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26 feb: Årsrapport for Jyske Realkredit A/S 2018
26-02-2019 03:29:23

Annual Financial Report

Preliminary announcement of financial statements 2018

Summary

  • Profit before tax and effects derived from IFRS 9: DKK 3,547m (2017: DKK 4,002m), corresponding to a return on equity of 10.8% (2017: 12.4%)
  • Profit after tax and before effects derived from IFRS 9: DKK 2,817m (2017: DKK 3,143m), corresponding to a return on equity of 8.6% (2017: 9.7%)
  • Profit before tax: DKK 3,140m (2017: DKK 4,002m), corresponding to a return on equity of 9.5% (2017: 12.4%)
  • Profit after tax: DKK 2,500m (2017: DKK 3,143m), corresponding to a return on equity of 7.6% (2017: 9.7%)
  • Core income: DKK 7,999m (2017: DKK 8,361m)
  • Core expenses: DKK 4,896m (2017: DKK 5,374m)
  • Impairment charges: DKK 468m (2017: reversal of impairment charges DKK 453m)
    • Exclusive of effects derived from IFRS 9, impairment charges amounted to DKK 61m
  • Capital ratio of 20.0% and Common Equity Tier 1 capital ratio of 16.4% (2017: 19.8% and 16.4%, respectively)
  • At the Annual General Meeting in March 2019, the Supervisory Board will make a motion for the distribution of ordinary dividend of DKK 6.12 per share for the financial year 2018 compared to DKK 5.85 per share for the financial year 2017

Comments by Management

In connection with the publication of Jyske Bank's Annual Report 2018, Anders Dam, Jyske Bank’s CEO and Managing Director states:

Profit for the year

“Jyske Bank generated a profit after tax and before effects derived from IFRS 9 of DKK 2.8bn. This corresponds to a return on equity of 8.6%, which is in line with the target of a return on equity in the range of 8-12% after tax and before effects derived from IFRS 9.

Client and employee satisfaction

Also in 2018, Jyske Bank achieved high ratings in client satisfaction surveys within the areas of Personal Clients, Corporate Clients and Private Banking. To this must be added that the most recent internal employee survey showed not only great but also increased job enthusiasm and satisfaction on the part of the bank’s employees. Most recently, a sector survey named Jyske Bank the most popular bank among employees in the financial sector. This survey was based on replies from both employees and non-employees.

Business activity

The activity level with respect to home loan products is still high, and since the end of the first half of 2018 the home loans are issued by Jyske Realkredit as part of the phasing out of the name of BRFkredit. Also property financing for corporate clients increased in 2018, and mortgage loans amounted to DKK 326bn at the end of 2018. The aim is still to achieve a total loan balance of DKK 350bn for Jyske Realkredit at the end of 2020.

At the beginning of 2018, the target was that, five years after the merger with BRFkredit, the number of employees should, all other things being equal, be back at the 2013 level, at which time the bank had 3,774 employees. This target was realised in mid-2018, i.e. a year earlier than expected.  At the end of 2018, the Jyske Bank Group had almost 3,700 employees, i.e. a decline by about 240 employees compared to the level at the end of 2017 and hence 76 employees below the level at the end of 2013.

In 2018, a series of new payment solutions were offered to our clients. For instance, personal clients can now - in addition to MobilePay and Apple Pay - use mobile payment solutions on Android phones with Google Pay, and also they can use Garmin Pay and FitBit Pay. Also, clients can now easily establish a 100% electronic payment card - VISA Mobil, which in combination with the mobile payments solutions offer the client increased security in connection with electronic payments.

Jyske Bank (Gibraltar) was put up for sale in January 2019.

Liquidity and capital

In 2018 the Group focused on the gradual replacement of the Group’s old preferred senior bonds with new non-preferred senior (”NPS”) bonds with the aim of meeting the Group’s MREL requirement after 2021. Two NPS bonds were issued in the course of 2018. Jyske Bank anticipates to issue NPS bonds totalling EUR 2.5bn (DKK 19bn) by the end of 2021.

The long-term capital management objectives for a capital ratio and a Common Equity Tier 1 capital ratio of 17.5% and 14% are unchanged. At the end of 2018, they amounted to 20.0% and 16.4%, respectively, and hence they practically meet the long-term capital management objectives when allowing for the expectations that the new statutory requirements are expected to reduce the capital ratios by up to a maximum of 3 percentage points. At the end of 2018, Standard & Poor’s risk-adjusted capital ratio was calculated at 10.3%, and a RAC at about 10.5% is still the target.

It is the intention of the Supervisory Board that, at the Annual General Meeting in March 2019, a motion be made for the distribution of ordinary dividend of DKK 6.12 per share for the financial year 2018. The ordinary dividend for 2017 was DKK 5.85 per share.

At the Annual General Meeting in March 2019, the Supervisory Board will further propose that own shares that were acquired through the recently completed share buy-back programme of up to DKK 1bn be cancelled.

Considering the current market conditions in 2019, the Jyske Bank Group aims to deliver a return on the average equity of 6-10% after tax”, concludes Anders Dam.

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