Jyske Bank A/S Ord

Jyske Bank's annual budget is a budget that shows a result after tax of 5.3 billion kroner. So, Lars Mørk, CEO of Jyske Bank. If you were to summarize the 2020-2024 budget, what would it sound like?

Well, I think three things can sum it up. We had a good ending to the year and we saw a really good development in customer satisfaction throughout the year. And then we reached a goal with two very important integrations, namely the integration of Handelsbanken's Danish activities and PFA Bank.

Let's go back to the end of the year. What do you think about that?

It was a good end to 2024. We saw that our private customers became more active. We saw that they bought more properties, which they financed through us. And we saw that more people invested more funds through Jyske Bank as well. So what is called asset under management, that is, they invested funds through Jyske Bank. They stood strong throughout the year, especially in the fourth quarter.

And then you mention customer satisfaction. What do you think about that?

Well, we saw a development on private customers, private banking customers and business customers that all pointed in the right direction. So we saw a rising curve in all three areas. On private customers, we were the bank that stood out the most in 2024. It was really nice to see. On private banking, we were 9 years ahead, the best private banking bank. And in terms of business, we also had a really good progress. And we can start to see it in the numbers, because we have had a break in the development of the number of homes that we finance. And that's really nice, so we have a positive development in the fourth quarter.

And then you also mention the integrations. What do you think about them?

Well, we have made a couple of purchases over the past few years that we are very, very happy with today. And they have been followed all the way through. We bought Handelsbanken's Danish activities, a very strong company, good customers, good employees. And now it is fully integrated and we can see the customer satisfaction on the HANS Bank customers. Those who were HANS Bank customers, they are on the level with Jyske Bank today. We can see it on the employees. They are employee satisfaction-wise on the same level as us. It is fully integrated. We have kept it within the budget and we get the synergies at home that we have expected. So we are very happy about that. The same with PFA Bank. It was also fully integrated, data-wise integrated in 2024. We have also reached the goal in time and also with a better case than we originally promised.

There is also a bit to the shareholders in the equation. Jyske Bank sends money back to the shareholders and the company puts stocks back for purchase.

Yes, that's right. It is exactly what we have set in view, that 30% of what we earn in the previous year we would like to pay back in cash to the shareholders, and we will do that. And on top of that, we have said that we will buy stocks back within what we can do and still have a solid and strong capital position. And that means that we can collectively send almost 3.8 billion kroner back to the shareholders, either in the form of a content exchange or in the form of stock purchase.

Jyske Bank launched a new concern strategy at the end of 2024. How is the execution of this going?

Well, it's going well. It's going to happen formally from January 1st this year, but we were already working on it last year. And one of the things we have set up is that we want to see the customers more often and we want to deliver more value when we see the customers. And I think we are already starting to see some results of that. In addition, we invest a lot in our platform, both so that it is stable and safe, but also so that we can deliver even more value to our customers. And we look forward to getting started during the year and delivering more things to our customers.

Yes, that brings us to the next question. The expectations for 2025, how are they?

Well, there is always, when you enter a new year, an uncertainty in relation to the macroeconomy, and that is also the case this year. And our expectations are that we will earn somewhere between 3.8 and 4.6 billion kroner. It is a little wider spending than normal, it reflects the uncertainty there is, but then we have to sneak up on the spending during the year when we know how it goes. But we expect between 3.8 and 4.6 billion.

Thank you for the explanation, Lars Mørk. And if you want to dive further into the numbers, the whole list is on the website.