Jyske 1Q 2018: Increased Impairments Under IFRS9 and Negative Value Adjustments Marked the Quarter
No-moat and stable trend rated Jyske Bank reported DKK 610 million net income for the quarter, which came in lower than DKK 976 million a year ago. While we expected full-year net income to be 10% lower compared with last year, net income is also trending below our bearish estimate. However, while core revenue and costs are trending within our expectations, we will wait for the quarters ahead to adjust our estimate. We maintain our fair value estimate of DKK 395 per share, indicating shares trad...Jyske Bank is a commercial bank. Co. operates in four segments: banking activities, which comprise personal advisory service in relation to financial solutions including lease and financing activities; mortgage activities, which comprise financial solutions for the financing of real property; Trading and investment, which targets Danish and international investors and includes investment advisory service and asset management including money-market transactions and trading in foreign exchange, bonds, equities, commodities and derivatives; and other.As of Dec. 31, 2014, total assets and total deposits were DKK541,679,000,000 and DKK152,693,000,000 respectively.
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