Jyske Bank A/S Ord

Hi, everyone. Thank you for joining us on Jyske Bank's conference call for the financial results for the fourth quarter of 2024. This is Simon Haubart from Investor Relations speaking. With me, I have Jyske Bank's CEO, Lars Marks, and CFO, Bjørn Nielsen. Lars and Bjørn will walk you through our prepared remarks. Afterwards, we'll open up for questions. I'll now hand over to Lars.

Thank you, Simon. I would also like to welcome you to this conference call for Q4 2024. We had a strong end to a good 24, reaching the very top of our net profit guidance for the year. The positive operating performance is supported by significantly higher assets under management and inflow of funds from customers. On the back of this, net fee income grew a full 18% year-on-year in Q4 to the highest level on record. In addition, the underlying cost development is flattish and credit quality remains very solid. And today, We also announced the historical capital returns to our shareholders. We expect to distribute our largest dividend so far of 24 Danish per share, in addition to our largest buyback of 2.25 billion Danish. The capital distribution sums up to 3.8 billion, equivalent to nearly 11% of Jyske Bank's current market cap. In the second half of 2024, we improved momentum with our personal customers on a wide range of metrics. Most notably, customer satisfaction has increased substantially following more and increasingly proactive interactions with customers. This reflects very intentional efforts and has helped boost in volume development as Q4 mortgage growth reached the highest level for more than five years. For 2025, we expect to continue delivering a strong operating performance with a net profit in the range of 3.8 to 4.6 billion and continue implementation of our currently launched strategy. The net profit range reflects significantly lowering of the Danish policy rate, which on the one hand will lower our deposit margin and on the other hand could help activity levels. The guided range also reflects a slightly higher cost base due to targeted strategic investments and continued low level of loan impairment charges. And Buur, I'll hand over to you.

Thank you, Lars. And as you may well know, we announced back in October higher earnings for 24 and here by year end, we reached the very up end of that interval of 5 to 5.3 billion after tax. The main driver was Higher net fee income up 18% year-over-year due to the higher AUM and inflow of private banking customers. Looking at the full year and the Q4 numbers, they are all aligned with a good start to the strategy periods towards 2028. Return on tangible equity around 12%, about 12% for the year. Cost income ratio at 47 and for Q4 at 49, below 50. Cost of risk around zero basis points both in the quarter and for the full year. Earnings per share 80 kroner and around 20 for Q4. And finally, CET1 ratio of 17.6 above our announced target of 15 to 17. Looking at the left hand side, you can see that earnings per share has been very steady going for four quarters in a row, with the exception of Q3, where positive financial markets lifted the value adjustments to a high level. The profit and loss statement. One comment on the net interest income. You see a slightly downward movement during the course of the year, and also here in Q4, driven by lower interest rates and therefore lower margins. And in Q4, the uplift from lending margins was outpaced by a fall in deposit margins. And on top of that, we made a preferred senior issuance of 500 million in November. When I look at the right-hand side and look at volumes, you can see that there's been a steadily upward trend in asset under management due to markets, due to new customers, and also due to business with existing customers. And the second line, the mortgage business is up 1% in Q4, driven by both private individuals and corporates. On the other hand, deposits are more fluctuating and large exposures have taken out time deposits in Q4, leaving slightly lower levels in Q4. But no worries whatsoever, because it's volatile deposits. The next line is leasing, which was hit by one large exposure leaving in Q4, but otherwise growth in the business for operating lease. And finally, when I look at the banking exposures, they are lifted by 2% here in the fourth quarter, and that is especially driven by corporate business. Going into 25, There is, of course, uncertainty, especially relative to macro, the macro environment, but also financial markets, of course. That being said, we expect a more normalized value adjustment line in this year versus a very strong 23 and a strong 24. And we will, of course, to the extent possible, mitigate the negative implications of lower interest rates. And finally, for 25 we are in a positive momentum for um aum and that could of course trigger a decent development on that line in 25. looking at core expenses we have demonstrated as we see it over a very long period stable course developments we could however see a slightly higher level in 25 compared to 24 the inflation and strategic investments could outpace lower integration costs and other cost initiatives and slightly lower average FTE levels. When I look at the customer base in general, it's a very resilient customer base. We demonstrated that with a zero on loan impairments for the quarter and for the year, and a more or less unchanged post-model adjustment buffer of 1.8 billion, and also stable loans in stage three. Net profit for the year 3.8 to 4.6 billion mirrors the uncertainty just mentioned, and that replicates 60 to 73 kroner per share. Looking at the capital levels, we expect to stay in the lower end of 15 to 17 post Q1 and the implementation of Basel IV. And we will target going forward still buybacks, giving the capital levels we have on top of a 30% dividend. We expect Still, another three rate cuts in 2025, so that the policy rate in Denmark will go down to 1.6%. And looking at the chart, you can see that in the period with negative interest rate, we had on average a deposit margin of well below 1.9%. Then it peaked. in 23, 24, around 1.4, and then it's been decreasing a bit with falling rates here recently, and we can still see a slight compression of these margins in the next few quarters due to the lowering of policy rates in Denmark. We have now for three quarters in a row seen a positive growth momentum on nominal mortgage lending to personal customers, which is a positive and a turn if you do a comparison to the long period since 2019, where we have been struggling with the development in that segment. We have restructured our private individuals business. We have merged with Handelsbank and PFA Bank. And we have then recently over the course of this year seen higher customer satisfaction and therefore also higher volumes in the business for doing mortgages. We've also seen net inflow of customers in our focus segments of private individuals. So a strong and good momentum going into 25. Looking at the fee income and AUM business, AUM grew 17% year-over-year in 2024. So also a very good momentum there with existing and new customers. The recurring fee income is certainly on the rise here by the end of 2024. Looking at the activity-driven fee income, it's more moderate. We still see low levels of loan application for mortgages, and sector-wise, we are still one third below the last decade's average of loan applications. What we actually saw in Q4 was an uplift in our mortgage refinancing, and we expect that to also give a good momentum into 2025. So, both the recurring and activity rate fee is certainly on a good note. The core space, as I mentioned before, fully aligned with our 28 targets, going into 25, we see inflation on the rise with more than 3% in the first half of this year and below 3% in the second half. On top of that, average wise, FTE numbers, should go low in 25 versus 24. And we also have lower integration costs and will, of course, execute still a stringent cost management. And in relation to stringent cost management, if you look at the graph from 2014 to 2022, we were more or less flattish nominal-wise during these nine years, and then we acquired Handelsbank and PFA, and we now are around 6.5 billion, which we will do our utmost to keep relatively stable, but with a risk of slightly higher cost in 2025. Looking at the risk side of the business, very solid buffer, and especially supported by lowering interest rates. The customer base has shown very great resilience over the last many quarters. 0% in impairments during the year and the quarter. Stage 3 exposure stable at 1.1% unchanged from Q4 23 to Q4 24. And if we look at the post-model adjustments of 1.8 billion, it is four times normalized impairments, but it's also four times total impairments booked in the last decade. And going into 2025, we certainly expect low cost of risk for the year. We have announced a historical dividend and buyback program of in total 3.8 billions, which is in alignment with our strategy of 30% dividend and the buyback program possible given the capital levels. And as you can see on the right hand side, 2025 is more or less double of 24, which was the highest level of payouts in the last decade, nominal wise. And we have today started a program which will run until the end of January at the latest, servicing the need for and the possibility to buy back shares of up to 2.25 billion. I think that ends my comments.

Thank you, Bjørn. Thank you, Lars. We will now open up for questions. If you have a question, please raise your hand. And the first question in line comes from Mathias Nielsen from Nordea. Please go ahead.

Thank you very much. I have three questions for now, and then I'll go back in the queue. So the first one on lending growth, it was quite strong in Q4. What's the expectations when we look into 2025? Should we expect it to stay almost as strong as we saw in Q4, or what is the expectations on that? That's my first question.

Yeah, it's correct that we saw a very decent growth development in Q4. What we expect for 2025, of course, is a mirror of the macro development. As I said, there is uncertainty to the activity level, but overall, downward trending interest rates could have a positive impact on activity as well as lending growth. We expect to follow the market more or less when it comes to private and corporate individuals, or hopefully outpace a bit the corporate development in the market. So very much in line with what we will see in the total market for 2025.

So Mathias, last year, if I could add a little bit also to this one. I think looking at Jyske Bank over the last couple of years, you've been looking at a fairly busy organization doing a couple of major acquisitions for us and implementations. integrations and data system changes also. Going into 2025, we come in with more business momentum and we come in with an organization that will have full focus on running the bank during 2025. So we do think that we can be a little bit more optimistic in terms of our volume development during this year. However, as Beaver said, you know, the market and the level of growth in the market will of course set some limitations.

Sure, that was very clear. So the next one is on capital distribution. So this year, I think early part of 24, you also were trying to retain a bit capital and build up the capital to satisfy factory level. So what's the thinking about capital distribution in the future? Like one of your larger peers in Denmark says around 100%. You have another peer out today saying 99% for 24. And it sounds like it could be close to 100% in the coming years as well. So what's your thoughts around that? And especially also if you combine that with the comments you made on the post-model adjustments view, that it is quite high. So it seems almost impossible to see loan impairments being a cost for you in the near future.

Yeah, first of all, I think we would like to be predictable. And we communicated a year ago that we would do 30% of the previous year as capital payout. And the rest will be shared by BEX. And that is what we are doing now. We have rebuilt our capital position and is in a strong position now. And we will be happy and pleased to be able to pay back to our shareholders over the coming years also. The formula will be the one with 30% cash and the rest will be share buybacks. We are not that eager to communicate about what kind of levels that you'll be able to see combined after 2025. That's a little bit too early now.

Okay, that's fair.

And when it comes to the post-model adjustment, I think we talked about that several quarters ago, where I said you could expect us not just to build up the post-model adjustment reservation, and that is actually what happened during the course of 24. We saw a fall of 100 billion, but I think You also need to be aware that when it comes to the FSA, they have a certain expectation that we have a decent level of post-model adjustments in order to take uncertainty into account, both macro uncertainty and process risks in the business. But of course, there are possibilities going into 2025 also on that level. You're quite right.

Okay. And then the last question on the strategy that you announced a quarter ago, like how has that been received in the organization and what's the feedback you get from, from employees and customers and like, could you give a bit of flavor on like how that has been received internally and on the customers, the customer dialogues?

Sure. Extremely positively. We had a management conference a couple of weeks ago with our 450 managers. And they rated it between 6.2 and 6.7, I believe, from a scale to 7, on a scale to 7. There's a lot of support on the things that the strategy focus on, but also support to the fact that a number of the things in the strategy we have more or less pre-launched internally in terms of getting the activity level up getting efficiency up and so on. So a lot of support internally. On the customer side, really not a big discussion item. No negatives. I think if anything negative, you know, not every customer like to talk about our strategy and not all customers think it's extremely interesting. But the customers that normally do that will be the larger business and the corporate clients. And they basically notice that we're doing more to be able to support the strongest and most interesting customer client segments. And they are happy to see us stepping up in that space.

Thank you very much. That was my questions for now.

Thank you, Mathias. Next question in line comes from Albert Mueller from ABG. Please go ahead.

Hi. Right. So a couple of questions for me as well. I saw in your slide package on page 13, you write about your 2028 strategy or targets. And you write about your that you have a cost target level of about 6.5 billion. Do I interpret that correctly? Exactly that slide down to the left. Do you target like flat cost in three years time? That sounds ambitious. I just wanted to check in with that.

Well, yeah, what we're saying is that we have a 6.5 total call realized in 24. And and what I say for 25 is that it might go slightly higher, due to what what I just mentioned earlier, longer term, we aim for a cost income ratio below 50. and of course to the extent possible to make the course development as flattish as possible if you go back as i said from 14 to 22 we actually were able more or less to counteract inflationary trends in the market but of course there are uncertainties to to that development but our aim is clear all right make sense good um and then

obviously very strong asset under management and the securities trading and such um just wanted to check how sustainable it is has has it been really boosted by the u.s election and the trading related to that and performance fees and what's sustainable and what's not sustainable that is

Well, it's difficult to say because in the end it's up to the financial market development partly, but we can say that we are seeing a very strong inflow in terms of both private banking clients and general inflow of AUM funds. It's been a very good year in general in Denmark, and we've had our fair share of this. Going forward, probably 2024 shouldn't be extrapolated on, given the very strong AUM growth, but we do expect that to be a major driver going forward as well.

I think, Simon, if I could add a couple of things. The performance in our business have been strong during the last three years. So the investment performance has been strong. And that's a positive for us meeting clients that they see that our development has been strong. Secondly, we acquired PFA Bank also. And that case has been better than we anticipated. And we see more of the clients becoming full clients of Jyske also. So just a couple of comments on top of your good comments here, Simon.

All right, makes sense. And then final question for me. I thought I heard you say a bit earlier that you expect to take some market share on corporate clients. You have, obviously you can't name competitors, but you have a few competitors, if I can name them, then Sydbank and Rilba, who is also taking market share. So are you planning on gaining market shares? Is it from the savings banks or from your

even larger competitors or who are you which clients are you targeting i i'm afraid that we have a little bit more boring answer to that one so if you if you're looking at the business and corporate composition of fusca bank we tend to have a little bit larger clients than the average in the market and it's in particular within those client segments that you see the growth So, it is not about a lot of new acquisitions, but it is about, you know, we have a strong portfolio today that stays with Jyske Bank and like to work with Jyske Bank. And if they develop as we expect, they would ask for more credit than the majority of the market. All right. Sounds good.

Thank you so much. That's all from me. Thank you, Albert. Next question in line comes from Namita Samtsani from Barclays. Please go ahead.

Hi, and thanks for taking my questions. I'm just looking at slide seven where you say net interest margin was likely to gradually be approaching stabilisation, but we still have rate cuts to come. So how do you come to that conclusion? Or is it that you expect some stabilisation by June?

Yeah, the latter part, what you referred to here, I think we expect to see some tree cuts and then probably around the summertime. Well, that's what our economists expect. The cuts will stop. And at that point in time, we also expect to see a more stable development in the margin. And if you look at the development since the peak of 1.4% in total, we are actually more than half of what we expect to see of compression on margins already.

Okay, thank you. And then just on the 25 net profit guidance, I was just wondering, what's the scenario that you print a net profit of 3.8 billion? And what's the scenario that you print 4.6 billion? Is it like what could happen on the fee line or the impairment line? I'm just trying to see like the variation and the gap between the two numbers.

I think the 800 million in interval width is actually a view of macro uncertainty, point number one, and point number two, financial markets. If you do a comparison of our value adjustment line in 23, we were about 1.5 billion. In 24, we are around 1.1. and a normalized level will still be a few hundred millions below that level. So if we were in a normalized situation in 2025 on value adjustments, we would see some decrease in the in the returns and performance. And then, of course, the uncertainty as to the extent of interest rate cuts here during the course of 2025, we have put in, as I said, three cuts. And if they were lower or higher, the number, in number, of course, that could give a different view on where to end in this interval between 3.8 and 4.6.

Okay, thanks. And just on the value adjustments, do you think we are in a normalized level now? Are we in a normalized environment?

That is a very good question. It all depends on credit spreads, compression there, other elements to it, sentiment in the market, macro geopolitical issues. You know it all and we know it all. I think it is for us difficult to project specifically whether we are in a normalised position. We know rate cuts will have some implications on the interest rate structure and also on credit assessment. and credit spreads in the market for these bond issuances. And that all boils down especially also to option adjusted spreads in the market for covered bonds in the Danish market. So all this in common have implications for our value adjustment during the course of this year. I think it's fair to say that we have ambitions to deliver a normalized or hopefully slightly above normalized level in 2025.

And I think, I'm not sure to what extent you commented on the credit line here, but we thought it was the right thing to put in potential losses here also. But having said that, we see no weaknesses in our credit as of now. So it's maybe a little bit on the conservative side.

Yeah, that's helpful. Thank you.

Thank you, Namita. Next question comes from Espen Mark from Danske Bank. Please go ahead.

Yes, good afternoon. Thanks for taking my questions as well. Two questions, really. One, a little bit of a follow-up on one of the previous questions on the capital distribution. And the payout ratio. So could you just maybe I just didn't understand the answer. Maybe you just didn't provide a real detailed answer last. But what you said basically was is that it should be interpreted so that basically you have the capital in nominal terms. You have the capital right now that you would like to have sort of like midterm capital. uh given the deposit for effects etc hence uh with a couple of percent growth to the balance sheet and with your 10 return we should expect 75 each percent payout going forward which is what you also do for 24 was that how we should see it uh or were you sort of talking matthias up to 100 i just didn't really get the full clarity on on that one um

First of all, thank you, Asbjørn. A clever way to follow up here. Much appreciated. Yeah, I think I did not say a percentage. And what I said instead was that we think that we are in place now in terms of capital levels and we are in a strong position. And we will stick to what we have communicated 30% of the previous year, the result of the previous year. in cash payouts and then the rest as share buybacks. And then I said, we are happy when we can return money to the shareholders, but we will not give you a percentage a full year ahead now, Esbjorn.

Okay, but then that actually brings me to the second question, which is obviously one of your problems versus your peers is you have a low profitability. And Lars, you said very clearly at the Q3 report when you came with the strategy update that this is not Everything we got back then, there could be changes to the structure in Jyske Bank. You had, I think, five or six different potential structures going forward, one being status quo. Could you give us a little bit of an elaboration now? It's basically close to six months since the consumer authority ruling. I guess you've had time to look into the long report. We've seen some M&A in the market. One of your bigger competitors is obviously growing and I guess entering your market when it comes to large corporates in Denmark. So what are you sort of, what is going to be your next step going forward? What should we expect? Since we didn't get anything in Q3, I guess we're still waiting with anxiety in terms of what we should expect going forward.

Yeah, I think in Q3, you did not expect to get it either, as far as I remember, Esbjørn. And I think that was also just after the competition authorities report. After that, obviously, we read it immediately. And there are a number of things that we now know is possible for us, so we can take part in mergers and acquisitions going forward. That was impossible for us in the past. But we believe that the mergers and acquisitions that are being done needs to make sense strategically, financially and so on. And now we have the opportunity in terms of those changes to the model that was in place. But we will not do acquisitions just to do acquisitions. We'll do them when they make sense from a, again, strategic and financial perspective. Then there are other opportunities also in that report that could in the end mean that we are considering different structural changes. And that work is also being done. I think you would understand that even though that you've been reading the report immediately, there are a number of things in the report that you need to understand better in order to act on the report. So there are definitions and so on. that we would like to have full clarity on. But we are working on the different possibilities here and are very mindful that we'll try to get the best out of the possibilities. But we also want to make sure that there's done a good job on exploring the different opportunities.

When you say the opportunity for different structures, given that report, could you elaborate a bit on that?

Well, I think prior to that agreement, the things that were in particular important to Jyske Bank was the fact that we could basically not acquire a bank with total credit mortgages because we would not get any future income. And that kind of structural changes or acquisitions are now open for us. Secondly, it was impossible for a total credit bank to leave the total credit setup, or at least they could not leave it without losing all future income. Now it's possible for them to leave, and that obviously also makes new possibilities or gives new possibilities that we are exploring in terms of cooperation.

All right, that's very clear. Thanks a lot.

Thank you, Esbjorn. And last question in line comes from Martin Bjerg from SAP. Please go ahead.

Thank you so much. Maybe just following along the lines of the strategic questions now that we are talking about them. So what do you, Lars, what do you think about mortgage pricing. And what do you think about the 25 basis points that Total Credit is offering, which is, in my book, is a very strong argument for why you should stay with Total Credit and making your life even harder. I guess your NII is still record high, isn't it? And it will be relatively cheap to match TK pricing on Jyske Realkredit, isn't it? now the time for you to look into those tools and then return to market growth rates.

I'm not sure I fully got the last part here. Sorry.

No, I mean, isn't it time for you to lower your mortgage margins and thereby also perhaps returning to a front book market share, which is higher than what you currently have?

Okay, good question. Sorry, Martin, I didn't get it the first time. Yeah, I fully understand. We are looking at the pricing and considering the pricing basically all the time. For the time being, or at least up until now, our view has been that we are competitive And if you look at some of the ways to compare the pricing, we have the lowest prices. And if you also look at the development that we've had the last three quarters on the mortgage book, you would see that our value proposition, combined value proposition, is strong enough for us to generate growth. then one could obviously ask if we would have even higher growth with lower prices. But again, it's about striking a balance here so that we get, you know, volume and price to an optimum. But we believe we are competitive now and have believed that up until now. If we start to feel differently, we would obviously have to look at the pricing.

Okay, very clear. And then just coming back to your rather forward leaning comments on loan growth and perhaps also taking market share on lending. You forgot to mention a number and I'm particularly interested in your thoughts around sort of general banking loan growth.

Yeah, I think what I said was that looking at the composition of business and corporate clients, we believe that we are in the subsegments of the little bit larger clients that normally have requested more lending. And for that reason, we believe that we could be slightly higher in terms of corporate lending growth. We'll see if that plays out. We are still very careful in terms of our credit policies and will not compromise on credit quality in order to get growth in a couple of quarters or a little bit more growth. So we want to be able to stick to the credit policies that we have in place in general, but still we believe that we have good possibilities in the business and corporate market predominantly due to the fact that some of the larger business and corporate clients are starting to look more in our direction. On the personal customer segments, We don't know how much will be requested during the next year, but we believe that we've come up to speed compared to where we've been in comparison to the market and believe that we should be able to be close to the market development on personal clients.

Okay, so please help me here with your sort of semi-long-dated NI sensitivity and give in your I would say positive or forward-leading comments around loan growth in general. When would you expect to start to see sequential pickup in NII, if the EU central bank is done cutting by, I guess the market right now is pricing September?

I think you have a very relevant question, because if we see a downward trend still on interest rates and cuts are being in place for several occasions going forward. Of course, that is a difficult task to outweigh with even a decent growth in the market because it all depends on the market development. That being said, of course, as we close in on the rate cuts, well, around the summertime and going into the autumn. I think the momentum, both on private clients and corporate clients, is that good that we could see a more stable development in the second half of this year.

But sequential growth will have to wait until H1 2026, I presume, right?

I think it's likely. Or maybe even H2? Given that rage cuts are the name of the game for the coming quarters, you're likely to see some lag effect on some asset pricing that will entail that we'll see decreasing NII for the most of this year. I agree with that.

For the most of this year?

Towards the end of the year, I wouldn't rule out the fact that we could see sequential growth, but it will be mainly in 2021-2026.

Please understand that what that momentum we see now, if that is able to be managed properly during the course of 2025, we could see also a strong end to 2025.

Yeah, I mean, I guess that was the reason why I was so keen on getting Lars to commit to a loan growth number.

That is understood, Martin.

Thanks a lot.

You're welcome.

Thank you, Martin. And next question in line comes from Mathias Nelson from Nordea. Please go ahead.

Thank you very much. Just a couple of follow-up questions. Now there's no one else in the line and we have the opportunity to ask questions. So on the bond portfolio you have, could you maybe put a bit of flavor on what's the composition of that? Has that changed over the past years? And what should we think about the tailwind from that? When you look at rates development over the past couple of months, it has been downward sloping in the short end of the rates, of course, as central banks cut, but the more mid-term to long-term rates have been fairly stable. How much does that benefit? And could you put a bit of flavor around that?

Yeah, I think the best flavor I can put on that is basically looking at the overall yield to NII from the overall bond portfolio. Currently, we are at 2.7%, 2.8% annualized in Q4. And yeah, we are likely to see a further decrease as short-term rates continue to decrease because we do have a fair share of... of bonds with six months or three months interest rate resetting. So it's natural as policy rates go lower, that will impact that bond portfolio. But that's, of course, part of the overall NII sensitivity.

And that six-month bonds, is that Q1, Q3, or when is that hitting the numbers?

Good question. The majority of our bonds have interest rate resetting on the 1st of January and the 1st of July. Historically, that's where we've seen the largest jump in terms of coupons on the bond portfolio.

Check, that's very clear. And then my last question on capital. Is there any updates to the expected developments in your capital ratios from the upcoming regulations, Basel IV and what else? Is there any updates to that?

No updates relative to what we announced when we announced the strategy. We tend to stick to the lower end of the 15 to 17 on the CETI-1 ratio. And post-Basel 4 and Q1 this year is still up to 1.5 percentage points, inclusive of a CRE buffer of 0.9. But when we get behind, well, when Q1 is behind us, probably we will be able to be more precise on that. But as of now, that's where we stand.

So just the last you said, was that meaning that we should expect you to do a capital

update or something updating the targets after or in connection with the q1 or or how should we understand we we can't guarantee you that but of course when we get the the very big chunk of regulatory charges behind us we'll be able to be more clear on that and of course that requires a good dialogue with the with the authorities thank you thank you matthias there are no further questions in line

Thank you for participating in today's conference call. Our recording of the call will be made available on our IR website in the coming days. Please do not hesitate to contact us if you have any further questions. We appreciate your interest in Jyske Bank and wish you a nice day.