Annual Report 2023 - Seite 2

The integration of the former Handelsbanken Denmark was successful. We estimate that the acquisition of Handelsbanken Denmark has already attained the 2025 target of a contribution to the Group’s pre-tax profit at DKK 1.0bn p.a., and the potential for the pre-tax profit is, at the present interest-rate level, estimated to be approx. DKK 0.3bn above the original expectations. The acquisitions of Handelsbanken Denmark in 2022 and the PFA Bank in 2023 mirror Jyske Bank’s ambitions of high-quality growth and profitability.

The organisation has in an exemplary manner lifted the many tasks in connection with the integration. This took place in a constructive cooperation with Handelsbanken and the data vendors BEC and Bankdata. All planned organisational mergers have been implemented, and the integration and costs involved proceeded according to expectations. 

Many colleagues have made targeted efforts for clients to experience the best possible transition to Jyske Bank’s systems in connection with the IT migration at mid-November. In addition, we ascertain an increase in job satisfaction among the Group’s employees in the annual employee survey.

In Voxmeter’s image survey, Jyske Bank reported the largest advance among Danish banks, and we still focus on ensuring good client experience. Over the year, the value proposition to the clients was improved even further particularly with respect to investment and housing to personal clients and insurance solutions to corporate clients.

Several of the initiatives go hand in hand with the stronger business volume within asset management and wealth management advice which was a result of the acquisition of PFA Bank as we welcomed new colleagues and clients on 1 October.

All in all, we have got off to a good start forming Jyske Bank of the future. Jyske Bank has good opportunities of becoming an even stronger business. Jyske Bank should not be changed fundamentally from one year to the other. But with due respect to our business, we will based on Jyske Bank’s strengths work on an update of the Group’s business strategy towards the end of 2024. 

Jyske Bank’s target is to be an active and constructive part of the green transition and Jyske Bank’s target is net zero CO₂ emission across business-oriented activities in the form of loans and investments not later than in 2045 and 2050, respectively. In addition, Jyske Bank aims at lending growth contributing to offset climate changes, and the CO2 emission from Jyske Bank’s own activities must be reduced by 65% from 2020 to 2030.