Jyske Bank. Navigating the Nordics Seminar 31 May 2017
|
|
- Thomas Alexander
- 6 years ago
- Views:
Transcription
1 Jyske Bank Navigating the Nordics Seminar 31 May 217
2 Our targets Q1 217 Delivering an attractive long-term return on equity of 8-12% 12.3% Volume growth DKK 1bn in housing-related loans DKK 84.3bn DKK 2bn in property loans for corporate clients DKK 13.6bn Maintaining a strong capital position Long-term targets for capital ratio 17.5% and CET1 ratio 14% Capital levels above long term targets in order to manage future regulatory requirements S&P rating A- (stable outlook) 17.6% and 15.8%* * Capital ratio of 19.4% and CET1 ratio of 16.3% if current profit and Tier 2 capital were included 2
3 Jyske Bank in brief One of the four large financial institutions in Denmark and a Danish SIFI 3 segments (Banking, Mortgage and Leasing) Estimated market share of 1-11% Danish play Approx. 89, customers Nationwide branch network comprised of 95 personal client branches, 3 corporate branches and 1 Private Banking centres Total assets of DKK 57bn and total loans of DKK 425bn of which mortgage loans account for DKK 287bn (68%) Growth strategy primarily focused on property lending: home loans and mortgages Creating growth and challenging the border between banks and mortgage credit institutions Strong capital position Long-term capital policy and well-positioned to manage effects of regulatory requirements Capital distribution: 215 and 216: DKK 2.25bn (dividend DKK 5m and buy-backs DKK 1.75bn) 217: DKK 1.5bn (dividend DKK 5m, buy-back DKK 5m and extra ordinary dividend DKK 5m to be proposed at extra ordinary general meeting to be held in 217) Able and willing to participate in further consolidation of the Danish financial sector 3
4 A strong start to the year Delivering a net profit of DKK 976m and ROE of 12.3% p.a. in Q1 217 A decrease of 3.4 percentage points compared to 216, given that improved core income and investment portfolio earnings only provide partial compensation for higher core expenses due to one-offs and lower level of reversals of impairment charges Net profit 1,4 1,2 1, Q Q Q Q Q Q % 18% 15% 12% 9% 6% 3% % -3% -6% Net profit ROE (after tax) ROE of 12.3% p.a. in Q1 217 compared to 5.1% p.a. in Q1 216, increase attributed to: Positive contributions from all items except core expenses and tax. Excl. expensed one-offs of DKK 11m core expenses would also have represented an improvement compared to Q % 12.% 1.% 8.% Q1 217 vs. Q1 216: Development in ROE after tax 6.% 4.% 2.% Q1 216 Core income Core expenses Loan impairment charges Investment portfolio earnings Tax Q
5 DKKbn Jyske Bank Group Growth in mortgages and home loans continues at slightly lower pace Bank loans continue to stabilise and bank deposits decrease Positive development in AUM due to positive returns and net inflow of funds Core income increases due to strong net fee income and value adjustments driven by favourable development in financial markets Core expenses up due to one-offs underlying development stable Net reversals of impairments also to a minor extent on agriculture Financials 2,5 2, 1,5 1, 5 - Q Q Q1 217 Core expenses Core income Core profit Business volumes Q Q Q1 217 Assets under Management Bank loans Bank deposits Mortgage loans Loan impairment charges (under core profit) Q Q Q1 217 Loan impairment charges Impairment charges ex. agriculture 5
6 Continued pressure on NII Underlying trend continues in Q1: NII from growth in home loans and mortgages as well as leasing activities partially compensate for the top-line pressure experienced in banking activities Q1 217 vs. 216: Development in NII 1,5 1,45 1,4 1,35 Negative variance of DKK 87m compared to 216 One-off of DKK 52m related to change in accruals for up-front fees in leasing 1,3 1,25 activities recognised in days less in Q1 217 (9 days) than 216 (92 days) 1,2 216 Leasing: change in accruals one-off Lower bond holdings and lower reinvestment rates Volume growth in home loans Bank loans and deposits, net Misc (primarily 2 days less in Q1 vs ) Q1 217 Reduced bond holdings, liquidity as well as trading portfolio, result in lower interest income from bonds Positive NII effect from negative deposits rates introduced in mid-december Pressure on margins 6
7 Tailwind from financial markets results in strong net fee income Net fee income in Q1 217 only second to levels seen in and up by 38% compared to Q The increase can be attributed to: Banking activities: Primarily investment related fee income, secondarily loan application fees Mortgage activities: Fee income increased by higher activity level (loan application fees) and refinancing activity Net fee income Q Q Q1 217 Securities trading etc.: Higher investment related commissions as well as performance related fees as stock markets have developed favourably compared to Q1 216 Increased refinancing activity within mortgages leads to higher brokerage income Loan application fees: Higher activity in mortgage activities and reinstatement of up-front fees on home loans Fee and commision income Banking activities Mortgage activities Leasing activities Securities trading and safe-custody services Money transfers and card payments Loan application fees Guarantee commission Other fees and commissions Q1 216 Q
8 Underlying trend in core expenses stable Underlying development in core expenses stable Q1 217 vs. 216: Development in core expenses 1,4 1,35 1,3 Core expenses in Q1 217 up by DKK 55m compared to 216: 1,25 1,2 1,15 Both quarters affected by one-offs. In Q1 217, one-offs of DKK 11m approx. DKK 5m higher than the one-offs in 216 1,1 1,5 1, 216 One-offs 216 (MobilePay, other provisions etc.) One-offs (write-offs intangible assets, anniversary activities) Misc Q1 217 Q1 217 vs. Q1 216: Development in core expenses Compared to Q1 216 core expenses are up by DKK 122m due to: 1,4 1,35 1,3 One-offs incurred in Q ,25 1,2 Annual re-occurring salary increase stipulated by collective agreement (1.8%) and increase in payroll tax rate (.6%) 1,15 1,1 1,5 1, Q1 216 One-offs (write-offs intangible assets, anniversary activities) Misc (primarily salary increase 1.75% and payroll tax up.6%) Q
9 DKKbn Banking activities Stabilisation of bank loans and bank deposits Positive development in AUM due to positive returns and net inflow of funds Core income at level with 216 due to strong net fee income and value adjustments Core expenses up due to one-offs, underlying development stable Net reversals of impairments also minor reversal on agriculture Financials 1,8 1,6 1,4 1,2 1, Q Q Q1 217 Core expenses Core income Core profit Business volumes Q Q Q1 217 Impairments Q Q Q1 217 Home loans Bank loans Deposits Assets under management Impairments Impairments ex. agriculture 9
10 DKKbn Mortgage activities Growth in all lending segments - most significant in Private and Commercial segment Core income stable NII grows as volume grows, net fee income lower in Q1 217 than 216 Core expenses as expected Increased impairments on hard-to-sell mortgaged properties Financials Q Q Q1 217 Core expenses Core income Core profit Business volumes (BRFkredit A/S) 3 Impairments Q Q Q1 217 Mortgages Q Q Q
11 DKKbn Leasing activities Gradually increasing loan volumes Adjusted for one-off in NII 216, stable development in core income Core expenses develop as expected Impairment charges at continued low level Financials Q Q Q1 217 Core expenses Core income Core profit Business volumes Q Q Q1 217 Loans Impairments Q Q Q
12 Strong investment portfolio earnings Investment portfolio earnings driven by: Positive value adjustments on portfolio of Danish mortgage bonds driven by narrowing of credit spreads (OAS) Positive effect of approx. DKK 1m from Jyske Bank s holdings in Nordjyske Bank: DKK 7m in value adjustments and DKK 3m in received dividend (Q1 216: DKK -13m and DKK 15m, respectively) Jyske Bank to reduce its holdings of Nordjyske Bank shares in the course of 217 if a price acceptable to Jyske Bank can be achieved Annual investment portfolio earnings have been ranging between DKK 1-6m the past 5 years With an average of approx. DKK 4m Investment portfolio earnings, quarterly Q Q Q1 217 Investment portfolio earnings, last 5 years
13 Capital 13
14 pct Adjusting to long-term capital targets Capital ratio 17.6% and CET1 ratio 15.8% end of Q1 217 vs. long-term targets of 17.5% and 14% Tier 2 capital issued as per value date April 5 th to be included in capital base in Capital ratio of 19.4% and CET1 ratio of 16.3% if current profit and Tier 2 capital were included Capital ratios Gradual adjustment of the capital structure towards targets (3.5 pp. in subordinated debt) Subordinated debt 1.8% of REA end of Q1 217, 3.1% if Tier 2 capital issued early April is included Adjustment expected to be completed by end of H1 218 Q Q1 217 Long-term target Common Equity Tier 1 Hybrid Tier 1 Tier 2 Capital distribution: Share buy-back programmes of DKK 2.25bn in total: DKK 75m (Nov 215-Jun 216) DKK 1bn (Jul Dec 216) DKK 5m (Mar Sep 217) Dividends of DKK 1.5bn in total: DKK 5m (March 216) DKK 5m (March 217) Extra ordinary dividend of DKK 5m to be proposed at EGM ( 217) Capital distribution (time of announcement) 1,2 1, Q Q Q Defending and securing a stable S&P rating of A- remains a key priority Buy-back Dividend 14
15 pct pct Strong capital position Capital ratio 17.6% and CET1 ratio 15.8% end of Q1 217 compared to 18.3% and 16.5% end of 216. Changes in capital ratios due to: Current profit no longer included in capital base Proposed extraordinary dividend deducted from capital Higher REA (primarily volume growth in property related loans) Solid capital base remains essential to allow room for: Growth (property related loans) Higher capital requirements imposed by upcoming legislation Aligning capital to S&P requirements M&A activity if opportunity should arise Individual solvency requirement decreases, combined buffer requirements increase: 9.9% (+.9% SIFI requirement and 1.3% capital conservation buffer, in total 12.1%) Capital buffer DKK 1.1bn corresponding to 5.5% Capital ratio and CET1 ratio Solvency requirement Pillar I I Requirement ,2 Pillar I 4.5 Requirement 8 % 4.5 Expected fully phased in CRD IV ratios by 219 Expected CET1 components required Capital ratio end of Q1 217 Min. CET1 Requirement Tier 1 Tier 2 Pillar II buffer Capital conservation buffer SIFI buffer Countercyclical buffer 5 Q Q Q1 217 Solvency requirement Regulatory buffers Capital buffer 15
16 Credit Quality 16
17 Net reversals Net reversals of DKK 45m under core profit Of which agriculture DKK 6m Total balance of management s estimate of DKK 465m end of Q1 217, of which DKK 185m relate to agriculture, compared to DKK 471m and DKK 235m respectively end of 216 Impairment ratios (under core profit): Impairment ratio for Q bp Well below normalized level Accumulated impairment ratio 1.5% (incl. balance of discounts for acquired loans) unchanged compared to end of 216 Loan impairment charges (under core profit) Q Q Q1 217 Loan impairment charges Impairment charges ex. agriculture Balance of loan impairment charges and losses 1, 2.3% Banking: Overall credit quality continues to improve Low number of new defaults and improvement in credit quality of previously defaulted clients Minor reversal in agriculture segment Mortgage: Overall positive development in credit quality Impairment charges on hard-to-sell mortgaged properties 8, 6, 4, 2, 2.1% 1.9% 1.7% 1.5% 1.3% Q Q Q1 217 Balance of loan impairment charges (incl. balance discounts for acquired assets) Losses Balance of loan impairment charges/total loans (rhs) 17
18 DKK/kg DKK/kg Limited exposure to dairy and pig farmers Exposure to dairy and pig farmers accounts for less than 1% of the Group s loans and guarantees Commodity prices Commodity price development: Pork: Prices peaked at 1.8 DKK/kg in Q Current prices are close to the peak Milk: Prices hit historic lows during the summer of 216 but have recovered and now stand at 2.5 DKK/kg Rebound in commodity prices improves situation for dairy and pig farmers but they remain structurally challenged by high leverage and, in many places, run-down production facilities Impairment ratio for dairy farmers 46% end of Q up from 45% end of 216 whereas impairment ratio for pig farmers stays stable at 26% Milk Pigs (r. axis) Source: Arla Foods and Danish Crown Loans, advances and guarantees Balance of loan impairment charges Impairment ratio Impairment charges Losses /% Q Q Q Q1 217 Q1 216 Q1 217 Q1 216 Dairy farmers % 45% Pig farmers 1,223 1, % 26% Total 2,24 2,126 1,116 1,153 36% 35%
19 Reducing risk and earnings volatility 19
20 DKKbn A great match growth, profitability and risk profile In February 214, the merger between Jyske Bank and BRFkredit was announced under the headline A great match. Part of the rationale was: High growth potential Revenue and cost synergies Diversified balance sheet and de-risked earnings profile A lot has been achieved 3 years later: Annual revenue and cost synergies of DKK 6m were harvested by mid months ahead of plan mainly due to: Volume growth of more than DKK 8bn 1% reduction in FTE Lower capital costs Growth targets within reach DKK 1bn in housing-related loans DKK 2bn in mortgage loans for commercial clients Development in mortgage lending Core expenses and FTEs 1,5 1,4 1,3 1,2 1,1 1, Q3 214 Private Commercial Subsidised 214 Q1 215 Core expenses Q1 214 Q Q Q Q Q1 217 Number of full-time employees (rhs) 4,4 4,3 4,2 4,1 4, 3,9 3,8 3,7 3,6 3,5 2
21 Transformed risk profile reduces risk and earnings volatility DKKbn De-risked profile: From 1% bank loans to more than 2/3 mortgage loans. Low risk mortgage loans make up 68% of the Group s loan portfolio at end of Q1 217: Fully collateralised Historically, losses and impairment charges on mortgages are significantly lower than on bank loans: 19bp vs. 89bp Larger part of portfolio comprised of private individuals Less concentration risk and higher degree of diversification Reduced earnings volatility: Growth in non-interest rate sensitive NII from mortgage activities: 68% of loan volume and 32% of NII in Q % of loan volume and 3% of NII in Q1 215 Net interest income Total loans, advances and guarantees by loan type Q Q1 217 Bank loans Repo loans Guarantees Home loans Mortgage loans Total loans, advances and guarantees by client segment 1% 8% 6% 1% 9% 8% 7% 6% 8,188 9,34 6, , ,466 92,949 4% 2% % Q Q Q Q Q % 4% 3% 2% 1% % 15,279 27,674 49,84 Q Q1 217 Banking activities Mortgage activities Leasing activities Personal clients Commercial clients and subsidised Public authorities 21
22 Growth in home loans continues to improve quality of portfolio Majority of clients known by Jyske Bank. Volume primarily stems from repatriation of loans previously referred to Totalkredit 85% in credit rating class 1-5 compared to overall average of approx. 65% for bank loans for the retail segment (Risk and Capital Management 216) Minimal losses since December 213 Jyske Bank s risk appetite in growth areas is lower than average (Danish FSA report, October 216) Development in portfolio composition by product type supports compliance with benchmarks in FSA diamond Jyske Bank home loan portfolio by product type 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % Q Q Q1 217 Total F1 F3 F5 RL5 RL8 L3 Interest-only 22
23 Mortgages: The portfolio 87% of lending to properties with housing purposes No loans with swaps to co-operative housing No lending to agriculture and other primary production Distribution of lending portfolio Increasing share of retail lending Primarily driven by joint funding of Jyske Bank home loans The increase is expected to continue Increase in share of fixed rate mortgages and decreasing share of F1 and F2 Development in lending portfolio Development in loan types 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 34% 31% 31% 3% 19% 18% 17% 17% 46% 51% 52% 53% Q % 88% 86% 84% 82% 8% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 11% 11% 12% 12% 23% 21% 18% 18% 37% 34% 35% 35% 28% 34% 35% 35% Q1 217 Commercial Subsidised Private Housing purposes (rhs) Cibor/Cita F1 - F2 F3 - F1 Fixed 23
24 Mortgages: Improved credit quality Lending in 9-days arrears (per cent of lending) 1.8% 1.6% 1.4% 1.2% 1.%.8%.6%.4%.2%.% Yearly realised losses (running year).5%.4%.3%.2%.1%.% -.1% Private Commercial Subsidised Private Commercial Subsidised 216 Repossessed properties (/number) Loan-to-Value brackets (per cent of lending) 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% Q1 214 Q1 215 Q1 216 Q1 217 Commercial properties Private properties # Commercial properties (rhs) # Private properties (rhs) 2% 2% 1% 1% 5% 4% 3% 2% 12% 12% 11% 1% 2% 2% 21% 21% 25% 25% 26% 27% 36% 37% 37% 38% 8% 75% 7% 65% % 6% Q1 214 Q1 215 Q1 216 Q1 217 %-2% 2%-4% 4%-6% 6%-8% 8%-1% >1% Avg. LTV (rhs.)
25 Bank loans: the portfolio Portfolio composition end of Q1 217 Corporates 56% Private individuals 39% Public authorities 5% Accumulated impairment ratio total portfolio 3.6% Public authorities % Corporates 5.% Private individuals 2.1% Corporates Net reversals on most sectors, in Q1 217 also minor reversal on agriculture Finance and insurance accounts for the largest reversal, DKK 47m Impairment ratio for Q bp Q1 217 Loans, advances and guarantees Balance of loan impairment charges Losses Impairment charges Public authorities 5.2%.%.%.% Agriculture, hunting, forestry and fishing 4.3% 26.9% 39.1% 6.7% Manufacturing, mining, etc. 5.1% 3.9% 5.% 15.3% Energy supply 3.2%.6%.% -.4% Building and construction 2.% 1.9% 8.5% 9.9% Commerce 7.% 2.9% 6.7% -.6% Transport, hotels and restaurants 1.6% 1.9% 5.5% -14.% Information and communication.6%.8%.% 34.5% Finance and insurance (ex repo loans) 18.4% 15.6%.9% 52.5% Real property 1.2% 19.6% 12.9% -8.% Other sectors 3.6% 3.5%.2% 8.7% Corporate clients 56.1% 77.6% 78.8% 14.8% Private individuals 38.6% 22.4% 21.2% -4.8% Total 1.% 1.% 1.% 1.% Note: Bank loans, advances and guarantees excl. repo loans Private individuals Impairment ratio for Q bp Low number of new defaults 25
26 DKKbn Improved credit quality Only minor changes between customer segments in bank loan portfolio the past 3 years Improved credit quality within segments: Retail: 66% in STY 1-5 rating classes end of 216 vs. 63% end of 213 Commercial: 63% in STY 1-5 rating classes end of 216 vs. 6% end of 213 Improvements reflect the moderate upturn in the Danish economy: moderate economic growth, low interest rates, real wage increase, rising house prices, etc. Bank loans excl. repo loans Q Q1 217 Public authorities Personal clients Commercial clients Retail portfolio distributed by internal rating classes 35% 3% 25% 2% 15% 1% Commercial portfolio distributed by internal rating classes 35% 3% 25% 2% 15% 1% 5% 5% % %
27 General legal disclaimer This presentation and the information contained therein is furnished and has been prepared solely for information purposes by Jyske Bank A/S. It is furnished for your private information with the express understanding, which recipient acknowledges, that it is not an offer, recommendation or solicitation to buy, hold or sell, or a means by which any security may be offered or sold The information contained and presented in this presentation, other than the information emanating from and relating to Jyske Bank A/S itself, has been obtained by Jyske Bank A/S from sources believed to be reliable. Jyske Bank A/S can not verify such information, however, and because of the possibility of human or mechanical error by our sources, Jyske Bank A/S or others, no representation is made that such information contained herein is accurate in all material respects or complete. Jyske Bank A/S does not accept any liability for the accuracy, up-to-dateness, adequacy, or completeness of any such information and is not responsible for any errors or omissions or the result obtained from the use of such information. The statements contained herein are statements of our nonbinding opinion, not statement of fact or recommendations to buy, hold or sell any securities. Changes to assumptions may have a material impact on any performance detailed. Historic information on performance is not indicative of future performance. Jyske Bank A/S may have issued, and may in the future issue, other presentations or information that are inconsistent with, and reach different conclusions from, the information presented herein. Those presentations or the information reflect the different assumptions, views and analytical methods of the analysts who prepared them and Jyske Bank A/S is under no obligation to ensure that such other presentations or information are brought to the attention of any recipient of the information contained herein Nothing in this presentation constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances, or otherwise constitutes a personal recommendation to you. This presentation is intended only for and directed to persons sufficiently expert to understand the risks involved, namely market professionals. This publication does not replace personal consultancy. Prior to taking any investment decision you should contact your independent investment adviser, your legal or tax adviser, or any other specialist for further and more up-to date information on specific investment opportunities and for individual investment advice and in order to confirm that the transaction complies with your objectives and constraints, regarding the appropriateness of investing in any securities or investment strategies discussed herein Jyske Bank A/S or its affiliates (and their directors, officers or employees) may have effected or may effect transactions for its own account (buy or sell or have a long or short position) in any investment outlined herein or any investment related to such an investment. Jyske Bank A/S or its affiliates may also have investment banking or other commercial relationship with the issuer of any security mentioned herein. Please note that Jyske Bank A/S or an associated enterprise of Jyske Bank A/S may have been a member of a syndicate of banks, which has underwritten the most recent offering of securities of any company mentioned herein in the last five years. Jyske Bank A/S or an associated enterprise may also have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned herein or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment Any particular security or investment referred to in this presentation may involve a high degree of risk, which may include principal, interest rate, index, currency, credit, political, liquidity, time value, commodity and market risk and is not suitable for all investors. Any securities may experience sudden and large falls in their value causing losses equal to the original investment when that investment is realized. Any transaction entered into is in reliance only upon your judgment as to both financial, suitability and risk criteria. Jyske Bank A/S does not hold itself out to be an advisor in these circumstances, nor does any of its staff have the authority to do so. 27
Jyske Bank. Danske Bank Danish Banking Seminar 14 March 2017
Jyske Bank Danske Bank Danish Banking Seminar 14 March 217 216 highlights A strong finish in Q4 contributes to delivering a net profit of DKK 3,116m, equal to ROE 1.3% in 216 Continued growth in new home
Jyske Bank Q August 2017
Jyske Bank Q2 2017 22 August 2017 Our targets Q2 2017 Delivering an attractive long-term return on equity of 8-12% 8.0% Volume growth DKK 100bn in housing-related loans DKK 88.0bn DKK 20bn in property
Jyske Bank Q April 2016
Jyske Bank Q1 2016 28 April 2016 Q1 2016 highlights Danish economy continues its slow recovery but more uncertainty as retail sales drop and exports slow down Danish agriculture in particular dairy and
Jyske Bank Q August 2016
Jyske Bank Q2 216 18 August 216 Q2 216 highlights Slow recovery of Danish economy continues Supported by private consumption and gradually increasing housing prices Challenged by weak exports Danish dairy
Jyske Bank Q October 2016
Jyske Bank Q3 216 27 October 216 Jyske Bank One of the four large financial institutions in Denmark estimated market share of 1% and a Danish SIFI Danish play Approx. 89, customers Nationwide branch network
Jyske Bank March 2018
Jyske Bank 5 March 2018 Summary 2 Highlights 3 Our targets Q1-Q4 Delivering an attractive long-term return on equity of 8-12% 9.7% Volume growth DKK 100bn in housing-related loans DKK 96.0bn DKK 20bn in
Jyske Bank SEB Nordic Seminar January 2018
Jyske Bank SEB Nordic Seminar 2018 10 January 2018 Jyske Bank in brief One of the four large financial institutions in Denmark and a Danish SIFI 3 segments (Banking, Mortgage and Leasing) Estimated market
Jyske Bank Q May 2018
Jyske Bank Q1 2018 9 May 2018 Our targets Q1 2018 Return on Equity Delivering an attractive long-term return on equity of 8-12% Volume growth 2018-2020 Total loan portfolio of DKK 350bn in Jyske Realkredit
Jyske Bank February 2018
Jyske Bank 2017 20 February 2018 Our targets Q1-Q4 2017 Delivering an attractive long-term return on equity of 8-12% 9.7% Volume growth DKK 100bn in housing-related loans DKK 96.0bn DKK 20bn in property
Jyske Bank Q October 2017
Jyske Bank Q3 2017 25 October 2017 Our targets Q3 2017 Delivering an attractive long-term return on equity of 8-12% 9.2% Volume growth DKK 100bn in housing-related loans DKK 91.6bn DKK 20bn in property
Jyske Bank Q August 2018
Jyske Bank Q2 218 21 August 218 The Jyske Bank Group strategy shows a direction matching our desired positioning The Jyske Bank Group s updated strategy does not set out a totally different direction than
Jyske Bank Q October 2018
Jyske Bank Q3 218 3 October 218 Our targets Q3 218 Return on Equity Delivering an attractive long-term return on equity of 8-12% ROE 6.9% Volume growth 218-22 Total loan portfolio of DKK 35bn in Jyske
Jyske Bank Q /32
Jyske Bank Q2 215 1/32 Highlights Continued success with integrating BRFkredit and Jyske Bank Sales of new home loan products at DKK 5bn Core expenses decline quarter by quarter Expected integration costs
Jyske Bank. Speed dating ABG 2 October 2018
Jyske Bank Speed dating ABG 2 October 2018 Strategy focus areas Home loans: One brand, one product range and one process New area of growth: Trading/investment/ wealth management 2 Capital Markets Our
Jyske Bank Interim Financial Report First quarter of 2017
Jyske Bank Interim Financial Report First quarter of 2017 Jyske Bank corporate announcement No. 19/2017, of 2 May 2017 Page 1 of 51 Interim Financial Report, first quarter of 2017 Management s Review The
Jyske Bank Interim Financial Report First quarter of 2016
Jyske Bank Interim Financial Report First quarter of 2016 Jyske Bank corporate announcement No. 26/2016, of 28 April 2016 Page 1 of 51 Interim Financial Report, first quarter of 2016 Management s Review
Jyske Bank in brief 3
Jyske Bank Q1 213 Agenda Jyske Bank in brief Macro Economy & Danish Banking 213-214 Focus in Q1 213 Strategic issues Jyske Banks performance 1968-212 Volumes Capital Structure Liquidity Q1 213 in figures
Jyske Bank Interim Financial Report First nine months of 2017
Jyske Bank Interim Financial Report First nine months of Jyske Bank corporate announcement No. 54/, of 25 October Page 1 of 52 Interim Financial Report, first nine months of Management s Review The Jyske
Jyske Bank Interim Financial Report First half of 2017
Jyske Bank Interim Financial Report First half of 2017 Jyske Bank corporate announcement No. 40/2017, of 22 August 2017 Page 1 of 50 Interim Financial Report, first half of 2017 Management s Review The
Solid net profit of DKK 690 million yields an annualized 11.9 % return on equity full-year guidance raised
Solid net profit of DKK 69 million yields an annualized 11.9 % return on equity full-year guidance raised Presentation of Spar Nord s financial results for Q1-2 Key messages Core income sustained at the
Solid net profit of DKK 690 million yields an annualized 11.9 % return on equity full-year guidance raised
Solid net profit of DKK 69 million yields an annualized 11.9 % return on equity full-year guidance raised Presentation of financial results for Q1-216 and introduction to new strategy plan Key messages
Jyske Bank February 2012
Jyske Bank 211 February 212 1 Agenda Jyske Bank in brief Off to a good start in 212 Jyske Bank performance 28-211 Jyske Bank actions in 21, 211 and 212 Strengthening the revenue base Cost reductions Select
Sydbank s Interim Report Q1 2018
SYDBANK INTERIM REPORT Q1 2018 2/40 Sydbank s Interim Report Q1 2018 Satisfactory result return on shareholders equity of 14.8% p.a. after tax Sydbank has delivered a satisfactory performance for the first
Annual Report. A good performance enabling Sydbank to pay a historically high dividend February 18, 2015
17-02-2015 1 2014 Annual Report A good performance enabling Sydbank to pay a historically high dividend February 18, 2015 17-02-2015 2 Highlights for 2014 Key points Sydbank s plan to increase profitability
Sydbank s Interim Report Q1-Q3 2018
S Y D B A N K I N T E R I M R E P O R T Q 1 - Q 3 2 0 1 8 2/42 Sydbank s Interim Report Q1-Q3 2018 Q1-Q3 2018 is characterised by strong credit quality, improved customer satisfaction as well as lower
To NASDAQ Copenhagen A/S Announcement no. 41/2017 The press. INTERIM FINANCIAL REPORT FIRST QUARTER OF 2017 BRFkredit
To NASDAQ Copenhagen A/S Announcement no. 41/2017 The press INTERIM FINANCIAL REPORT FIRST QUARTER OF 2017 BRFkredit CONTENTS 3 THE BRFKREDIT GROUP 4 SUMMARY, first quarter of 2017 4 Comments by Management
Sydbank s Interim Report First Half 2016
SYDBANK INTER IM REP ORT FIRST HALF 2016 2/37 Sydbank s Interim Report First Half 2016 Falling costs and high credit quality ensure satisfactory development in performance Sydbank has delivered a solid
Preliminary announcement of financial statements 2018
Corporate Announcement Preliminary announcement of financial statements Summary Profit before tax and effects derived from IFRS 9: DKK 3,547m (2017: DKK 4,002m), corresponding to a return on equity of
JYSKE REALKREDIT H1 REPORT Published 30 th of October 2018
JYSKE REALKREDIT H1 REPORT 218 Published 3 th of October 218 The positive trend in earnings continues Result in Q1-Q3 218 affected by impelentation of IFRS 9 guidelines Pre-tax profit was DKK 786m for
Net profit of DKK 838 million and ROE of 10.7 % Presentation of Spar Nord s financial results for 2016
Net profit of DKK 838 million and ROE of 1.7 % Presentation of Spar Nord s financial results for 2 Net profit of DKK 838 million and ROE of 1.7 % Low interest rate environment and tough competition put
Business segments Banking activities 31 Mortgage activities 34 Leasing activities 37
Annual Report 2018 Annual Report 2018 Management s Review key financial data 2 Summary 3 Comments by Management 4 Strategy 6 Outlook 9 Financial Review 10 Capital and liquidity management 18 Corporate
Nykredit Group. FY 2017 Earnings call. Michael Rasmussen, CEO David Hellemann, CFO. 8 February 2018 Copenhagen. Numbers relate to Nykredit A/S
Nykredit Group FY 217 Earnings call Michael Rasmussen, CEO David Hellemann, CFO 8 February 218 Copenhagen Numbers relate to Nykredit A/S A very satisfactory 217 - Nykredit s best year ever Record year
Credit update. Copenhagen Roadshow November 2016
Credit update Copenhagen Roadshow November 2016 Disclaimer The information contained in this presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities of Spar
Fact Book Q Supplementary Information for Investors and Analysts Unaudited
Fact Book Q4 2017 Supplementary Information for Investors and Analysts Unaudited Table of contents 1. Group 1.1 Financial result & key figures 4 1.2 Net interest income 6 1.3 Net fee income 8 1.4 Net trading
A LARGER AND SIMPLER BANK. Presentation of Spar Nord s Full-Year Results 2012
A LARGER AND SIMPLER BANK Presentation of Spar Nord s Full-Year Results 2 KEY MESSAGES FROM FULL-YEAR REPORT Positive trend in all income lines Sustained zero-growth in costs Very satisfactory PPP and
INTERIM REPORT NYKREDIT REALKREDIT GROUP 1 JANUARY 30 SEPTEMBER 2014
To NASDAQ OMX Copenhagen A/S and the press 6 November 2014 INTERIM REPORT NYKREDIT REALKREDIT GROUP 1 JANUARY 30 SEPTEMBER 2014 Michael Rasmussen, Group Chief Executive, comments on Nykredit's Q1-Q3 Interim
To NASDAQ Copenhagen A/S Announcement no. 91/2016 The press INTERIM FINANCIAL REPORT
To NASDAQ Copenhagen A/S Announcement no. 91/ The press INTERIM FINANCIAL REPORT Q1 - CONTENTS 3 THE BRFKREDIT GROUP KEY FIGURES AND KEY RATIOS 4 SUMMARY Q1-4 Comments by Management 5 Q1-5 Net profit for
Fact Book Q Supplementary Information for Investors and Analysts Unaudited
Fact Book Q2 2018 Supplementary Information for Investors and Analysts Unaudited Table of contents 1. Group 1.1 Financial result & key figures 4 1.2 Net interest income 6 1.3 Net fee income 8 1.4 Net trading
Nykredit Group. Q1/2016 financial results call. CFO, Group Managing Director Søren Holm. 12 May 2016
Nykredit Group Q1/2016 financial results call CFO, Group Managing Director Søren Holm 12 May 2016 Highlights from Q1 2016 Nykredit announced plans for an IPO, intention to sell domicile and increased margins
Jyske Realkredit A/S (formerly BRFkredit a/s) Interim Financial Report Q1 - Q3 2018
Jyske Realkredit A/S (formerly BRFkredit a/s) Interim Financial Report Q1 - Q3 Jyske Realkredit Corporate Announcement No. 94 /, of 30 October 1 / 26 Interim Financial Report Q1 - Q3 Management s Review
Ringkjøbing Landbobank s announcement of the financial statements for The best profit in the bank s history
Page 1 of 25 Nasdaq Copenhagen London Stock Exchange Other stakeholders 31 January 2018 Ringkjøbing Landbobank s announcement of the financial statements for - The best profit in the bank s history Profit
Interim Report Q1-Q3 2014
27-10-2014 1 Interim Report Q1-Q3 2014 Sydbank s plan to increase profitability is generating results Teleconference 28 October 2014 27-10-2014 2 Agenda Interim financial statements for Q1-Q3 2014 Income
Fact Book Q Supplementary Information for Investors and Analysts Unaudited
Fact Book Q2 2017 Supplementary Information for Investors and Analysts Unaudited Table of contents 1. Group 1.1 Financial result & key figures 4 1.2 Net interest income 6 1.3 Net fee income 8 1.4 Net trading
Credit Risk Sydbank Group
Credit Risk 2017 Sydbank Group 1 2 SYDBANK / Credit Risk 2017 Contents Introduction... 4 Credit and client policy... 5 Rating... 6 Industry breakdown... 12 Focus on agriculture... 15 Focus on retail clients...
Fourth Quarter and Full Year Results Press Conference Casper von Koskull, president, Group CEO
Fourth Quarter and Full Year Results 2015 Press Conference Casper von Koskull, president, Group CEO Disclaimer This presentation contains forward-looking statements that reflect management s current views
Financial results for H1 2012
CONFERENCE CALL Eivind Kolding CEO & Chairman of the Executive Board Henrik Ramlau-Hansen CFO & Member of the Executive Board 7 August 2012 Agenda Key points Financial results Capital, funding and liquidity
Growth in lending margin pressure persists
Investor Presentation Growth in lending margin pressure persists 27 February 2018 Árni Ellefsen, CEO Disclaimer This presentation contains statements regarding future results, which are subject to risks
Risk Report 2008Q4. Published 16 Marts 2009
Risk Report 28Q4 Published 16 Marts 29 Contents The Risk Report has been prepared by Realkredit Danmark analysts for information purposes only. Realkredit Danmark will publish an updated Risk Report quarterly.
Contacts Peter Engberg Jensen, Group Chief Executive, or Nels Petersen, Head of Corporate Communications, tel or
To NASDAQ OMX Copenhagen A/S and the press 19 August 2010 H1 INTERIM REPORT THE NYKREDIT REALKREDIT GROUP 1 JANUARY 2010 3O JUNE 2010 RESULTS The Group, excluding Nykredit Forsikring, recorded a profit
Financial results for Q1 2015
Financial results for Q1 2015 Thomas F. Borgen Chief Executive Officer Henrik Ramlau-Hansen Chief Financial Officer 30 April 2015 Agenda Executive summary and financial results 3 Business unit update 5
Financial results first nine months 2017
Financial results first nine months 2017 Thomas F. Borgen Chief Executive Officer Jacob Aarup-Andersen Chief Financial Officer 2 November 2017 Financial results first nine months 2017 Agenda Executive
Financial results 2017
Thomas F. Borgen Chief Executive Officer Jacob Aarup-Andersen Chief Financial Officer 2 February 2018 Agenda Executive summary Business unit update Selected topics Outlook for full-year 2018 Q&A Appendix
Financial results first half 2018
Thomas F. Borgen Chief Executive Officer Morten Mosegaard Interim Chief Financial Officer 18 July 2018 Agenda Executive summary Group and business unit update Selected topics Outlook for full-year 2018
Full-year 2010 TIME FOR CUSTOMERS. 9 February 2011
Full-year 2 TIME FOR CUSTOMERS 9 February 211 Performance compared to guidance Core earnings before impairment Guidance: DKK 8-1,m. Revised guidance (/9/3): DKK 9-1,m. Performance: DKK 933m. Impairment
Financial results for the first half of 2015
Financial results for the first half of 2015 Thomas F. Borgen Chief Executive Officer Henrik Ramlau-Hansen Chief Financial Officer 22 July 2015 Agenda Executive summary and financial results 3 Business
Contents. Annual Report 2015
2015 Annual Report Contents Annual Report 2015 MANAGEMENT S REVIEW 2 Summary 3 The year 2015 4 Profit for the year 8 Loan impairment charges and provisions for guarantees and value adjustments 12 of acquired
Risk Report 2009Q3. Published 10 November 2009
Risk Report 29Q3 Published 1 November 29 Contents The Risk Report has been prepared by Realkredit Danmark analysts for information purposes only. Realkredit Danmark will publish an updated Risk Report
Published 23 February 2016 Data per 31 December 2015
Published 23 February 2016 Data per 31 December 2015 BRFkredit Cover pool report, page 1 of 10 BRFkredit cover pool report Introduction The report publishes data on the portfolio in a structured form,
2013 A GREAT STEP IN RIGHT DIRECTION
Dette billede k an ik k e v ises i øjeblik k et. 2 A GREAT STEP IN RIGHT DIRECTION Pre-tax profit of DKK 67 million and ROE of 1.7 % KEY MESSAGES FROM FULL-YEAR REPORT 1 Core income rose by 15 %: NII were
Risk Report 2010Q4. Published 21 February 2011
Risk Report 21Q4 Published 21 February 211 Contents The Risk Report has been prepared by Realkredit Danmark`s analysts for information purposes only. Realkredit Danmark will publish an updated Risk Report
2016 Annual Report. Sydbank Group
2016 Annual Report Sydbank Group 2 SYDBANK / 2016 Annual Report A highly satisfactory result due to low impairment charges, reduced costs and satisfactory investment portfolio earnings ensures a record-high
Second Quarter Results 2014 Investor presentation
Second Quarter Results 2014 Investor presentation Second Fourth Quarter and Results 2015 Full Third Year Quarter Results Results 2014 2015 Press conference Christian Investor Press Conference Clausen,
New Standards update on initiatives
New Standards update on initiatives Elisabeth Toftmann Klintholm Chief IR Officer Nordea Large Cap Seminar Stockholm, 28 May 2013 Vision Recognised as the most trusted financial partner Customer satisfaction
Risk Report 2010Q1. Published 12 May 2010
Risk Report 21Q1 Published 12 May 21 Contents The Risk Report has been prepared by Realkredit Danmarks analysts for information purposes only. Realkredit Danmark will publish an updated Risk Report quarterly.
NASDAQ OMX Copenhagen A/S and the press 10 May 2012
To NASDAQ OMX Copenhagen A/S and the press 10 May 2012 Q1 INTERIM REPORT THE NYKREDIT REALKREDIT GROUP 1 JANUARY 2012 31 MARCH 2012 RESULTS recorded a profit before tax of DKK 1,788m against DKK 1,004m
Danske Bank Tier 2 Capital
Danske Bank Tier 2 Capital Henrik Ramlau-Hansen CFO & Member of the Executive Board Steen Blaafalk Head of Treasury Global Conference Call 23 September 2013 Agenda Financial results 3 Capital, liquidity
Second Quarter Results 2014 Investor presentation
Second Quarter Results 2014 Investor presentation Second Fourth Quarter and Results 2015 Full Third Year Quarter Results Results 2014 2015 Press conference Christian Investor Press Conference Clausen,
in brief. Activities in 2002
Annual Report 2002 Agenda Page 1. 2002 in brief 3 2. Financial highlights 5 3. Business trends 10 4. Status of capitalisation 20 5. Trends in business areas 21 6. Corporate governance 39 7. Outlook for
Financial results first nine months 2018
Jesper Nielsen Interim Chief Executive Officer Christian Baltzer Chief Financial Officer 1 November 2018 Agenda Executive summary and recap of Estonia case Group and business unit update Selected topics
Interim Report First Half 2014
20-08-2014 1 Interim Report First Half 2014 Sydbank s plan to increase profitability is beginning to show results Teleconference 20 August 2014 20-08-2014 2 Agenda Interim financial statements for H1 2014
Alm Brand. Results for Q2 2014
Alm Brand Results for Q2 2014 Morning presentation, Carnegie 22 August 2014 G R O U P Financial highlights of Q2 2014 Pre-tax profit: DKK 173m Outlook raised by DKK 100m Forward-looking activities: Pre-tax
NASDAQ OMX Copenhagen A/S and the press 8 November 2012
To NASDAQ OMX Copenhagen A/S and the press 8 November 2012 NYKREDIT BANK A/S a subsidiary of Nykredit Realkredit A/S consolidated in the Nykredit Group's Financial Statements Q1-Q3 INTERIM REPORT THE NYKREDIT
Investor Presentation. Result presentation. January September 2010
Investor Presentation Result presentation January September 2010 Highlights Income Seasonally slow quarter supported by diversified earnings Further improved asset quality Baltics back in black Profit
Financial results 2018
Jesper Nielsen Interim Chief Executive Officer Christian Baltzer Chief Financial Officer 1 February 2019 Agenda Executive summary and AML update Group and business unit update Selected topics Financial
Financial results for February 2014
Financial results for 2013 6 February 2014 Agenda Executive summary 2013 and financial results 3 Business unit update 54 Selected topics 7 Capital, liquidity and funding 10 Update on strategy, execution
Fact Book 2017 The Nykredit Group. Unaudited
Fact Book 2017 The Nykredit Group Unaudited Table of contents Group chart 3 Expiry of interest-only period 33 Contacts and other information 4 Impairment provisions and write-offs 34 The Nykredit Group
A milestone year for BankNordik
Investor Presentation A milestone year for BankNordik 27 February 2017 Árni Ellefsen, CEO Disclaimer This presentation contains statements regarding future results, which are subject to risks and uncertainties.
Interim report for Q1-Q3 2017
Interim report for of Spar Nord Bank A/S Net profit of DKK 799 million and return on equity of 13.1 % Spar Nord Contents 2 Company announcement no. 9, Contents MANAGEMENT S REVIEW Performance indicators
Group Risk Report Aktieselskabet Arbejdernes Landsbank CVR-no Copenhagen, Denmark
Group Risk Report 2017 Aktieselskabet Arbejdernes Landsbank CVR-no. 31 46 70 12 Copenhagen, Denmark Group Risk Report 2017 for Arbejdernes Landsbank Contents Risk management Overall risk management 4 Management
Risk disclosure for Ringkjøbing Landbobank A/S Report on other disclosure requirements As at 27 January 2016
Risk disclosure for Ringkjøbing Landbobank A/S Report on other disclosure requirements As at 27 January 2016 This document contains Ringkjøbing Landbobank s reporting under the CRR regulation s provisions
Interim report for H of Spar Nord Bank A/S
Spar Nord 1 Interim report for of Spar Nord Bank A/S Net profit of DKK 575 million and return on equity of 14.4% Spar Nord Contents 2 Company announcement no. 5, Contents MANAGEMENT S REVIEW Performance
PRE-TAX PROFIT OF DKK 193 MILLION AND ROE OF 12.7% BEST PERFORMANCE FOR 6 YEARS. Spar Nord - Q1 2013
PRE-TAX PROFIT OF DKK 193 MILLION AND ROE OF.7% BEST PERFORMANCE FOR 6 YEARS Spar Nord - 213 KEY MESSAGES 1 Core income up 17% (y/y): NII up 17% and net fees and commissions up 29% 2 Costs a fraction lower
Jyske Realkredit A/S (formerly BRFkredit a/s) Interim Financial Report First half of 2018
Jyske Realkredit A/S (formerly BRFkredit a/s) Interim Financial Report First half of Jyske Realkredit Corporate Announcement No. 73 /, of 21 August 1 / 25 Interim Financial Report, first half of Management
Interim Report 30 September 2013
Interim Report 30 September 2013 Nordjyske Bank Jernbanegade 4-8 9900 Frederikshavn Telefon +45 9633 5000 email@nordjyskebank.dk www.nordjyskebank.dk CVR: 30828712 BIC/SWIFT ebandk22 Interim Report as
Investor presentation. Result presentation
Investor presentation Result presentation 21 Highlights Income Solid results given present macroeconomic climate Lower provisioning for credit losses and no new NPL formation Provisions for credit losses
By sector 22 Credit risk exposure 23 By country, end of period 24 o Savings and deposits. Own funds and capital requirement 27
Fact book HANDELSBANKEN - FACT BOOK Contents This is Handelsbanken 3 Income statement o Income statement Handelsbanken Group 4 o EPS - Earnings Per Share 4 o Key figures 5 o Consolidated statement of comprehensive
Fact Book Q The Nykredit Group. Unaudited
Fact Book Q3 2018 The Nykredit Group Unaudited Table of contents Group chart 3 Risk relating to mortgage lending 32 Contacts and other information 4 LTV 34 Nykredit Group history 5 Expiry of interest-only
Annual Report 2007: Resilient results in turbulent times. 31 January 2008
Annual Report 2007: Resilient results in turbulent times 31 January 2008 AGENDA Agenda Slide Key messages 3 Highlights 4 Business area highlights 18 Business trends 20 Outlook 27 Q&A session 28 Appendix
Interim Report Nykredit Realkredit Group 1 January 30 June 2018
To Nasdaq Copenhagen and the press 23 August 2018 Interim Report 1 January 30 June 2018 H1/ H1/ 2018 2017 Change Income 6,337 7,420-1,083 Costs 2,402 2,366-36 Impairment charges for loans and advances
Danske Bank Fact Book Q Fact Book Q Supplementary Information for Investors and Analysts. Unaudited. Updated: January 31, 2008
Fact Book Q4 2007 Supplementary Information for Investors and Analysts Unaudited Updated: January 31, 2008 1 Table of contents 1.1. Financial goals 4 1.2. Share Data 4 1.3. Ratings 5 1.4. Changes in accounting
INTERIM FINANCIAL STATEMENTS MANAGEMENT'S REPORT BUSINESS UNITS STATEMENTS
MANAGEMENT'S REPORT Financial highlights Executive summary 3 4 Strategy execution 6 Customer satisfaction 8 Outlook for 2015 9 Financial review 10 BUSINESS UNITS Personal Banking 15 Business Banking 17
Financial results for the first half of 2014
Financial results for the first half of 2014 Thomas F. Borgen Chief Executive Officer Henrik Ramlau-Hansen Chief Financial Officer 24 July 2014 Agenda Executive summary and financial results 3 Business
FactBookQ4/2016 TheNykredit Realkredit Group. Unaudited
FactBookQ4/216 TheNykredit Realkredit Group Unaudited Table of contents Group chart 2 Expiry of interest-only period mortgage lending 28 Contacts and other information 3 Interest-only loans prevalent where
Risk disclosure for Ringkjøbing Landbobank A/S Report on other disclosure requirements As at 31 January 2017
Risk disclosure for Ringkjøbing Landbobank A/S Report on other disclosure requirements As at 31 January 2017 This document contains Ringkjøbing Landbobank s reporting under the CRR regulation s provisions
Ringkjøbing Landbobank s quarterly report for the first three quarters of 2018
Page 1 of 38 Nasdaq Copenhagen London Stock Exchange Other stakeholders 14 November Ringkjøbing Landbobank s quarterly report for the first three quarters of The third quarter of is the first quarter in
Nykredit Bank A/S a subsidiary of Nykredit Realkredit A/S consolidated in the Nykredit Group financial statements
, To Nasdaq Copenhagen and the press 9 May 2018 Nykredit Bank A/S a subsidiary of Nykredit Realkredit A/S consolidated in the Nykredit Group financial statements Interim Report for the period 1 January
Financial results for Q1 2013
Financial results for Q1 2013 Eivind Kolding CEO & Chairman of the Executive Board Henrik Ramlau-Hansen CFO & Member of the Executive Board 2 May 2013 Agenda Key messages 3 Business units up-date 6 Financial
Financial results for Q3 2013
Financial results for Q3 2013 Thomas F. Borgen Chief Executive Officer Henrik Ramlau-Hansen Chief Financial Officer 31 October 2013 Agenda Key messages on Q3 2013 and financial results 3 Update on strategy
H1 INTERIM REPORT 2014 Totalkredit A/S (1 January 30 June 2014) H1 in brief
To NASDAQ OMX Copenhagen A/S and the press 19 August 2014 H1 INTERIM REPORT 2014 Totalkredit A/S (1 January 30 June 2014) H1 in brief Profit before tax came to DKK 889m against DKK 296m in H1/2013 Core
Third quarter results 2018 Investor presentation 31 October 2018
Third quarter results 2018 Investor presentation 31 October 2018 Q3 2018 Highlights during the quarter Earnings before tax from regular operations were stable from Q2 The impairment relating to the credit