- Half-year results as stated in the corporate announcement of 17 July 2012
- Pre-tax profit for July amounted to DKK 251m
- Jyske Bank entered into an agency agreement with BRFKredit on mortgage loans for commercial real estate
- Organisational changes will be implemented and take effect as of 1 January 2013 following the conversion of Bankdata
Comments by Management
Anders Dam, Managing Director and CEO:
”The half-year results are in line with the corporate announcement of 17 July. The profit was adversely affected by DKK 900m due to the Danish Financial Supervisory Authority’s more stringent guidelines regarding loan impairment charges and provisions for guarantees. As a consequence of this, the profit for July is also published; this profit amounted to DKK 251m before tax. The profit for July emphasises that the underlying development of Jyske Bank is improving, and after seven months the profit before the implementation of the FSA’s more stringent guidelines came to DKK 942m against DKK 355m for the corresponding period in 2011. This is the best profit since 2008, and due to this Jyske Bank is again, at the end of July, able to report a profit after the implementation of the more stringent guidelines.
To strengthen Jyske Bank's product range and earnings further, a new agreement has been entered into with BRFKredit on channelling of mortgage loans for commercial real estate. This agreement does not affect the cooperation and the existing agreements with DLR and Nykredit.
Finally, we have begun to prepare organisational changes to take effect after the conversion to Bankdata. With a view to strengthening the focus on customers and the efforts in Jyske Bank’s primary market, the responsibility for Jyske Bank's Danish personal customers, private-banking clients and corporate customers will be gathered in one unit, Domestic Customers. Also, a number of functions in units supporting the business will be changed in order to create an increasingly flexible organisation that will be able to offer targeted, comprehensive advice to the customers. At the same time, a number of initiatives will be launched to improve the cross-functional cooperation so it will become more smooth as well as to improve the utilisation of resources”, concludes Anders Dam.
