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Jyske Bank Upgrades Profit Guidance: Positive For Danske

FINANCIALS SECTOR

Jyske Bank (JYSK DC) is upgrading profit expectations (ahead of 27-Feb results release).


  1. Jyske was previously guiding to EPS of DKK82-87, this is now c.DKK89, BBG consensus is DKK87.9 . Net profit moves to c.DKK5.9bn (BBG consensus: DKK5.6bn) from DKK5.4-5.7bn... so marginally ahead of consensus and a c. 5% EPS guidance upgrade. Importantly, this does mean 4Q23 EPS looks to be near DKK30 which would be fully 25% ahead of prior year.
  2. Mgmt indicates ths upgrade is from positive markets revenues in 4Q23 (which investors tend to see as a lower-quality earnings stream) but also a better performance on loan losses. This is a positive lateral to Danske (DANSKE DC), the largest Danish bank along with the smaller peers.
  3. In credit terms, Jyske is relatively thinly traded and Danske credit hasn't meaningfully moved today (yet).
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