Jyske’s Core Profit Reaches 1,721 Million Kroner, Beats Analysts’ Expectations in Third Quarter
Key Facts
Jyske Bank reported core profit of 1,721 million Danish kroner in the third quarter of 2026, exceeding analysts’ expectations of 1,577 million kroner by 9.1%, according to the bank’s report and its MarketWire coverage. Net profit was 1,278 million kroner, above the average forecast of 1,178 million, but down from 1,455 million kroner in the same period a year earlier. Core profit also fell from 1,877 million kroner in the third quarter of 2025. The bank attributed the quarter’s performance to growth in core income, cost discipline and continued low loan provisions. Chief Executive Lars Mørch said customer activity remained high, business momentum accelerated and credit quality remained strong during the first nine months.
Core income was 3,276 million kroner in the third quarter, exceeding analysts’ expectations of 3,180 million, but below 3,439 million kroner a year earlier, according to MarketWire. Growth in net interest income was one of the quarter’s performance drivers: it rose 4% from the previous quarter, its largest quarterly increase since the third quarter of 2023, amid higher short-term interest rates. Net interest income was 2,270 million kroner, compared with 2,187 million in the third quarter of 2025, according to the interim report. On credit, the bank recorded a reversal of loan provisions worth 50 million kroner in the third quarter, compared with a provision of 25 million a year earlier. Analysts had expected a provision of 32 million kroner, according to MarketWire.
In the first nine months of 2026, core income fell 3% to 9,666 million kroner, with lower value adjustments the main reason, according to the interim report. This was partly offset by higher business volumes and an increase in net fee and commission income, particularly from asset management activities. Net profit for the period was 3,680 million kroner, compared with 3,992 million in the first nine months of 2025. The bank attributed the decline in profit mainly to lower value adjustments, dividends and gains on the investment portfolio, partly offset by higher fee and commission income. Earnings per share were 60.8 kroner for the period, below the record 62.5 kroner reported in the corresponding period last year.
Mørch said higher customer activity, accelerating business momentum and strong credit quality supported the raised outlook, while the bank cited continued low loan provisions and disciplined cost management as factors in the quarterly result. At the end of the third quarter, the Common Equity Tier 1 ratio was 15.7%, while the total capital ratio reached 20.9%. The bank expects core income to decline in 2026, particularly because of lower value adjustments, while core expenses are expected to be slightly lower. These expectations put the decline in core income recorded in the first nine months in the context of the bank’s full-year outlook, with quarterly growth in net interest income and lower loan provisions among the elements of the quarter’s result. The bank published its interim report for the first nine months on 28 October 2026, reporting the third-quarter results.
In wealth management, Jyske Bank’s acquisition of Formuepleje received regulatory approval and was expected to close on 2 November 2026. Formuepleje manages assets of about 40 billion kroner for around 14,000 investors, according to the interim report. EL7 reported on 2 September that the bank planned to acquire the company in full. The expected closing date follows the release of the nine-month results and represents the next anticipated corporate development identified by the bank. The report did not provide another subsequent date among the available information about the deal.