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FINANCIALS: Jyske Bank: Solid Results But Tough To See Much Tightening

FINANCIALS

Jyske Bank (JYBC: BBB+) results look solid, in our view with guidance edged up very slightly but only to where consensus already is. Credit stats are relatively good. Both spreads and equity have outperformed over the last month (only reversing some of the impact of weaker 1Q24 results) but we’re unsure there’s enough here to really be more positive than “credit neutral”. At least this is a decent lateral for the other small Danish banks reporting in the coming days.

  • Credit stats: loan losses were close to zero in 2Q24 (from 1bp in 1Q24, better than consensus) and non-performers are 3bp better than Mar-24 stage (at 116bp of loans). CET1 is stable (at 16.6%), c.10bp better than consensus. So, credit stats appear good. 
  • Headline revenues are 1% ahead of expectations (NII was a very small miss), there is a cost overrun here (c.4%) but the revenue performance and lower loan losses mean pre-tax is 8% ahead of expectations.
  • Guidance is upgraded a little here (to “upper half” of target net profit range) but consensus is already there. Costs are seen a little higher but improved loan losses give an offset here.

Conf call is 1300 (London time at: https://jyskebank.com/investorrelations

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