Jyske Bank A/S Ord

Hi everyone and thank you for joining us on Lyske Bank's conference call for the financial results for the second quarter of 2026. I am Simon Haubart from Investor Relations. With me I have Lyske Bank's CEO Lars Merck and CFO Bjørn Nielsen. Lars and Bjørn will walk you through our prepared remarks. Afterwards we will open up for questions. I will now hand over to Lars.

Thanks a lot Simon and thanks a lot for calling in. Earnings per share increased 12% year-on-year in Q2. That is a result of business momentum and positive markets, cost control and share buybacks. We've also seen an accelerating mortgage growth, not the least due to new successful product launches. And we see that we are taking market share in this area at the moment. We continue to see the benefits of increasingly customer satisfaction over the last couple of years. and we have again won best in private banking for the 11th consecutive year. But we are also seeing improvements across the bank and it's also worth noting here that we are improving in the CNI area and among institutional clients and have the best rating in that area that we've had ever.

Thank you, Lars. And going further on, looking into the numbers and figures for Q2, we've had a very supportive environment in Q2, strong quality of our customer base. We've seen slightly higher interest rates and money market rates, and we've seen good activity and risk on in the quarter. So that all led to a satisfactory result for Q2. We saw a rebound of earnings per share from 17 kroner in Q1 due to the market turbulence back in March, now back to 22 kroner in Q2, the highest earnings per share in Q2 ever in an ordinary quarter. In the P&L, the NII is almost on par with last year, up 2% quarter over quarter, and the fee income demonstrated Another good quarter on activity, 6% up over the year. We've kept a tight course base and exclusive of one-offs, we are at index 99 or 1% down from last year, so fully on track. Value adjustments saw a strong performance due to significant spread tightening of Danish mortgage bonds and loan impairment charges ended at zero basis points. Looking at the strategic metrics, our return on tangible equity was well above our 10% threshold for 2018 and the cost-income ratio at 47%, also above our long-term target of below 50. On the right-hand side, you can see the volume numbers, and they all showed an upward trend in the quarter. Asset under management significantly up 9%, supported by both Private individuals as well as institutional customers. Deposits grew 1%, bank lending grew 1%, mortgage lending 1% and leasing 2% up in the quarter, so a steady performance in all areas in the quarter. Looking at the expectations for this year, we are well on track to deliver the The 71 to 85 kroner which we announced for the full year and our expectations are unchanged as we speak. We have an earnings per share in the first half of 39 kroner, actually the same level as we had in the first half of last year.