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Jyske Bank Q4 2020

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Jyske Bank Q4 2020 Jyske Bank Q4 2020 23 February 2021 2020 in brief Clients experienced Negative rates – for better or worse All Progress Counts A changing organisation • More online meetings. • More clients began to invest • Own wind turbine to offset CO2 • An organisational change in the instead of having cash deposits. emission from direct and development organisation with • More specialists. indirect power consumption a view to becoming even more • To an increasing degree, the covered by means of own agile. • Fewer branches to visit. negative interest rate renewable energy production. environment was reflected in • Organisational changes in • A brand new mobile banking deposit rates for personal • First estimate of CO e emission Personal Clients to become platform. 2 clients. from business volumes. more focused and specialized. • Increased flexibility with Jyske • Targets for sustainability in all Frihed. • Advantageous interest rates • Many employees experienced and remortgaging opportunities material business areas. changed working conditions due for home owners remained. to COVID-19. • Energy loans and CO2 calculator facilitating energy retrofitting. • The sale of Jyske Bank Gibraltar • A new equity fund offering more was finalized. sustainable investment solutions. • New VISA card without Dankort. COVID-19 • Lockdown and restrictions affected Danish society in 2020. • Clients received individual advice and guidance about the COVID-19 situation. • Jyske Bank's employees were most flexible and adaptive, and the bank remained accessible. • A COVID-19 management's estimate for impairment charges of DKK 1.1bn. 2 Summary Q4 2020 Summary 03 Financial results 12 Capital and liquidity 18 Volumes 21 Sustainability 26 Jyske Bank in brief 31 Macroeconomics 38 Calendar and contacts 42 Highlights Strong financial performance in recent quarters; DKK 1.9bn - 2.3bn net profit outlook for 2021 All-time strong credit quality and intact DKK 1.1bn management’s estimate for COVID-19 Cost focus intensified with core expenses down 4% in 2020 and a continued decline expected Several deposit repricing initiatives introduced; zero interest threshold lowered to DKK 100K Ample capital ensuring high payout capacity; share buy-backs of DKK 750m initiated 4 Strong financial performance in recent quarters DKK 1.9bn - 2.3bn net profit outlook for 2021 vs. DKK 1.6bn in 2020 Return on shareholders’ equity (p.a.) 14% 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Impairment charges based on management's estimate Return on equity (p.a.) excl. impairment charges based on management's estimate 5 All-time strong credit quality Intact DKK 1.1bn management’s estimate related to COVID-19 pandemic Non-performing loans (net) as % of loans, advances and guarantees 2.0% 1.8% 1.6% 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 6 Cost focus intensified with core expenses down 4% in 2020 Decrease of 6% excl. one-offs and a continued decline expected for 2021 Core expenses (trailing four quarters, DKKm) 5,300 5,250 5,200 5,150 5,100 5,050 5,000 4,950 4,900 4,850 4,800 4,750 4,700 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 7 Several deposit repricing initiatives introduced Zero interest threshold lowered to DKK 100,000 for private clients’ deposits Interest income from deposits (excl. repo, triparty, DKKm) 100 90 80 70 60 50 40 30 20 10 0 -10 -20 -30 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 8 Ample capital ensuring high payout capacity DKK 750m share buy-back initiated with capital ratio at all-time high level Capital ratio 24% 22% 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Common Equity Tier 1 Additional Tier 1 Tier 2 9 Financial results Net profit of DKK 831m and return on equity of 9.6% in Q4 2020 Income statement and key figures (DKKm) Q4 Q4 Index Q3 Index FY FY Index Net interest income -6% y/y. Reduced deposit rates counteracted lower 2020 2019 y/y 2020 q/q 2020 2019 y/y bank lending. Decline mainly due to lower interest income from bonds. Net interest income 1,195 1,270 94 1,256 95 4,966 5,152 96 Net fee and commission income -11% y/y due to lower remortgaging Net fee and commission income 581 653 89 453 128 2,091 2,311 90 activity, lower performance fees as well as the sale of Jyske Bank (Gibraltar). Value adjustments 278 252 110 189 147 685 342 200 Value adjustments of DKK 278m amid narrowing credit spreads, positive Other income 38 41 93 36 106 130 154 84 effect of FX positions and high activity levels. Income from operating lease 34 15 227 69 49 110 101 109 Core expenses -3% y/y and -11% y/y on an underlying basis due to 7% Core income 2,126 2,231 95 2,003 106 7,982 8,060 99 lower FTE’s, an intensified cost focus and sale of Jyske Bank (Gibraltar). Core expenses 1,179 1,213 97 1,159 102 4,848 5,029 96 Loan impairment charges of DKK 5m, as NPL share reached all-time low. Core profit before loan 947 1,018 93 844 112 3,134 3,031 103 COVID-19 management’s estimate of DKK 1.1bn remains intact. impairment charges Loan impairment charges 5 -64 - -48 - 968 -101 - Investment portfolio earnings of DKK 157m from narrowing credit spreads and FX positions. Core profit 942 1,082 87 892 106 2,166 3,132 69 Investment portfolio earnings 157 144 109 14 1,121 -56 -53 - Return on equity Q4 2019 vs. Q4 2020 Pre-tax profit 1,099 1,226 90 906 121 2,110 3,079 69 14% Tax 268 260 103 210 128 501 639 78 -1.9pp y/y 12% Net profit for the period 831 966 86 696 119 1,609 2,440 66 Earnings per share (DKK) 10.9 12.2 89 9.0 121 19.8 29.0 68 10% Return on equity (ann.) 9.6% 11.5% 83 8.1% 118 4.4% 7.1% 62 8% Cost/income ratio 55.5% 54.4% 102 57.9% 96 60.7% 62.4% 97 6% Capital ratio 22.9% 21.5% 106 22.3% 103 22.9% 21.5% 106 4% CET1 ratio 17.9% 17.4% 103 17.5% 103 17.9% 17.4% 103 2% Mortgage lending (nominal) 333,056 327,926 102 332,311 100 333,056 327,926 102 0% Bank loans (excl. repo) 73,043 79,039 92 71,794 102 73,043 79,039 92 Q4'20 Q4'19 New home loans 2,646 3,400 78 2,822 94 2,646 3,400 78 Value income Net interest Net adjustments Leasing 19,879 19,651 101 19,565 102 19,879 19,651 101 Tax, AT1 etc. AT1 Tax, Loan impair- Loan ment charges ment Other income Other Core expenses Core folio earnings folio mission income mission Investment port- Investment rating lease (net) lease rating Net fee and com- and fee Net Deposits (excl. repo) 127,461 126,939 100 125,582 101 127,461 126,939 100 Income from ope- from Income 10 Outlook Earnings per share (DKK) Bank lending to increase and mortgage Volumes lending to grow with market in 2021 2021E 2020 Core income Lower in 2021 than 2020 level 2019 2018 Core expenses Lower in 2021 than 2020 level 2017 2016 Loan impairment Very low level in 2021 charges 2015 2014 Net profit DKK 1.9bn-2.3bn in 2021 2013 2012 CET1 ratio of 15%-17% and capital ratio of Capital 2011 20%-22% for the coming years 0 5 10 15 20 25 30 35 40 11 Financial results Q4 2020 Summary 03 Financial results 12 Capital and liquidity 18 Volumes 21 Sustainability 26 Jyske Bank in brief 31 Macroeconomics 38 Calendar and contacts 42 Reduced deposit rates offset lower bank lending volumes Net interest income (NII) Net interest income Q4 2019 vs. Q4 2020 (DKKm) 1,300 NII -6% y/y due to part of NII from bonds moving to value adjustments -6% y/y • Core NII unchanged, as reduced deposit rates for private and corporate 1,280 clients offset negative impact from lower bank lending and mix effects. 1,260 • Other NII down due to lower NII from trading activities (see value 1,240 adjustments), sale of Jyske Bank (Gibraltar) as well as T2 and NPS issues. 1,220 NII -5% q/q, partly due to a negative one-off and negative mix effects 1,200 • Core NII -2% due to lower NII from bank lending moderated by reduced deposit rates for corporate clients and higher lending to public auth. 1,180 • Other NII down, mainly due to lower NII from bonds and a new NPS issue. 1,160 • DKK -19m from one-off and accruing paid commissions under leasing 1,140 activities with effect from 1 January 2020 booked in Q4 2020. 1,120 Threshold for zero interest on private clients’ deposits lowered from DKK Q4'19 Lending Lending Deposit Deposit Days Other Q4'20 250K to DKK 100K effective 1 April 2021.
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