale of a property in Lyngby. Given its capital ratio of 20.4% and the Common Equity Tier 1 capital ratio of 16.7%, Jyske Bank meets, already nine years ahead of schedule, the long-term objectives in respect of the new capital adequacy rules, which will take full effect as of 2027. A new share buy-back programme of up to DKK 1bn will be implemented, scheduled to run over the period 22 August to 28 December 2018’, ends Anders Dam. |
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