Annual Report 2023

• Core income increased by 66% to DKK 9,722m
• Core expenses rose by 25% to DKK 6,103m
• Loan impairment charges amounted to an expense of DKK 127m against an income of DKK 605m the year before
• Net profit was up by 57% to DKK 5,904m
• Earnings per share rose to DKK 89.3 from DKK 55.4
• Capital ratio at 20.1%, of which common equity tier 1 capital ratio amounted to 16.9pp
• The acquisition of PFA Bank A/S was implemented on 1 October 2023. PFA Bank will be merged into Jyske Bank on 8 June 2024 conditioned upon approval from the authorities
• Lars Mørch took over as CEO and Managing Director from Anders Dam on 1 November 2023
• Handelsbanken Denmark’s migration of data vendor to Bankdata from BEC was carried out on 11 November 2023
• Extraordinary dividend at DKK 500m, or DKK 7.78 per share distributed in December 2023
• For adoption at the annual general meeting, the Supervisory Board proposes distribution of a dividend of DKK 500m, or DKK 7.78 per share
• The Supervisory Board endeavours to distribute an annual dividend in the region of 30% of the shareholders’ result from fiscal year 2024. The annual dividend is to be supplemented by share repurchases contingent on Jyske Bank’s capital position
• Net profit is expected to be in the range of DKK 4.3bn-5.1bn in 2024, corresponding to earnings per share in the range of DKK 64-76.

Summary

”2023 was an eventful year at Jyske Bank; a historic net profit of DKK 5.9bn, a successful integration of the former Handelsbanken Denmark, acquisition of PFA Bank, goodbye to Anders Dam after 26 years as CEO and resumption of capital distribution to the shareholders. The profit in 2023 exceeded that of the record-setting year 2022 and was supported by both the integration of Handelsbanken Denmark, a higher interest-rate level and a favourable development in the financial markets. The coming year will be characterised by prospects of lower interest rates and the work with an update of the Group’s business strategy which will ensure that Jyske Bank will continue to make a difference for both clients, employees and shareholders,” says Lars Mørch, CEO and Managing Director.

Jyske Bank’s earnings per share rose by 61% to DKK 89 in 2023 and thus exceeded the record-setting year 2022. The increase was particularly due to the acquisition of Handelsbanken Denmark, a higher interest-rate level and a favourable development in the financial markets. Moreover, the very solid credit quality was maintained. In addition, the distribution of a DKK 500m dividend marked a resumption of capital distribution to shareholders. Going forward, we endeavour to distribute a dividend in the region of 30% of the shareholders’ results. The annual dividend may be supplemented by share repurchases contingent on Jyske Bank’s capital position.