Jyske's 9-Month Results Lag Last Year as IFRS 9 Impact Hits 3Q
Jyske reported third-quarter net profit of DKK 578 million versus DKK 748 million in the same period last year. Year to date, the bank’s performance is lagging last year’s results as lower net interest income and higher loan-impairment charges more than offset savings on employee and administrative expenses. We maintain our no-moat and stable trend rating as well as our fair value estimate of DKK 395 per share.Banking activities in the first nine months, although relatively stable in income gen...
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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