Jyske Bank A/S Ord

Welcome. This is the third quarter forecast of Jyske Bank, which has just been made public. This forecast showed a net surplus of 1.4 billion kroner, which means that Jyske Bank will be out of the first nine months of the year with a total surplus of 4 billion kroner. Chief Executive Officer Lars Mørk, the headlines in the forecast were well known. They were blown in relation to an adjustment earlier this month, so no surprises there. But in general, how would you describe the performance in the past quarter?

Well, it is once again a solid estimate. And as you say, we were actually out with the main figures a little earlier this month. And that means they were known. But when we entered the year, we expected to earn between 4.3 and 5.1 billion. Later, we specified it and put it in the high end of it. And now we say it is between 5 and 5.3 billion. And that also means that the income per share will rise in the range of 75 to 80 kroner. And that's really nice.

And the business development in Q3, what is behind this result?

Well, you could say that it's a quiet quarter, and there hasn't been much activity in the market either. What we can conclude, which is really nice to see, is that our customers are doing well, and that also means that we have been able to make a small return on what we expected to lose, so the credit times have been a plus in this quarter, and that's really nice. We can also see from the activity line that is in the forecast that we have had a little more activity in the third quarter, and that's also nice. If that's the case, then it's some small We don't know yet, but we could hope that there will be a little more change in the economy than there has been.

Something that fills up a little when we talk about banks in these times, Lars Mørk, is the falling interest rate level and the influence on the banks' future income. How do you see these falling interest rates playing into Jyske Bank's income in the coming quarters?

Well, we saw that the banks made more money when the interest rates came up a little higher, and we expect the same to happen when the interest rates go down, that there will gradually be an impact on the result of this. And it is quite as it should be, it is quite normal. Of course, there is also competition in the market, which means that we would like to add naturally, or add well. And that means, of course, that we go a little bit back on our net interest rates compared to compared to the first three quarters last year, it looks a lot better. But that's because in 2023, we had an upward curve on the interest rates, and in 2024, we have a downward curve. So that's somewhat what we expected.

In addition to the numbers in today's forecast, there is also a new, updated Concern Strategy for Jyske Bank for the coming years. What are the most important key elements in this strategy, if you want to make a few conclusions?

Well, we have been looking forward to that. It is a fairly comprehensive, coherent plan for next year's investments. And first, to begin with, we have to see if the company is solid, and it is in Jyske Bank. Jyske Bank is generally good and solid. We have also looked at the areas where we think we do it particularly well, and we will invest in them a little more. So we come up with a plan that we think is really good and attractive for the customers. It is also really good for the owners, because we want to be more efficient. It is also really good for the employees, because it is an ambitious company that will definitely not be able to stand still until next year, so it will be attractive to be a part of. And then there are also a number of different initiatives that allow us to support this sustainable growth that we want to see in the country, so there is also a social angle in it.

And Jyske Bank's customers and shareholders, like Lars Mørk, when will they notice that Jyske Bank has a new strategy?

We will work on this over the next few years, but we will tell you every quarter what new things have happened along the way. There are quite a lot of things we will do on the technology side, also using AI. We will look at the activity in relation to customer meetings and customer activity. We can see that customers would like to meet us a little more. And now we make the whole preparation easier and better. So there are a number of different things you will notice along the way.

We look forward to keeping an eye on that, Lars Mørk. Thank you for your comments until tomorrow. And if you want to read more about the Jyske Bank account, just click on jyskebank.dk. Have a nice day.