Morningstar | Jyske 1H 2018 Results In Line With Our Expectations; Maintaining FVE
No-moat and stable trend rated Jyske Bank reported DKK 1.4 billion in net profit for the first half of the year, which came in lower than DKK 1.6 billion a year ago. However, the decline was mostly caused by the first-quarter results, as net profit was DKK 811 million this quarter versus DKK 630 million in last year's second quarter. We maintain our fair value estimate and no-moat rating.Compared with the first quarter of 2018, the income increase in this quarter was mainly attributed to the recognition of DKK 185 million in profit from the sale of an owner-occupied property. On the revenue line, both net interest income and net fees are trending in line with our full-year estimate of DKK 5.8 billion and DKK 2.1 billion, respectively. NII for the first half saw a 3% increase to DKK 2.8 billion, driven by home loans and corporate loans growth. Fees saw a 4% increase to DKK 905 million. Core expenses fell by 13% compared with the first half of 2017, mainly due to one-off items: DKK 237 million in one-off expenses incurred in 2017 and a reversal of DKK 96 million related to the outcome of the Jyske Bank Gibraltar case in 2018. Our full-year estimates are unchanged.
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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