Interim report
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Interim Financial Report H1 2025
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Contents Executive summary Outlook 2025 Financial highlights Key figures Management's Review Jyske Bank Group Jyske Bank A/S Financial statements Statements Statement by the Manage- ment and Supervisory Boards 4 5 6 7 Introduction→ 34 58 Net profit for the period Business volumes Credit quality Capital management Liquidity management Business segments Other information 10 16 18 20 22 25 32 → Financial review → Financial statements → Statements 69 Introduction Financial Review Financial Statements Statements Page 2 Interim Financial Report H1 2025
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→ → → → Executive summary Outlook 2025 Financial highlights Key figures Introduction Page 3 Interim Financial Report H1 2025 Introduction Financial Review Financial Statements Statements
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New Group Executive member On 1 June 2025, Ingjerd Blekeli Spiten took office as Head of Personal Banking and Wealth Management and new mem- ber of the Group Executive Board. She replaces Niels Erik Jakobsen who after just under 38 years with Jyske Bank had decided to retire. Higher customer satisfaction Efforts to improve customer satisfaction resulted in continued progress in H1 2025. Jyske Bank now ranks first among corporate customers with more than 20 employees and was named “Best at Private Banking” for the tenth year running. In 2024, the personal customer satisfaction showed the most significant progress in Denmark and that trend has continued into 2025. The high level of customer satisfaction is the result of targeted efforts across the Group by our employees to meet custo- mer needs and requirements and enhan- ce customer experience. In addition, we maintain a strong focus on competitive solutions. The activity level is high, and customers are opting for Jyske Bank’s products, which has resulted in higher assets under management and a high number of home purchases. In H1 2025, earnings per share rose by 1% compared with the previous year de- spite the impact from considerably lower short-term interest rates. The business volume showed sustained advance with momentum in the personal customer area in particular . On this background, expectations of the net profit for 2025 were specified at the upper end of DKK 3.8bn-4.6bn. The Danish economy and employment are on the rise, and activity in the hou- sing market has increased. At the same time, however , the outlook is limited by changes in tariff rates and geopolitical uncertainty. Customers' financial situa- tion is generally robust, and we are well equipped to help them. Strategic progress The strategy focuses on optimising ope- rations and investing in selected custo- mer segments and a future-proof digital platform. The objective is to strengthen customer focus, support customers' sustainable transition and further profes- sionalize risk management. During H1 2025, the use of AI became increasingly widespread in employees' daily work, which helped release time for customer contact and advisory services. ”Overall, we are seeing good activity and have refined our outlook. Over the past year , Jyske Bank significantly improved customer satisfaction among both personal and corporate customers and was named “Best at Private Banking” for the tenth year running. These are central elements of our strategy.” Lars Mørch CEO and Member of the Group Executive Board Executive summary Strengthened position in Copenhagen On 7 July 2025, 950 employees moved to a new address and new surroundings. We are bringing together the forces from our Copenhagen offices at Klampenborgvej, Havneholmen, and Vesterbrogade under one roof in the Glass Cube at Kalvebod Brygge. The new office in Copenhagen supports a strong professional environment and promotes cross-functional collaboration. With its central location, the Glass Cube is easily accessible for both customers and employees, and the relocation also means annual savings on total rental costs. DKK 39.4 per share in H1 2025 Jyske Bank’s earnings per share rose by 1% to DKK 39.4 supported by a positive development in activity and a solid credit quality. Core income declined by 5% due to lower net interest income after Danmarks Na- tionalbank's policy rate decreased to an average of 2.1% in H1 2025 from 3.6% the previous year . Net fee and commissi- on income showed a continued advance of 14%, driven by rising assets under management and customers' selection of our investment products as well as a higher level of activity. Core expenses increased due to relocati- on of premises in Copenhagen. Underly- ing core expenses decreased by 1% due to fewer employees and lower contribu- tions to the Resolution Fund. Non-recur- ring items relating to the acquisitions of Handelsbanken Danmark and PFA Bank declined as a result of completed integra- tion processes. Loan impairment charges amounted to an income of DKK 47m in H1 2025 against an expense of DKK 95m in H1 2024. The reversals reflect a solid credit quality. Post model adjustments rose to DKK 1.9bn from DKK 1.8bn at the end of 2024. The capital base remains strong after the implementation of Basel IV . The common equity tier 1 capital ratio amounted to 16.3% at the end of H1 2025, with a total capital ratio of 21.5% in line with the tar- geted ranges. Page 4Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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For 2025, Jyske Bank estimates a net profit at the upper end of the range of DKK 3.8bn-4.6bn, corresponding to ear- nings per share at the upper end of the range of DKK 60-73. Expectations are in line with the assumptions for the financial targets for 2028. Core income is expected to decline in 2025, in particular as a result of lower net interest income. Expectations mirror moderate growth in the Danish economy and a sharp reduction of Danmarks Nati- onalbank’s policy rate. Core expenses inclusive of non-recurring expenses are expected to be slightly hig- her in 2025. In 2024, when the integration processes came to an end, non-recurring expenses, including expenses for the integration of Handelsbanken Danmark and PFA Bank, amounted to a total of DKK 91m. The underlying increase was in particular boosted by payroll adjustments due to collective agreements. Outlook 2025 Core income Core expenses (incl. one-offs) Loan impairment charges Net profit Lower in 2025 than in 2024 Mainly caused by lower net interest income Slightly higher in 2025 Lower non-recurring costs and cost measures partly offset inflation and strategic investments Low level in 2025 Post-model adjustments relating to loan impairment charges amounted to DKK 1.9bn at the end of H1 2025 Upper end of DKK 3.8bn-4.6bn Corresponding to EPS at the upper end of DKK 60-73 The trend in core income and expenses is expected to result in a slightly higher cost/income ratio in 2025 than the 47 realised in 2024. It is presumed that loan impairment charges will remain low in 2025. Expe- ctations are supported by a low level of non-performing loans and considerable post model adjustments. The original expectations of 2025 poin- ted to a net profit of DKK 3.8bn-4.6bn or earnings per share at DKK 60-73. In con- nection with the release of the interim fi- nancial report for H1 2025, expectations have been specified to reach the upper end of the previously stated ranges. The expectations involve uncertainty and depend, for instance, on macroeconomic circumstances and developments in the financial markets. Earnings per share (DKK) 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2025E 60-73 55 42 20 29 28 35 33 26 89 80 Page 5Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Financial highlights H1 2025 39.4 DKK +14 % -1 bp Highest earnings per share for H1 to date. Expecta- tions for 2025 lifted to upper end of ranges. Net fee and commission income increased by 14% relative to the previous year . Reversal of loan impairment charges of DKK 47m or -1bp of loans and guarantees. ↘ 7 years Highest organic growth in mortgage loans to perso- nal customers since 2018 Page 6Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Key figures Core profit and net profit for the period DKKm H1 H1 Index Q2 Q1 Q4 Q3 Q2 Full year 2025 2024 25/24 2025 2025 2024 2024 2024 2024 Net interest income 4,394 4,877 90 2,180 2,214 2,244 2,334 2,415 9,455 Net fee and commission income 1,384 1,209 114 658 726 902 627 603 2,738 Value adjustments 445 438 102 263 182 172 453 199 1,063 Other income 217 199 109 142 75 37 33 129 269 Income, operating lease, etc. (net) 63 105 60 31 32 31 32 52 168 Core income 6,503 6,828 95 3,274 3,229 3,386 3,479 3,398 13,693 Core expenses 3,195 3,160 101 1,662 1,533 1,634 1,608 1,603 6,402 Core profit before loan impairment charges 3,308 3,668 90 1,612 1,696 1,752 1,871 1,795 7,291 Loan impairment charges -47 95 - -113 66 8 -82 13 21 Core profit 3,355 3,573 94 1,725 1,630 1,744 1,953 1,782 7,270 Investment portfolio earnings 75 13 577 7 68 -33 6 44 -14 Net profit before non-recurring items 3,430 3,586 96 1,732 1,698 1,711 1,959 1,826 7,256 Non-recurring items, Handelsbanken DK/PFA Bank 0 -40 0 0 0 -18 -33 -18 -91 Pre-tax profit 3,430 3,546 97 1,732 1,698 1,693 1,926 1,808 7,165 Ta x 893 923 97 451 442 425 505 471 1,853 Net profit for the period 2,537 2,623 97 1,281 1,256 1,268 1,421 1,337 5,312 Interest expense on additional tier 1 capital, recognised on equity 131 129 102 66 65 67 66 67 262 Page 7Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Relationships between income statement items under 'The Jyske Bank Group' (key financial data) and the income statement on page 34 appear from note 4. *Financial ratios are calculated as if additional tier 1 capital is recognised as a liability. ** The number of employees at the end of the first half of 2025 less 21 employees who are financed externally against 15-18 employees in the other quarters. Summary of balance sheet, end of period DKKbn H1 2025 H1 2024 Index 25/24 Q1 2025 Q4 2024 Q3 2024 Loans and advances 574.3 549.5 105 566.9 567.2 557.7 - of which mortgage loans 372.2 353.3 105 366.7 365.8 361.2 - of which bank loans 141.6 147.6 96 144.7 144.7 143.6 - of which repo loans 60.5 48.6 125 55.5 56.7 52.9 Bonds and shares, etc. 110.8 98.6 112 109.0 98.7 104.3 T otal assets 766.8 769.9 100 782.3 750.2 765.2 Deposits 197.1 208.3 95 198.5 198.9 209.4 - of which bank deposits 189.7 197.0 96 191.1 190.2 196.0 - of which repo and tri-party deposits 7.4 11.3 66 7.4 8.7 13.4 Issued bonds at fair value 368.4 344.9 107 368.4 362.2 360.9 Issued bonds at amortised cost 64.0 96.0 67 65.9 66.6 77.4 Subordinated debt 7.7 7.6 101 7.7 7.6 7.7 Holders of additional tier 1 capital 4.9 4.9 101 4.9 4.9 4.9 Shareholders' equity 46.0 44.3 104 45.3 45.7 44.5 Key figures and ratios H1 2025 H1 2024 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Earnings per share for the period (DKK)* 39.4 38.8 20.0 19.4 19.5 21.7 Profit for the period, per share (diluted) (DKK)* 39.4 38.8 20.0 19.4 19.5 21.7 Pre-tax profit p.a. as a percentage of average equity* 14.4 15.7 14.6 14.4 14.5 16.8 Profit for the period p.a. as a percentage of average equity* 10.5 11.5 10.7 10.5 10.7 12.2 Return on equity p.a. excl. intangible assets* 11.3 12.5 11.5 11.3 11.5 13.2 Expenses as a percentage of income 49.1 46.3 50.8 47.5 48.3 46.2 Capital ratios (%) 21.5 21.9 21.5 20.9 23.1 22.6 Common equity tier 1 capital ratio (CET1 %) 16.3 16.6 16.3 15.7 17.6 17.2 Individual solvency requirement (%) 11.0 11.3 11.0 11.1 11.3 11.3 Capital base (DKKbn) 51.4 50.7 51.4 51.2 52.9 51.7 Weighted risk exposure (DKKbn) 238.9 231.2 238.9 245.3 229.5 228.9 Share price at end of period (DKK) 641 554 641 551 510 522 Distributed dividend per share (DKK) 24.0 7.8 0.0 24.0 0.0 0.0 Book value per share (DKK)* 762 695 762 738 742 723 Price/book value per share (DKK)* 0.8 0.8 0.8 0.7 0.7 0.7 Number of shares in circulation, end of period (‘000) 60,369 63,779 60,369 61,322 61,500 61,547 No. of full-time employees, end of period** 3,850 3,935 3,850 3,866 3,860 3,953 Page 8Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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→ → → → → → → Net profit for the period Business volumes Credit quality Capital management Liquidity managemet Business segments Other information Financial Review Page 9 Interim Financial Report H1 2025 Introduction Financial Review Financial Statements Statements
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Net profit for the period Earnings per share amounted to DKK 39.4, which is 1% above H1 2024 and the best-ever H1. This corresponds to a net profit of DKK 2,537m and DKK 2,623m, respectively. 2020 DKKm 2021 2022 2023 2024 Net profit 5.904 5.312 3.7523.176 1.609 1,685 1,691 2,488 2,623 2,537 H1'21 H1'22 H1'23 H1'24 H1'25 Core profit and net profit for the period DKKm H1 H1 Index Q2 Q1 Q4 Q3 Q2 Full year 2025 2024 25/24 2025 2025 2024 2024 2024 2024 Net interest income 4,394 4,877 90 2,180 2,214 2,244 2,334 2,415 9,455 Net fee and commission income 1,384 1,209 114 658 726 902 627 603 2,738 Value adjustments 445 438 102 263 182 172 453 199 1,063 Other income 217 199 109 142 75 37 33 129 269 Income, operating lease, etc. (net) 63 105 60 31 32 31 32 52 168 Core income 6,503 6,828 95 3,274 3,229 3,386 3,479 3,398 13,693 Core expenses 3,195 3,160 101 1,662 1,533 1,634 1,608 1,603 6,402 Core profit before loan impairment charges 3,308 3,668 90 1,612 1,696 1,752 1,871 1,795 7,291 Loan impairment charges -47 95 - -113 66 8 -82 13 21 Core profit 3,355 3,573 94 1,725 1,630 1,744 1,953 1,782 7,270 Investment portfolio earnings 75 13 577 7 68 -33 6 44 -14 Net profit before non-recurring items 3,430 3,586 96 1,732 1,698 1,711 1,959 1,826 7,256 Non-recurring items, Handelsbanken DK/PFA Bank 0 -40 0 0 0 -18 -33 -18 -91 Pre-tax profit 3,430 3,546 97 1,732 1,698 1,693 1,926 1,808 7,165 Ta x 893 923 97 451 442 425 505 471 1,853 Net profit for the period 2,537 2,623 97 1,281 1,256 1,268 1,421 1,337 5,312 Interest expense on additional tier 1 capital, recognised on equity 131 129 102 66 65 67 66 67 262 Page 10Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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2,623 2,537 H1'24 Net interest income Net fees and commissions Value adjustments Other income Income, operating lease, etc. (net) Core expenses (incl. one-offs) Loan impairment charges Investment portfolio Tax H1'25 Net profit (DKKm) Profit for the period 1 Net interest income A decline of 10% compared with the pre- ceding year due to lower short-term inte- rest rates driven by the cut in Danmarks Nationalbank’s policy rate 2 Net fee and commission income Increase of 14% compared with the preceding yeardue to a higher amount of assets under management and higher activity in the mortgage credit area. 3 Loan impairment charges Income of DKK 47m against an expen- se of DKK 95m in the preceding year . The reversal of loan impairment charges includes an increase in post model adju- stments by DKK 95m to DKK 1.9bn. 1 2 3 Page 11Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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1,085 1,250 1,211 1,209 1,384 H1'21 H1'22 H1'23 H1'24 H1'25 Core income Core income shed 5% to DKK 6,503m compared with H1 2024 due to lower short-term interest rates which resulted in a lower net interest rate margin. Net interest income fell by 10% to DKK 4,394m. The decline can primarily be attributed to the reduction of the deposit margin and the return on excess liquidity. Danmarks National- bank’s policy rate was lowered to 1.60% at the end of H1 2025 from 3.35% in the prece- ding year . Net fee and commission income rose by 14% to DKK 1,384m. The increase to the hig- hest-ever level for H1 was supported by rising assets under management due to a positive market development and inflow of funds from customers. In addition, the effect from hig- her activity in the mortgage credit area. ↘5% DKKm DKKm Net interest income Net fee and commission income Mortgage loans Other net interest income Bank loans (excl. repo) Deposits (excl. repo and triparty) Securities trading, safe-custody Money transfers, cards Mortgage fees Loan applications Fee expenses Other feesGuarantees 2,454 2,671 4,639 4,877 4,394 H1'21 H1'22 H1'23 H1'24 H1'25 Page 12Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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605 -84 426 438 445 H1'21 H1'22 H1'23 H1'24 H1'25 103 185 167 105 63 H1'21 H1'22 H1'23 H1'24 H1'25 Value adjustments at DKK 445m were close to an unchanged level compared to DKK 438m the previous year . The level in H1 2025 reflects yield curve tightening on bonds. Other income rose to DKK 217m from DKK 199m due to higher share dividends, etc. Income from operating lease etc. (net) fell to DKK 63m from DKK 105m. The de- velopment was due primarily to declining profits from the sale of returned lease vehicles. DKKm Other income 2020 2021 2022 2023 2024 227239 175 130 Core income The policy rate rose from -0.6% at mid-2022 to 3.6% in H1 2024. Danmarks Nationalbank began reducing its policy rate at mid- 2024 to 1.6% by the end of H1 2025. The reduction of approx. two percentage points over the past year had a considerable impact on the deposit margin and profitability of Jyske Bank's excess liquidity. P. a . -1% 0% 1% 2% 3% 4% 2020 2021 2022 2023 2024 2025 DKKm Income from operating lease, etc. (net) 117 175 130 199 217 H1'21 H1'22 H1'23 H1'24 H1'25 Nationalbanken's certificate of deposit rate DKKm Value adjustments Page 13Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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1,455 1,464 1,813 1,953 1,970 887 891 1,258 1,247 1,2252,342 2,355 3,071 3,200 3,195 H1'21 H1'22 H1'23 H1'24 H1'25 478 415 847 923 893 H1'21 H1'22 H1'23 H1'24 H1'25 104 17 -58 13 75 H1'21 H1'22 H1'23 H1'24 H1'25 Core expenses increased by 1% due to non-recurring expenses of DKK 60m for the consolidation of locations in Copen- hagen, which will result in rental savings. Underlying core expenses decreased by 1% as fewer employees and lower contributions to the Resolution Fund under Financial Stability more than offset contractual wage increases of 3.7% and inflation. Core expenses Loan impairment charges Investment portfolio earnings Tax Loan impairment charges amounted to an income of DKK 47m against an expen- se of DKK 95m in the preceding year . The reversal in H1 2025 reflects a solid credit quality and includes the effect of an increase in post model adjustments of DKK 95m to DKK 1.9bn. Investment portfolio earnings amounted to DKK 75m in H1 2025 against DKK 13m in H1 2024. The improved results were mainly due to lower internal funding costs as a result of the lower interest rate level. DKKm DKKm DKKm DKKm T ax amounted to DKK 893m in H1 2025 against DKK 923m in the preceding year . The effective tax rate at 26.0% included the effect from a special tax on the fi- nancial sector , resulting in an increase in taxation of financial services companies from 22.0% to 25.2% in 2023 and 26.0% from 2024. Non-recurring expenses relating to the acquisitions of Handelsbanken Danmark and PFA Bank declined to DKK 0m from DKK 40m in the preceding year since the integration processes were completed in 2024. Employee costs Other expenses -37 -247 109 95 -47 H1'21 H1'22 H1'23 H1'24 H1'25 Page 14Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Earnings per share increased by 3% to DKK 20.0 corresponding to a net profit of DKK 1,281m. Core income rose by 1% due to higher value adjustments and higher share dividend. Net interest income shed 2% to DKK 2,180m. The decline was due to lower short-term rates derived from Danmarks Natio- nalbank’s cut of its policy rate, which had an adverse effect on the interest rate margin on deposits and the return on excess liquidity. Net fee and commission income fell by 9% to DKK 658m. The decline was due to higher fees paid in connection with leasing activities and seasonally lower fee income relating to Letpension. Value adjustments rose to DKK 263m from DKK 182m. The le- vel in Q2 partly reflects yield curve tightening on bonds. Other income rose to DKK 142m from DKK 75m due to seaso- nally higher share dividends. Income from operating lease etc. (net) remained practically un- changed at DKK 31m against DKK 32m in Q1. Core expenses rose by 8% to DKK 1,662m due to non-recurring expenses relating to the consolidation of locations in Copenha- gen and higher employee-related expenses. Loan impairment charges amounted to an income of DKK 113m against an expense of DKK 66m in the preceding quarter . The reversal in Q2 reflects a solid credit quality. Investment portfolio earnings amounted to DKK 7m against DKK 68m in Q1. The decline from a high level was partly due to lower bond returns. Q2 2025 vs. Q1 2025 20.0 DKK Q2 2025 Earnings per share Page 15Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Business volumes At the end of H1 2025, Jyske Bank's total loans (exclusive of repo loans) amounted to DKK 513.8bn and consisted of mortga- ge loans at 72% and bank loans at 28%. This was 1% higher than DKK 510.5bn at the end of 2024. Nominal mortgage loans rose by 2% to DKK 389.5bn in H1 2025. The progress was driven by increased lending to both personal and corporate customers. The quarterly growth in nominal mortgage loans to personal customers was at its highest level since 2018, adjusted for the effect from the acquisition of Handels- banken Danmark. Bank loans declined by 2% to DKK 141.6bn at the end of H1 2025. The decli- ne can partly be attributed to the limited transfer of mortgage-like bank loans from Jyske Bank to Jyske Realkredit. At DKK 189.7bn, bank deposits were pra- ctically unchanged compared with DKK 190.2bn the end of 2024. Lower time deposits from corporate customers were partly offset by higher demand deposits from personal customers. At the end of H1 2025, the business volume within asset management had increased to DKK 293bn from DKK 289bn at the end of 2024. Over H1, the business volume was favourably affected by net sales of investment solutions to personal customers. Summary of balance sheet at end of period DKKbn H1 2025 H1 2024 Index 25/24 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Loans and advances 574.3 549.5 105 566.9 567.2 557.7 549.5 556.7 - of which mortgage loans 372.2 353.3 105 366.7 365.8 361.2 353.3 351.5 - of which bank loans 141.6 147.6 96 144.7 144.7 143.6 147.6 150.7 - of which repo loans 60.5 48.6 125 55.5 56.7 52.9 48.6 54.5 Bonds and shares, etc. 110.8 98.6 112 109.0 98.7 104.3 98.6 103.9 T otal assets 766.8 769.9 100 782.3 750.2 765.2 769.9 770.1 Deposits 197.1 208.3 95 198.5 198.9 209.4 208.3 207.4 - of which bank deposits 189.7 197.0 96 191.1 190.2 196.0 197.0 190.6 - of which repo and tri-party deposits 7.4 11.3 66 7.4 8.7 13.4 11.3 16.8 Issued bonds at fair value 368.4 344.9 107 368.4 362.2 360.9 344.9 347.0 Issued bonds at amortised cost 64.0 96.0 67 65.9 66.6 77.4 96.0 91.9 Subordinated debt 7.7 7.6 101 7.7 7.6 7.7 7.6 8.5 Holders of additional tier 1 capital 4.9 4.9 101 4.9 4.9 4.9 4.9 5.5 Shareholders' equity 46.0 44.3 104 45.3 45.7 44.5 44.3 43.3 Page 16Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Jyske Bank's total loans (exclusive of repo loans) amounted to DKK 513.8bn at the end of the second quarter of 2025 against DKK 511.4bn in the previous quarter . The increase can chiefly be attributed to higher mortgage loans. Nominal mortgage loans rose by 2% to DKK 389.5bn due to hig- her lending to corporate customers and the highest H1 growth relating to personal customers since 2018. Bank loans shed 3% due to lower lending to corporate custo- mers including utility companies and financial companies. Bank deposits fell by 1% in the second quarter due to conside- rably lower time deposits from corporate customers. The business volume within asset management was up to DKK 293bn from DKK 287bn due to a positive price performance in most financial markets despite high volatility. In addition, positi- ve net sales of investment solutions for retail customers. Q2 2025 vs. Q1 2025 513.8 DKKbn H1 2025 Lending (excl. repo) Business volumes Index Bank loans (excl. repo) Assets under mgmt. Mortgage loans (nom.) Deposits 80 100 120 140 160 180 200 H1'20 H1'21 H1'22 H1'23 H1'24 H1'25 Page 17Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Credit quality Jyske Bank’s credit risks primarily relate to mortgage loans secured against real pro- perty as well as bank loans and guarantees. Loans and guarantees are distributed with 59% to corporate customers, 39% to perso- nal customers, and 2% to public authorities. Loan impairment charges amounted to an income of DKK 47m in H1 2025, correspon- ding to 1bp of gross loans and guarantees. In the preceding year , loan impairment charges amounted to an expense of DKK 95m. The effect on the income statement is distri- buted with an income of DKK 42m relating to banking activities, an income of DKK 15m re- lating to mortgage activities, and an expense of DKK 10m relating to leasing activities. Write-offs amounted to DKK 86m or 1bp against DKK 260m and 5bp in the preceding year , respectively. Credit quality DKKbn H1 2025 H1 2024 Index 25/24 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 FY 2024 Loans, advances and guarantees 588.7 567.0 105 588.7 580.0 579.4 570.1 562.3 579.4 – stage 1 564.2 537.8 106 564.2 553.1 551.4 541.8 532.9 551.4 – stage 2 18.8 22.4 82 18.8 20.7 21.4 21.7 22.8 21.4 – stage 3 5.7 6.7 88 5.7 6.2 6.5 6.5 6.5 6.5 – purchased or originated credit-impaired 0.0 0.1 0 0.0 0.0 0.1 0.1 0.1 0.1 Balance of impairment charges 4.7 5.0 100 4.7 4.9 4.8 4.7 4.7 4.8 – stage 1 1.2 1.4 86 1.2 1.2 1.2 1.3 1.4 1.2 – stage 2 1.1 1.2 100 1.1 1.2 1.2 1.1 1.1 1.2 – stage 3 2.4 2.4 109 2.4 2.5 2.4 2.3 2.2 2.4 Balance of discounts for acquired assets 0.1 0.2 50 0.1 0.1 0.1 0.1 0.2 0.1 Non-accrual loans and past due exposures 0.6 0.7 91 0.6 0.6 0.6 0.6 0.6 0.6 Loan impairment charges -0.1 0.1 - -0.1 0.1 0.0 -0.1 0.0 0.0 Write-offs 0.1 0.3 21 0.1 0.0 0.1 0.0 0.2 0.4 Loan loss ratioLoans, advances and guarantees Share of gross lending and guarantees (bp)Share of gross lending and guarantees 2020 2021 2022 2023 2024 127 21-605-218 968 Ledelsesmæssigt skøn vedr . COVID-19 på 1 mia. kr . -1 -5 2 2 -1 H1'21 H1'22 H1'23 H1'24 H1'25 59% Corporate customers 39% Personal customers 2% Public authorities Page 18Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Loans, advances and guarantees by sector DKKbn/% Loans and guarantees Impairment ratio H1 2025 Q4 2024 H1 2025 Q4 2024 Public authorities 12.4 13.7 0.0 0.0 Agriculture, hunting, forestry and fishing 13.0 13.4 0.4 0.6 Manufacturing industry and mining 15.6 17.6 2.3 1.7 Energy supply 10.6 13.6 0.2 0.2 Construction 3.9 9.3 2.6 1.0 Commerce 13.3 13.6 2.8 3.2 T ransport, hotels and restaurants 8.0 8.3 2.0 2.4 Information and communication 1.0 1.5 1.2 0.8 Financing and insurance 69.5 64.9 1.5 1.5 Real property 184.6 177.3 0.5 0.5 Other sectors 27.9 23.7 1.7 1.9 Corporate customers 347.4 343.2 1.0 1.0 Personal customers 228.9 222.5 0.5 0.6 Total 588.7 579.4 0.8 0.8 At the end of H1 2025, stage-3 loans amounted to 1.0% of loans and guarantees, which is 0.1 percentage point lower relative to the end of 2024. The proportion of loans subject to forbearance measures accounted unchanged for 0.4% of loans and guarantees. At the end of H1 2025, Jyske Bank’s balance of loan impairment charges amounted to DKK 4.7bn, corresponding to 0.8% of loans and guarantees against DKK 4.8bn and 0.8%, respectively, at the end of 2024. Inclusive of the balance of discounts for acquired as- sets at DKK 0.1bn, Jyske Bank’s balance of impairment charges and discounts amounted to DKK 4.8bn. At the end H1 2025, post model adjustments amounted to DKK 1,877m against DKK 1,782m at the end of 2024. The increase was due to the higher uncertainty derived by the higher tariff rates. At the end of H1 2025, total loans and guarantees rose by 2% to DKK 588.7bn relative to the level at the end of 2024. The increase is mainly attributed to greater exposure to personal customers, underpinned by higher mortgage lending and growing exposure to corporate customers in the real estate sector . Share of lending and guarantees DKKbn IFRS 9 stages Balance of loan impairment charges and discounts Stage 1 Balance of loan impairment charges Stage 3/4 Balance of discounts Stage 2 Post-model adjustments 94.3% 95.6% 95.4% 95.2% 95.8% 4.7% 3.2% 3.4% 3.7% 3.2% 1.0% 1.2% 1.1% 1.1% 1.0% 2021 2022 2023 2024 H1'25 3.4 3.1 2.8 3.0 2.9 1.8 1.4 1.9 1.8 1.9 0.1 0.6 0.3 0.1 0.1 5.3 5.2 5.1 4.9 4.8 2021 2022 2023 2024 H1'25 Page 19Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Jyske Bank's target is a capital ratio of 20%-22% and a common equity tier 1 capital ratio end of 15%-17%. At the lower end of these intervals, Jyske Bank is able to comply with capital require- ments with a buffer while at the same time maintaining the required strategic flexibility The Board aims to distribute an annual dividend at the level of 30% of share- holders' profit supplemented by share repurchases. In 2024, 2,765,118 shares were repur- chased at an average purchase price of DKK 542.47, equivalent to 4.3% of the share capital, according to company announcement no. 34/2024. The repur- chased shares were canceled following the decision at the extraordinary general meeting on April 24, 2025. In Q1 2025, Jyske Bank distributed an ordinary dividend at DKK 1,543m, cor- responding to DKK 24.00 per share to the shareholders. On 26 February 2025, Jyske Bank launched a new share buy- back programme in an amount of up to DKK 2.25bn. The programme runs until end-January 2026 at the latest. At the end of H1 2025, 1,167,662 shares had been bought back at DKK 645m, corre- sponding to 1.9% of the share capital. T ogether with 63 other banks, the Jyske Bank Group participated in the European stress test for 2025 implemented by the European Banking Authority (EBA). The exercise aims to assess the resilience of the European banking sector during a severe economic setback over a three- year period. The stress scenario resulted in positive excess capital coverage of the regulatory capital requirement, assuming the removal of the countercyclical buffer . Consequently, the Group sees no reason to change its capital policy. At the end of H1 2025, Jyske Bank had a capital ratio of 21.5% and a common equity tier 1 capital ratio of 16.3% relative to 23.1% and 17.6% at the end of 2024. The lower common equity tier 1 capital ratio mirrors the implementation of Basel IV/ CRR III which increased the weighted risk exposure. Add to this, recognition of a share buy-back programme of DKK 2.25bn and solvency reservation for expected dividend and share buy-backs, corresponding to a total of 71% of the shareholders’ result for the period. These factors were only partly offset by recognition of the net profit for the period The weighted risk exposure was up by 4% to DKK 238.9bn at the end of H1 2025 from DKK 229.5bn at the end of 2024. The increase mirrors the implementation of Basel IV/ CRR III which as expected increased the weighted risk exposure for credit risk conside- rably. Add to this, higher operational risk due to a higher earnings level. Capital management Share of risk exposure amount DKKbn Capital ratio Weighted risk exposureCommon equity tier 1 Credit risk, etc. Tier 2 Operational risk Additional tier 1 Market risk 18.2 15.2 16.9 17.6 16.3 1.8 1.5 1.4 2.2 2.1 2.8 2.8 2.7 3.3 3.2 22.8 19.5 21.0 23.1 21.5 2021 2022 2023 2024 H1'25 163.2 195.4 197.9 198.9 206.6 10.7 8.4 9.8 9.4 9.2 14.3 17.2 17.8 21.2 23.1 188.2 220.9 225.5 229.5 238.9 2021 2022 2023 2024 H1'25 Page 20Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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The requirements of the total capital base consist of a Pillar I requirement of 8% of the weighted risk exposure with a capital addition for above-normal risk under Pillar II and buffers. At the end of H1 2025, Jyske Bank's individual solvency requirement ac - counted for 11.0% of the weighted risk exposure against 11.3% at the end of 2024. T o this must be added a SIFI requirement of 1.5%, a capital conser - vation buffer of 2.5% as well as a coun- tercyclical buffer of 2.4%. Moreover , the systemic risk buffer for exposures to corporate property companies amounts to 1.0% of the weighted risk exposure. Hence, the total capital requirement is 18.5% against 18.7% at the end of 2024. Both the SIFI requirement, the capital conservation buffer and the contra-cy - clical buffer have been fully phased in. The systemic buffer for corporate exposures to property companies must be evaluated by the Ministry of Industry, Business and Financial Affairs at least every two years. The Systemic Risk Council has launched its evaluation of the systemic buffer . Therefore, compared with the common equity tier 1 capital ratio, the excess ca- pital came to 2.6% of the weighted risk exposure, corresponding to DKK 6.2bn against 3.9% and DKK 9.0bn at the end of 2024. The lower surplus should be seen in relation to the solvency reser - vation relating to the ongoing share buy-back programme and reservation relating to expected future dividend and share buy-backs. In addition, the decline must also be seen in connection with the transfer to the new capital requirements regulation Basel IV/CRRIII which resulted in an in- crease in the weighted risk exposure. Capital requirement % Capital ratio CET1 ratio H1 2025 Q4 2024 H1 2025 Q4 2024 Pillar I 8.0 8,0 4.5 4.5 Pillar II 3.0 3,3 1.7 1.9 SIFI 1.5 1,5 1.5 1.5 Capital conservation buffer 2.5 2,5 2.5 2.5 Countercyclical buffer 2.4 2,4 2.4 2.4 Systemic buffer 1.0 0.9 1.0 0.9 T otal 18.5 18.7 13.7 13.7 Excess capital 3.0 4.4 2.6 3.9 Capital requirement 16.3 Part of the total capital ratio of 21.5 CET1 capital ratio 13.7 Part of the total capital requirement of 18.5 CET1 capital requirement Page 21Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Jyske Bank's biggest funding source is covered bonds and mortga- ge bonds, which amounted to DKK 368bn, corresponding to 48% of the balance sheet at the end of H1 2025. The second-largest foun- ding source was customer deposits of DKK 190bn, corresponding to 25% of the balance sheet, of which a large proportion consists of deposits from small and medium-sized enterprises as well as personal customers. The other funding sources include debt and capital issues as well as equity. At the end of H1 2025, Jyske Bank’s liquidity position was conside- rably above the statutory requirement and internal targets based on both the liquidity coverage ratio (LCR) as well as the net stable funding ratio. The LCR is based on the Group’s short-term liquidity buffer at DKK 135.2bn at the end of H1 2025, consisting of assets such as central bank deposits and ultra liquid securities. At the end of H1 2025, the LCR was 243% of the statutory requirement com- pared to 234% at the end of 2024. The Group's internal exposure limit is a LCR of at least 120%. The LCR buffer at the end of H1 is shown below. The net stable funding ratio (NSFR) measures the Group’s long- term liquidity position. At the end of H1 2025, stable long-term funding amounted to DKK 249.9bn, corresponding to 152% of the statutory requirement against 142% at end-2024. The internal exposure limit is a NSFR of at least 108%. Part of the Group’s long-term stable funding consists of debt and capital market issues. At the end of H1 2025, the Group had outstanding subordinated tier 2 capital and additional tier 1 ca- pital instruments worth DKK 7.6bn and DKK 4.8bn, respectively as well as unsecured senior debt totalling DKK 40.1bn. The call/ reset date profile for these bonds calculated at the end of H1 2025 appears below The outstanding senior debt includes MREL -eligible instru- ments of DKK 37.1bn, distributed by DKK 7.5bn preferred senior and DKK 29.6bn non-preferred senior debt with a term to matu- rity of more than 12 months. Liquidity management In 2025, Jyske Bank anticipates a requirement of an outstanding volume of MREL -eligible instruments (inclusive of an internal buf- fer for statutory requirements) in an amount of DKK 33bn-35bn, of which about DKK 6bn-7bn in the form of preferred senior debt and DKK 27bn-29bn in the form of non-preferred senior debt. Depending on market conditions, Jyske Bank anticipates issuan- ce of EUR 500m subordinated Tier 2 capital before the end of 2025. The Jyske Bank Group has issued the below bonds on the inter- national capital markets since the beginning of 2025. Liquidity coverage DKKbn % Level 1a assets 80.2 58 Level 1b assets 56.0 40 Level 2a + 2b assets 2.4 2 T otal 138.6 100 152% Stable funding in the form of weighted deposits, equity as well as issuances complies with the statutory requirement of 100% financing of the weighted asset allocation Net stable funding ratio 243% The amount of liquid assets to handle a 30-day severe liquidity stress complies with a statutory requirement of 100% Liquidity coverage ratio 0 2 4 6 8 10 12 14 2025 2026 2027 2028 2029 2030 ≥2031 Call-date profile of issuances DKKbn Preferred senior debt Non-preferred senior debt Tier 2 AT 1 Recent issuances Maturity Equiva- lent rate EUR 750m non-preferred senior debt 29.04.2031 3M CIBOR (value date 29.01.2025) (call 2030) +108bp EUR 500m covered bonds 01.01.2029 3M CIBOR (value date 07.02.2025) +29bp EUR 500m non-preferred senior debt 19.11.2031 3M CIBOR (value date 19.05.2025) (call 2030) +105bp Page 22Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Ratings Jyske Bank has chosen to work with certain ESG raters, whose ratings appear from the table above. Jyske Bank is being rated by Standard & Poor’s (S&P). Jyske Realkredit has the same credit rating as Jyske Bank. Sustainability ratings ESG raters Rating MSCI (CCC to AAA) AA Sustainalytics (Negl. to Severe Risk) Medium risk ISS ESG (D- to A+) C Prime Moody’s ESG Solutions (0 to 100) 47 CDP (D- to A) B S&P credit rating Jyske Bank issuer rating Rating Outlook Stand Alone Credit Profile (SACP) A- Stable Issuer rating (Issuer Credit Rating) A+ Stable Short-term unsecured senior debt (preferred senior) A-1 Stable Long-term unsecured senior debt (preferred senior) A+ Stable Long-term non-preferred senior debt (non-preferred senior) BBB+ Stable Tier 2 capital BBB Stable Additional tier 1 capital BB+ Stable Jyske Realkredit bond issues Capital centre E, covered bonds (SDO) AAA Capital centre B, mortgage bonds AAA Kapitalcenter B, realkreditobligationer AAA A+ Stable outlook S&P issuer rating AA CCC to AAA MSCI ESG rating Page 23Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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The supervisory diamond defines a number of special risk areas including specified limits that financial institutions should gen- erally not exceed. Supervisory diamond Jyske Realkredit A/S meets all the benchmarks of the supervi- sory diamond. Jyske Bank A/S meets all the benchmarks of the supervisory diamond. Supervisory diamond, Jyske Bank A/S % H1 2025 Q4 2024 Sum of large exposures <175% of common equity tier 1 capital 106% 104% Increase in loans and advances <20% annually -4% -3% Exposures to property administration and property transactions <25% of total loans and advances 9% 9% Liquidity benchmark >100% 185% 175% Supervisory diamond, Jyske Realkredit A/S % H1 2025 Q4 2024 Concentration risk <100% 43.5% 43.3% Increase in loans <15% annually in the segment: Owner-occupied homes and vacation homes 2.5% 0.2% Residential rental property 5.5% 3.9% Other sectors 4.2% 5.8% Borrower's interest-rate risk <25% Residential property 18.9% 18.6% Instalment-free schemes <10% Owner-occupied homes and vacation homes 3.6% 3.8% Loans with frequent interest-rate fixing: Refinancing (annually) <25% 20.9% 16.6% Refinancing (quarterly) <12.5% 6.0% 5.6% Page 24Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Business segments The business segments reflect all activ- ities in banking, mortgage financing and leasing. Banking activities Banking activities cover advisory services relating to financial solutions targeting personal customers, Private Banking customers and corporate customers as well as trading and investment activities targeting large corporate customers and institutional customers, including trading in interest-rate products, currencies, eq- uities, commodities and derivatives. The strategic balance sheet and risk manage- ment as well as the investment portfolio earnings of Jyske Bank are also allocated to Banking activities. Mortgage activities Mortgage activities comprise financial solutions for the financing of real property carried out by Jyske Realkredit. Mortgage activities are aimed mainly at Danish per- sonal customers, corporate customers and subsidised rental housing. Leasing activities Leasing activities cover financial solu- tions in the form of leasing and financing within car financing as well as leasing and financing of operating equipment for the corporate sector . The activities primarily target Danish personal and corporate customers as well as dealer cooperation schemes and partnerships. Complementary business areas 48% Banking activities 46% Mortgage activities 6% Leasing- activities Pre-tax profit in H1 2025 distributed on segments 48% 46% 6% Page 25Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Summary of Income Statement DKKm H1 2025 H1 2024 Index 25/24 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 FY 2024 Net interest income 2,458 2,893 85 1,223 1,235 1,282 1,338 1,415 5,513 Net fee and commission income 1,309 1,231 106 603 706 954 701 538 2,886 Value adjustments 401 327 123 242 159 163 351 148 841 Other income 207 193 107 136 71 40 44 127 277 Core income 4,375 4,644 94 2,204 2,171 2,439 2,434 2,228 9,517 Core expenses 2,854 2,830 101 1,485 1,369 1,468 1,449 1,437 5,747 Core profit before loan impairment charges 1,521 1,814 84 719 802 971 985 791 3,770 Loan impairment charges -42 139 - -84 42 -45 -73 84 21 Core profit 1,563 1,675 93 803 760 1,016 1,058 707 3,749 Investment portfolio earnings 75 13 577 7 68 -33 6 44 -14 Pre-tax profit before non-recurring items 1,638 1,688 97 810 828 983 1,064 751 3,735 Non-recurring items relating to Handelsbanken DK/PFA Bank 0 -40 - 0 0 -18 -33 -18 -91 Pre-tax profit 1,638 1,648 99 810 828 965 1,031 733 3,644 Summary of Balance Sheet, end of period DKKbn. Loans and advances 179.7 172.2 104 179.7 178.0 179.0 172.9 172.2 179.0 – of which bank loans 119.2 123.6 97 119.2 122.5 122.3 120.0 123.6 122.1 – of which repo loans 60.5 48.6 124 60.5 55.5 56.7 52.9 48.6 56.7 T otal assets 331.6 359.6 92 331.6 348.0 323.1 340.2 359.6 323.1 Deposits 196.8 208.1 95 196.8 198.4 198.5 208.9 208.1 198.5 – of which bank deposits 189.4 196.8 96 189.4 191.0 189.8 195.5 196.8 189.8 – of which repo and tri-party deposits 7.4 11.3 65 7.4 7.4 8.7 13.4 11.3 8.7 Issued bonds 58.5 89.9 65 58.5 59.6 60.9 72.8 89.9 60.9 Banking activities The pre-tax profit for H1 2025 amounted to DKK 1,638m against DKK 1,648m in H1 2024. The decline of 1% was due to lower net interest income as a result of a lower interest-rate level partly offset by the development in loan impairment charges and value adjustments. H1 2025 Pre-tax profit 1,638 DKKm Page 26Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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1,648 1,638 H1'24 Net interest income Net fees and commissions Value adjustments Other income Core expenses (incl. one-offs) Loan impairment charges Investment portfolio H1'25 Pre-tax profit (DKKm) Banking activities 1 Net interest income Net interest income fell by 15%. The decline can primarily be attributed to the reduction of the deposit margin and the return on excess liquidity. Danmarks Nationalbank’s policy rate was lowered to 1.60% at the end of H1 2025 from 3.35% in the preceding year . 2 Net fee and commission income Net fee and commission income rose by 6% in H1 2025 compared with H1 2024. Adjusted for internal distribution fees relating to mortgage loans received from Jyske Realkredit, net fee and com- mission income rose by 8% due to higher assets under management and higher income relating to Letpension. 3 Loan impairment charges Loan impairment charges amounted to an income of DKK 42m H1 2025 against an expense of DKK 139m in the pre- ceding year . The reversal of loan im- pairment charges reflects a solid credit quality. 1 2 3 Page 27Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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The pre-tax profit was down by 2% to DKK 1,592m in H1 2025. Higher admini- stration margin income, etc. was more than offset by lower returns on bonds and central bank investments as a result of a lower level of interest rates. * Administration margin income, etc. covers administration margin income as well as interest rate margin on jointly funded loans. Mortgage activities Summary of Income Statement DKKm H1 2025 H1 2024 Index 25/24 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 FY 2024 Administration margin income, etc.* 1,325 1,234 107 665 660 615 611 620 2,460 Other net interest income 383 518 74 175 208 238 272 262 1,028 Net fee and commission income 61 -42 - 57 4 -59 -82 55 -183 Value adjustments 34 97 35 8 26 19 100 42 216 Core income 1,803 1,807 100 905 898 813 901 979 3,521 Core expenses 226 222 102 117 109 112 109 110 443 Core profit before loan impairment charges 1,577 1,585 99 788 789 701 792 869 3,078 Loan impairment charges -15 -45 - -26 11 33 -5 -66 -17 Pre-tax profit 1,592 1,630 98 814 778 668 797 935 3,095 Summary of Balance Sheet, end of period DKKbn. Mortgage loans, nominal value 389.5 375.9 104 389.5 385.6 381.5 376.8 375.9 381.5 Mortgage loans, fair value 372.2 353.3 105 372.2 366.7 365.8 361.2 353.3 365.8 T otal assets 406.8 382.2 106 406.8 407.6 400.0 397.4 382.2 400.0 Issued bonds 374.0 351.0 107 374.0 374.7 367.9 365.5 351.0 367.91,592 H1 2025 Pre-tax profit DKKm Page 28Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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1,630 1,592 H1'24 Administration margin Other net interest income Net fees and commissions Value adjustments Core expenses (incl. one-off items) Loan impairment charges H1'25 Pre-tax profit (DKKm) Mortgage activities 1 Administration margin income, etc. Administration margin income, etc. in- creased by 7% to DKK 1,325m. The rise was due to a combination of a rising loan portfolio as well as higher administration margins within the corporate customer area driven by the systemic risk buffer targeting property companies. 2 Other net interest income Other net interest income fell to DKK 383m from DKK 518m in H1 2024. The decline was due to lower interest income associated with Jyske Realkredit’s bond portfolio etc. as a result of a lower yield level. 3 Net fee and commission income Amounted to DKK 61m against DKK -42m in H1 2024. Exclusive of internal distribution fee paid, net fee and com- mission income rose to DKK 202m from DKK 110m, due to higher activity in the housing market and higher remortgaging income. 1 2 3 Page 29Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Summary of Income Statement DKKm H1 2025 H1 2024 Index 25/24 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 FY 2024 Net interest income 228 232 98 117 111 109 113 118 454 Net fee and commission income 14 20 70 -2 16 7 8 10 35 Value adjustments 10 14 71 13 -3 -10 2 9 6 Other income 10 6 167 6 4 -3 -11 2 -8 Income from operating lease, etc. (net) 63 105 60 31 32 31 32 52 168 Core income 325 377 86 165 160 134 144 191 655 Core expenses 115 108 106 60 55 54 50 56 212 Core profit before loan impairment charges 210 269 78 105 105 80 94 135 443 Loan impairment charges 10 1 1,000 -3 13 20 -4 -5 17 Pre-tax profit 200 268 75 108 92 60 98 140 426 Summary of Balance Sheet, end of period DKKbn. Lending and finance leasing 22.4 24.1 93 22.4 22.2 22.4 23.6 24.1 22.4 Operational lease and consignment 3.5 2.4 145 3.5 3.5 3.4 2.5 2.4 0.0 T otal assets 28.4 28.0 101 28.4 26.7 27.1 27.6 28.0 27.1 Deposits 0.3 0.2 158 0.3 0.1 0.3 0.5 0.2 0.3 In H1 2025, pre-tax profit fell to DKK 200m from DKK 268m in H1 2024. The decline can primarily be attributed to low- er income from operating lease etc. as a result of lower income from the sale of returned lease vehicles. Leasing activities 200 H1 2025 Pre-tax profit DKKm Page 30Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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268 200 H1'24 Net interest income Net fees and commissions Value adjustments Other income Income, operating lease, etc. (net) Core expenses (incl. one-offs) Loan impairment charges H1'25 Pre-tax profit (DKKm) Leasing activities 1 Net interest income Net interest income declined by 2% to DKK 228m in H1 2025 compared to H1 2024. The decline can primarily be at- tributed to a lower balance of loans and finance lease derived from a single cor- porate customer exposure and invento- ry-financing agreements. 2 Net fee and commission income A decline to DKK 14m in H1 2025 from DKK 20m in H1 2024 was due to higher fees paid at the end of the period. 3 Income from operating lease, etc. (net) In H1 2025, income from operating lea- se etc. (net) fell to DKK 63m from DKK 105m in H1 2024. The development was due primarily to declining profits from the sale of returned lease vehicles. 1 2 3 Page 31Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Events after the end of the period No events took place during the period prior to the publication of the Interim FInancial Report H1 2025 that have any material effect on the Group’s financial position. Other information Financial calendar 2025 Jyske Bank anticipates releasing the Interim Financial Report for the first nine months of 2025 on 29 October 2025. Additional information For further information, please see jyskebank.dk. Here you will find an interview with Lars Mørch, CEO and Member of the Group Executive Board, detailed financial information as well as Jyske Bank's Annual Report 2024 and Risk and Capital Manage- ment 2024, which offers further information about Jyske Bank’s internal risk and capital management as well as regulatory issues, including a description of the most important risks and elements of uncertainty that may affect Jyske Bank. Also, please see jyskerealkredit.com. Here Jyske Realkredit’s Annual Report for 2024 etc. can be downloaded. Page 32Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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→ → Jyske Bank Group Jyske Bank A/SFinancial Statements Page 33 Interim Financial Report H1 2025 Introduction Financial Review Financial Statements Statements
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Jyske Bank Group → Income Statement and Statement of Comprehensive Income → Balance sheet as of 30 june → Equity Statement → Capital Statement → Notes Page 34Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Income statement DKKm Note H1 2025 H1 2024 Q2 2025 Q2 2024 Interest income under the effective interest method 5 4,579 6,610 2,157 3,208 Other interest income 5 6,266 6,788 3,095 3,411 Interest expenses 6 6,430 8,570 3,043 4,222 Net interest income 4,415 4,828 2,209 2,397 Fees and commission income 7 1,646 1,452 803 714 Fees and commission expenses 7 262 245 143 112 Net interest and fee income 5,799 6,035 2,869 2,999 Value adjustments 8 516 516 249 268 Other income 552 482 304 267 Employee and administrative expenses etc 3,116 3,108 1,626 1,574 Amortisation, depreciation and impairment charges 368 284 177 139 Loan impairment charges 9 -47 95 -113 13 Pre-tax profit 3,430 3,546 1,732 1,808 T ax 893 923 451 471 Profit for the period 2,537 2,623 1,281 1,337 Breakdown of the profit for the period Jyske Bank A/S shareholders 2,406 2,494 1,215 1,270 Holders of additional tier 1 capital (A T1) 131 129 66 67 T otal 2,537 2,623 1,281 1,337 Earnings per share for the period Earnings per share, DKK 39.39 38.83 20.02 19.79 Earnings per share for the period, DKK, diluted 39.39 38.83 20.02 19.79 Statement of Comprehensive Income DKKm H1 2025 H1 2024 Q2 2025 Q2 2024 Profit for the period 2,537 2,623 1,281 1,337 Items that cannot be recycled to the income statement 0 0 0 0 Other comprehensive income after tax 2,537 2,623 1,281 1,337 Breakdown of the period's comprehensive income Jyske Bank A/S shareholders 2,406 2,494 1,215 1,270 Holders of additional tier 1 capital (A T1) 131 129 66 67 T otal 2,537 2,623 1,281 1,337 Page 35Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Balance Sheet DKKm Assets Note 30 Jun. 2025 31 Dec. 2024 30 Jun. 2024 Cash balance and demand deposits with central banks 40,034 37,392 81,263 Due from credit institutions and central banks 6,784 10,963 6,599 Loans and advances at fair value 10, 11 373,814 367,404 355,090 Loans and advances at amortised cost 12 200,509 199,818 194,433 Bonds at fair value 72,929 62,650 58,779 Bonds at amortised cost 35,695 33,830 37,538 Shares, etc. 2,167 2,205 2,294 Intangible assets 3,295 3,328 3,361 Property, plant and equipment 4,374 4,645 3,653 Deferred tax assets 117 317 446 Current tax assets 543 275 584 Assets held for sale 213 217 213 Other assets 13 26,330 27,156 25,640 T otal assets 766,804 750,200 769,893 Equity and liabilities 30 Jun. 2025 31 Dec. 2024 30 Jun. 2024 Liabilities Due to credit institutions and central banks 42,762 26,337 28,170 Deposits 14 197,095 198,860 208,263 Issued bonds at fair value 15 368,406 362,208 344,929 Issued bonds at amortised cost 64,029 66,594 96,035 Other liabilities 16 34,890 36,878 34,572 Provisions 1,036 1,088 1,122 Subordinated debt 17 7,685 7,647 7,580 Liabilities, total 715,903 699,612 720,671 Equity Share capital 615 643 643 Revaluation reserve 183 183 164 Retained profit 45,176 43,295 43,490 Proposed dividend 0 1,543 0 Jyske Bank A/S shareholders 45,974 45,664 44,297 Holders of additional tier 1 capital (A T1) 4,927 4,924 4,925 T otal equity 50,901 50,588 49,222 T otal equity and liabilities 766,804 750,200 769,893 Page 36Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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* Additional tier 1 capital (A T1) has no maturity. Payment of interest and repayment of principal are voluntary. Therefore A T1 is recognised as equity. In September 2017, Jyske Bank issued A T1 amounting to EUR 150m with the possibility of early redemption in September 2027 at the ear- liest. The issue has a coupon of 4.75% until September 2027. In May 2021, Jyske Bank issued A T1 amounting to EUR 200m with the possibility of early redemption from 4 December 2028 at the earliest. The interest rate applicable to the issue until June 2029 is 3.625%. In February 2024, Jyske Bank issued A T1 amounting to EUR 300m with the possibility of early redemption from 13 August 2030 at the earliest. The interest rate applicable to the issue is 7%. It applies to all A T1 issues that if the common equity tier 1 capital ratio of Jyske Bank A/S or the Jyske Bank Group falls below 7%, the loans will be written down. Statement of Changes in Equity DKKm 30 Jun. 2025 30 Jun. 2024 Share capital Revaluation reserve Retained profit Proposed dividend Jyske Bank A/S share- holders Additional tier 1 capital* T otal equity Share capital Revaluation reserve Retained profit Proposed dividend Jyske Bank A/S share- holders Additional tier 1 capital* T otal equity Equity at 1 January 643 183 43,295 1,543 45,664 4,924 50,588 643 164 41,266 500 42,573 3,313 45,886 Profit for the period 0 0 2,406 0 2,406 131 2,537 0 0 2,494 0 2,494 129 2,623 Other comprehensive income after tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Comprehensive income for the period 0 0 2,406 0 2,406 131 2,537 0 0 2,494 0 2,494 129 2,623 Redemption of additional tier 1 capital 0 0 0 0 0 0 0 0 0 0 0 0 -651 -651 Issuance of additional tier 1 capital 0 0 0 0 0 0 0 0 0 0 0 0 2,235 2,235 T ransaction costs 0 0 0 0 0 0 0 0 0 -22 0 -22 0 -22 Interest paid on additional tier 1 capital 0 0 0 0 0 -128 -128 0 0 0 0 0 -85 -85 Currency translation adjustment 0 0 0 0 0 0 0 0 0 16 0 16 -16 0 Dividends paid 0 0 0 -1,543 -1,543 0 -1,543 0 0 0 -500 -500 0 -500 Dividends, own shares 0 0 68 0 68 0 68 0 0 0 0 0 0 0 Capital reduction -28 0 28 0 0 0 0 0 0 0 0 0 0 0 Acquisition of own shares 0 0 -1,479 0 -1,479 0 -1,479 0 0 -1,330 0 -1,330 0 -1,330 Sale of own shares 0 0 858 0 858 0 858 0 0 1,066 0 1,066 0 1,066 T ransactions with owners -28 0 -525 -1,543 -2,096 -128 -2,224 0 0 -270 -500 -770 1,483 713 Equity at 30 June 615 183 45,176 0 45,974 4,927 50,901 643 164 43,490 0 44,297 4,925 49,222 Page 37Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Capital Statement DKKm 30 Jun. 2025 31 Dec. 2024 30 Jun. 2024 Shareholders' equity 45,974 45,664 44,297 Share buyback plan, unutilized capacity -1,605 0 -1,128 Proposed/expected dividends and share buyback -1,708 -1,543 -748 Intangible assets -3,295 -3,328 -3,361 Prudent valuation -106 -98 -247 Insufficient coverage of non-performing loans and guarantees -269 -159 -317 Other deductions -142 -62 -134 Common equity tier 1 capital 38,849 40,474 38,362 Additional tier 1 capital (A T1) after reduction 4,920 4,914 4,838 Core capital 43,769 45,388 43,200 Subordinated loan capital after reduction 7,625 7,556 7,518 Capital base 51,394 52,944 50,718 Weighted risk exposure involving credit risk, etc. 206,560 198,904 199,851 Weighted risk exposure involving market risk 9,201 9,437 10,159 Weighted risk exposure involving operational risk 23,122 21,178 21,178 T otal weighted risk exposure 238,883 229,519 231,188 Capital requirement, Pillar I 19,111 18,362 18,495 Capital ratio (%) 21.5 23.1 21.9 Tier 1 capital ratio (%) 18.3 19.8 18.7 Common equity tier 1 capital ratio (%) 16.3 17.6 16.6 The capital statement was calculated according to Regulation (EU) No. 575/2013 of 26 June 2013 of the European Parliament and of the Council (CRR) with subsequent amendments. For the determination of the individual solvency requirement, please see the report Risk and Capital Management 2024 and jyskebank.com/investor- relations/capitalstructure, which shows Jyske Bank’s quarterly determination of the individual solvency requirement. Page 38Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Summary of Cash Flow Statement DKKm Cash flows from operating activities H1 2025 H1 2024 Profit for the period 2,537 2,623 Adjustment for non-cash operating items, etc. -2,463 532 Cash flows from operating activities 74 3,155 Cash flows from investment activities Acquisition and sale of property, plant and equipment -57 49 Dividends aquired 134 106 Cash flows from investment activities 77 155 Cash flows from financing activities Redemption of additional tier 1 capital 0 -651 Issuance of additional tier 1 capital 0 2,213 Interest paid on additional tier 1 capital -128 -85 Dividends paid -1,543 -500 Dividends recieved on own shares 68 0 Acquisition of own shares -1,479 -1,330 Sale of own shares 858 1,066 Issuance of subordinated debt 0 3,729 Redemption of subordinated debt -11 -2,248 Repayment on lease commitment 43 46 Cash flows from financing activities -2,192 2,240 Cash flow for period -2,041 5,550 Changes in cash and cash equivalents Cash and cash equivalents, beginning of period 48,355 82,051 Foreign currency translation adjustment of cash at bank and in hand 504 261 Cash flow for the period, total -2,041 5,550 Cash and cash equivalents, end of period 46,818 87,862 Cash and cash equivalents, end of period, comprise: Cash balance and demand deposits with central banks 40,034 81,263 Due in less than three months from credit institutions and central banks 6,784 6,599 Cash and cash equivalents, end of period 46,818 87,862 Page 39Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Table of contents, note section No. Note Page 1 Accounting policies 41 2 Material accounting estimates 41 3 Key figures and ratios 42 4 Segmental financial statements 43 5 Interest income 45 6 Interest expenses 45 7 Fees and commission income 45 8 Value adjustments 45 9 Loan impairment charges and provisions for guarantees 46 10 Loans at fair value 53 11 Loans and advances at fair value by property category 53 12 Loans and advances at amortised cost and guarantees by sector 53 13 Other assets 53 14 Deposits 54 15 Issued bonds at fair value 54 16 Other liabilities 54 17 Subordinated debt 54 18 Contingent liabilities 55 19 Shareholders 55 20 Related parties 55 21 Bonds provided as security 55 22 Fair value of financial assets and liabilities 56 23 Fair value hierarchy 57 Page 40Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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1 Accounting policies The Interim Financial Report for the period 1 January to 30 June 2025 for Jyske Bank Group was prepared in accordance with IAS 34, Presentation of Interim Financial Reporting as adopted by the EU. Furthermore, the Interim Financial Report was prepared in accordance with the additional Danish disclosure requirements for the interim reports of listed financial institutions. Due to the application of IAS 34, the presentation is more limited rela- tive to the presentation of an annual report, and also the recognition and determination principles of the International Financial Reporting Standards (IFRS) were adhered to. With effect as of 1 January 2025, Jyske Bank has implemented the following new or amended standards and interpretation: Amendments to: • IAS 21 The Effects of Changes in Foreign Exchange Rates These changes did not have an effect on Jyske Bank's financial reporting. Except from the above, accounting policies remain unchanged compared with the Annual Report for 2024, including the full description of accoun- ting policies. 2 Material accounting estimates Post-model adjustments Measurement of the carrying value of certain assets and liabilities requires the management's estimate of the influence of future events on the value of such assets and liabilities. Estimates of material importance to the financial reporting are, among other things, based on the determination of loan impairment charges and provisions for guarantees, the fair value of unlisted financial instruments, provisions made and acquisitions, cf. the detailed statement in note 67 in the Annual Report 2024. The estimates are based on assumptions which management finds reasonable, but which are in- herently uncertain. Besides, the Group is subject to risks and uncertainties which may cause results to differ from those estimates. Material accoun- ting estimates were the same in connection with the preparation of the Interim Financial Report as in connection with the preparation of the Annual Report for 2024. In addition to the calculations of impairment charges, a management's assessment is performed of the impairment models and the ability of the expert-assessed impairment calculations to take into consideration the future economic development. T o the extent that it is assessed that circum- stances and risks are not included in the models, a post-model adjustment is added to the impairment calculations. This estimate is based on speci- fic observations and is calculated on the basis of the expected risks of the specific sub-portfolios. Post-model adjustments DKKm 30 Jun. 2025 31 Dec. 2024 30 Jun. 2024 Macroeconomic risks Corporate customers 1,124 960 860 Personal customers 231 220 275 Macroeconomic risks, total 1,355 1,180 1,135 Process-related risks Corporate customers 401 472 522 Personal customers 121 130 248 Process-related risks, total 522 602 770 Post-model adjustments, total 1,877 1,782 1,905 It is essential that the basis of the post-model adjustment is well-founded on realistic circumstances and expectations that are not fully recognized in the impairment charges calculated. Documentation and determination will always consist of a coherent chain of reasoning between the well-foun- ded circumstances and the expectation of loss. The determination is supported by data and is based on the specific portfolio, yet it may also be based on an estimate of the effect. On a quarterly basis, the management's estimates are reassessed on the basis of updated controls and analyses of the specific areas. Jyske Bank's Annual Report 2024, note 14, describes in detail the post-model adjustments for loan impairment charges and provisions for guarantees. Page 41Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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3 Key figures and ratios Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Pre-tax profit, per share (DKK)* 27.5 26.6 26.5 29.8 27.1 Earnings per share for the period (DKK)* 20.0 19.4 19.5 21.7 19.8 Earnings per share for the period (diluted) (DKK)* 20.0 19.4 19.5 21.7 19.8 Core profit per share (DKK)* 27.3 25.5 27.3 30.2 26.7 Share price at end of period (DKK) 641 551 510 522 554 Book value per share (DKK)* 762 738 742 723 695 Price/book value per share (DKK)* 0.8 0.7 0.7 0.7 0.8 Outstanding shares in circulation (‘000) 60,369 61,322 61,500 61,547 63,779 Average number of shares in circulation ('000) 60,685 61,469 61,505 62,444 64,185 Capital ratio (%) 21.5 20.9 23.1 22.6 21.9 Tier 1 capital ratio (%) 18.3 17.9 19.8 19.3 18.7 Common equity tier 1 capital ratio (%) 16.3 15.7 17.6 17.2 16.6 Pre-tax profit as a percentage of average equity* 3.7 3.6 3.6 4.2 4.0 Profit for the period as a pct. of average equity* 2.7 2.6 2.7 3.1 2.9 Return on tangible equity 2.9 2.8 2.9 3.3 3.1 Income/cost ratio incl. loan impairment charges (%) 2.0 2.0 1.9 2.2 2.0 Interest rate risk (%) 2.5 2.6 2.5 2.8 2.9 Currency risk (%) 0.0 0.0 0.0 0.0 0.0 Accumulated impairment ratio (%) 0.8 0.8 0.8 0.8 0.8 Impairment ratio for the period (%) 0.0 0.0 0.0 0.0 0.0 Number of full-time employees at end-period 3,871 3,882 3,876 3,970 3,950 Average number of full-time employees in the period 3,877 3,879 3,923 3,960 3,961 The financial ratios are based on the definitions and guidelines laid down by the Danish Financial Supervisory Authority as stated in note 68 of the consolidated financial statements for 2024. * Financial ratios are calculated as if additional tier 1 capital (A T1) is recognised as a liability as stated in note 2 in the consolidated financial state- ments for 2024. Please see below for definitions of the additional financial ratios stated under the Jyske Bank Group, page 8. ”Earnings per share for the period", "Earnings per share (diluted) for the period” , ”Pre-tax profit as a percentage of average equity", "Net profit for the period as a percentage of average equity” and "Return on tangible assets" are calculated as if additional tier 1 capital (A T1) is recognised as a liability. In the numerator , the profit is less interest expenses for A T1 capital of DKK 131m (H1 2024: DKK 129m) and the denominator is calculated as equity exclusive of A T1 capital of DKK 4,927m (H1 2024: DKK 4,925m). In the calculation of 'return on tangible equity', intangible assets are also excluded from the denominator . "Expenses as a percentage of income" is calculated as Core expenses divided by Core income. Page 42Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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4 Segmental financial statements DKKm H1 2025 H1 2024 Banking activities Mortgage activities Leasing activities Jyske-Bank Group* Banking activities Mortgage activities Leasing activities Jyske-Bank Group* Net interest income 2,458 1,708 228 4,394 2,893 1,752 232 4,877 Net fee and commission income 1,309 61 14 1,384 1,231 -42 20 1,209 Value adjustments 401 34 10 445 327 97 14 438 Other income 207 0 10 217 193 0 6 199 Income from operating lease, etc. (net) 0 0 63 63 0 0 105 105 Core income 4,375 1,803 325 6,503 4,644 1,807 377 6,828 Core expenses 2,854 226 115 3,195 2,830 222 108 3,160 Core profit before loan impairment charges 1,521 1,577 210 3,308 1,814 1,585 269 3,668 Loan impairment charges -42 -15 10 -47 139 -45 1 95 Core profit 1,563 1,592 200 3,355 1,675 1,630 268 3,573 Investment portfolio earnings 75 0 0 75 13 0 0 13 Pre-tax profit before one-off costs 1,638 1,592 200 3,430 1,688 1,630 268 3,586 Non-recurring items relating to SHB DK/PFA Bank 0 0 0 0 -40 0 0 -40 Pre-tax profit 1,638 1,592 200 3,430 1,648 1,630 268 3,546 Loans and advances 179,749 372,179 22,395 574,323 172,169 353,285 24,069 549,523 - of which mortgage loans 0 372,179 0 372,179 0 353,285 0 353,285 - of which bank loans 119,238 0 22,395 141,633 123,571 0 24,069 147,640 - of which repo loans 60,511 0 0 60,511 48,598 0 0 48,598 T otal assets 331,600 406,832 28,372 766,804 359,621 382,249 28,023 769,893 Deposits 196,845 0 250 197,095 208,105 0 158 208,263 - of which bank deposits 189,406 0 250 189,656 196,842 0 158 197,000 - of which repo and triparty deposits 7,439 0 0 7,439 11,263 0 0 11,263 Issued bonds 58,453 373,982 0 432,435 89,948 351,016 0 440,964 * The relationship between income statement items under 'The Jyske Bank Group' (key financial data) and the income statement page 35 appears from the next page. Page 43Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Breakdown of profit for the period DKKm H1 2025 H1 2024 Core profit Inv. portfolio earnings One-off costs Reclas- sification T otal Core profit Inv. portfolio earnings One-off costs Reclas- sification T otal Net interest income 4,394 -12 0 33 4,415 4,877 -89 0 40 4,828 Net fee and commission income 1,384 -1 0 1 1,384 1,209 -1 0 -1 1,207 Value adjustments 445 104 0 -33 516 438 118 0 -40 516 Other income 217 0 0 -38 179 199 0 0 -41 158 Income from operating lease, etc. (net) 63 0 0 310 373 105 0 0 219 324 Income 6,503 91 0 273 6,867 6,828 28 0 177 7,033 Expenses 3,195 16 0 273 3,484 3,160 15 40 177 3,392 Profit before loan impairment charges 3,308 75 0 0 3,383 3,668 13 -40 0 3,641 Loan impairment charges -47 0 0 0 -47 95 0 0 0 95 Pre-tax profit 3,355 75 0 0 3,430 3,573 13 -40 0 3,546 4 Segmental financial statements, cont. Alternative performance targets The alternative performance targets applied in the management's review constitute valuable information for readers of financial statements as they provide a more uniform basis for comparison of accounting periods. No adjusting entries are made, and therefore the net profit or loss for the year will be the same in the alternative performance targets of the management's review and in the IFRS financial statements. Core profit is defined as the pre-tax profit exclusive of investment portfolio earnings. Hence earnings from customers are expressed better than in the IFRS financial statements. Investment portfolio earnings are defined as the return on the Group's portfolio of shares, bonds, derivatives and equity investments, yet exclusive of the liquidity buffer and certain strategic equity investments. Investment portfolio earnings are calculated after expenses for funding and attributable costs. One-off costs are costs relating to the acquisition of Svenska Handelsbanken’s Danish activities and PFA Bank. These one-offs are included in the IFRS income statement under expenses for staff and administrative expenses, etc. The table on the previous page shows the relationships from the income statement items in the Jyske Bank Group's key figures on page 7 to the income statement items in the IFRS financial statements on page 34. Reclassification relates to the following: - Expenses of DKK 33m (H1 2024: expenses of DKK 40m) due to value adjustments relating to the balance principle at Jyske Realkredit were reclassified from value adjustments to interest income. - Expenses of DKK 38m (H1 2024: expenses of DKK 41m) from external revenue was reclassified to income from operating lease, etc. (net). - Depreciation and amortisation of DKK 273m (H1 2024: 177m) were reclassified from expenses to income from operating lease, etc. (net). Page 44Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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7 Fees and commission income DKKm H1 2025 H1 2024 Securities trading and custody services 776 675 Money transfers and card payments 171 156 Loan application fees 222 183 Guarantee commission 44 51 Other fees and commissions 433 387 Fees and commissions received, total 1,646 1,452 Fees and commissions paid, total 262 245 Fee and commission income, net 1,384 1,207 5 Interest income DKKm H1 2025 H1 2024 Due from credit institutions and central banks 596 1,197 Loans and advances 7,543 9,537 Administration margin 1,161 1,030 Bonds 1,388 1,666 Derivatives, total 301 185 Of which currency contracts 121 139 Of which interest rate contracts 180 46 Other -19 -52 T otal 10,970 13,563 Interest on own mortgage bonds, set off against interest on issued bonds 125 165 T otal 10,845 13,398 Of which Interest income calculated according to the effective interest method 4,579 6,610 6 Interest expenses DKKm H1 2025 H1 2024 Due to credit institutions and central banks 341 443 Deposits 1,157 2,298 Issued bonds 4,805 5,579 Subordinated debt 171 175 Other 81 240 T otal 6,555 8,735 Interest on own mortgage bonds, set off against interest on issued bonds 125 165 T otal interest expenses 6,430 8,570 8 Value adjustments DKKm H1 2025 H1 2024 Loans at fair value -1,742 -1,974 Bonds 164 79 Shares, etc. 111 137 Currency 152 153 Currency, interest rate, share, commodity and other contracts as well as other derivatives 305 -330 Issued bonds 1,537 2,456 Other assets and liabilities -11 -5 T otal 516 516 Page 45Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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9 Loan impairment charges and provisions for guarantees DKKm H1 2025 H1 2024 Loan impairment charges and provisions for guarantees recognised in the income statement Loan impairment charges and provisions for guarantees for the period 3 187 Impairment charges on balances due from credit institutions for the period -1 0 Provisions for loan commitments and unutilised credit lines in the period -29 -13 Recognised as a loss, not covered by loan impairment charges and provisions 24 32 Recoveries -12 11 Recognised discount for acquired loans -32 -122 Loan impairment charges and provisions for guarantees recognised in the income statement -47 95 Balance of loan impairment charges and provisions for guarantees Balance of loan impairment charges and provisions, beginning of period 4,923 4,972 Loan impairment charges and provisions for the period -26 174 Recognised as a loss, covered by loan impairment charges and provisions -62 -228 Other movements 33 34 Balance of loan impairment charges and provisions, end of period 4,868 4,952 Loan impairment charges and provisions for guarantees at amortised cost 3,279 3,236 Loan impairment charges at fair value 1,165 1,207 Provisions for guarantees 287 302 Provisions for credit commitments and unutilised credit lines 137 207 Balance of loan impairment charges and provisions, end of period 4,868 4,952 Page 46Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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9 Loan impairment charges and provisions for guarantees, cont. DKKm 30 Jun. 2025 30 Jun. 2024 Balance of loan impairment charges and provisions for guarantees by stage – total Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Balance, beginning of the year 1,293 1,144 2,481 5 4,923 1,522 1,020 2,424 6 4,972 T ransfer of impairment charges to stage 1 285 -247 -38 0 0 194 -167 -27 0 0 T ransfer of impairment charges to stage 2 -43 99 -56 0 0 -101 134 -33 0 0 T ransfer of impairment charges to stage 3 -3 -50 53 0 0 -5 -31 36 0 0 Impairment charges on new loans, etc. 300 78 168 0 546 254 84 193 0 531 Impairment charges on discontinued loans etc. -159 -107 -248 0 -514 -169 -102 -165 -1 -437 Effect from recalculation -421 241 154 -1 -27 -193 282 18 0 107 Previously impaired, now lost 0 0 -60 0 -60 0 -1 -220 0 -221 Balance, end of period 1,252 1,158 2,454 4 4,868 1,502 1,219 2,226 5 4,952 30 Jun. 2025 30 Jun. 2024 Balance of impairment charges by stage - loans at amortised cost Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Balance, beginning of the year 534 816 1,891 4 3,245 618 721 1,742 5 3,086 T ransfer of impairment charges to stage 1 193 -159 -34 0 0 113 -98 -15 0 0 T ransfer of impairment charges to stage 2 -28 68 -40 0 0 -34 53 -19 0 0 T ransfer of impairment charges to stage 3 -1 -42 43 0 0 -3 -22 25 0 0 Impairment charges on new loans, etc. 73 54 51 0 178 131 61 67 0 259 Impairment charges on discontinued loans etc. -60 -59 -102 0 -221 -70 -66 -73 -1 -210 Effect from recalculation -240 216 155 -1 130 -64 220 -30 -1 125 Previously impaired, now lost 0 0 -53 0 -53 0 -1 -23 0 -24 Balance, end of period 471 894 1,911 3 3,279 691 868 1,674 3 3,236 Page 47Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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9 Loan impairment charges and provisions for guarantees, cont. DKKm 30 Jun. 2025 30 Jun. 2024 Balance of impairment charges by stage – loans at fair value Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Balance, beginning of the year 638 238 321 0 1,197 748 223 485 0 1,456 T ransfer of impairment charges to stage 1 78 -75 -3 0 0 66 -57 -9 0 0 T ransfer of impairment charges to stage 2 -12 25 -13 0 0 -62 73 -11 0 0 T ransfer of impairment charges to stage 3 -2 -7 9 0 0 -2 -8 10 0 0 Impairment charges on new loans, etc. 166 15 1 0 182 56 11 1 0 68 Impairment charges on discontinued loans etc. -47 -23 -12 0 -82 -54 -16 -29 0 -99 Effect from recalculation -156 34 -3 0 -125 -102 38 42 0 -22 Previously impaired, now lost 0 0 -7 0 -7 0 0 -196 0 -196 Balance, end of period 665 207 293 0 1,165 650 264 293 0 1,207 30 Jun. 2025 30 Jun. 2024 Balance of provisions by stage – guarantees and loan commitments, etc. Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Balance, beginning of the year 128 91 262 0 481 163 77 190 0 430 T ransfer of impairment charges to stage 1 14 -13 -1 0 0 15 -12 -3 0 0 T ransfer of impairment charges to stage 2 -3 6 -3 0 0 -5 8 -3 0 0 T ransfer of impairment charges to stage 3 0 -1 1 0 0 0 -1 1 0 0 Impairment charges on new loans, etc. 61 9 116 0 186 67 12 125 0 204 Impairment charges on discontinued loans etc. -52 -25 -134 0 -211 -45 -20 -63 0 -128 Effect from recalculation -25 -9 2 0 -32 -27 24 6 1 4 Previously impaired, now lost 0 0 0 0 0 0 0 -1 0 -1 Balance, end of period 123 58 243 0 424 168 88 252 1 509 Page 48Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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9 Loan impairment charges and provisions for guarantees, cont. DKKm 30 Jun. 2025 31 Dec. 2024 Gross loans, advances and guarantees by stage Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Gross loans and guarantees, beginning of year 552,712 22,509 8,898 58 584,177 542,427 20,529 8,761 75 571,792 T ransfer of loans and guarantees to stage 1 7,933 -7,761 -172 0 0 7,269 -6,870 -399 0 0 T ransfer of loans and guarantees to stage 2 -6,395 7,037 -642 0 0 -11,328 11,742 -414 0 0 T ransfer of loans and guarantees to stage 3 -393 -593 986 0 0 -1,313 -1,045 2,358 0 0 Other movements* 11,437 -1,265 -917 -4 9,251 15,657 -1,847 -1,408 -17 12,385 Gross loans and guarantees, end of period 565,294 19,927 8,153 54 593,428 552,712 22,509 8,898 58 584,177 T otal impairment charges and provisions 1,176 1,130 2,421 4 4,731 1,213 1,099 2,439 5 4,756 Net loans and guarantees, end of period 564,118 18,797 5,732 50 588,697 551,499 21,410 6,459 53 579,421 30 Jun. 2025 31 Dec. 2024 Gross loans at amortised cost by stage Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Gross loans, beginning of year 188,078 10,326 4,602 56 203,062 191,198 9,502 4,446 73 205,219 T ransfer of loans to stage 1 3,509 -3,435 -74 0 0 2,802 -2,687 -115 0 0 T ransfer of loans to stage 2 -3,148 3,322 -174 0 0 -5,400 5,547 -147 0 0 T ransfer of loans to stage 3 -161 -225 386 0 0 -599 -548 1,147 0 0 Other movements* 1,982 -665 -587 -4 726 77 -1,488 -729 -17 -2,157 Gross loans, end of period 190,260 9,323 4,153 52 203,788 188,078 10,326 4,602 56 203,062 T otal impairments and provisions 461 896 1,918 4 3,279 526 816 1,897 5 3,244 Net loans, end of period 189,799 8,427 2,235 48 200,509 187,552 9,510 2,705 51 199,818 *Other movements are new as well as redeemed exposures. Page 49Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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9 Loan impairment charges and provisions for guarantees, cont. DKKm 30 Jun. 2025 31 Dec. 2024 Gross loans at fair value by stage Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Gross loans, beginning of year 353,629 11,412 3,560 0 368,601 342,760 10,255 3,618 0 356,633 T ransfer of loans to stage 1 4,287 -4,195 -92 0 0 4,337 -4,055 -282 0 0 T ransfer of loans to stage 2 -3,052 3,516 -464 0 0 -5,629 5,891 -262 0 0 T ransfer of loans to stage 3 -225 -358 583 0 0 -673 -467 1,140 0 0 Other movements* 7,169 -533 -257 0 6,379 12,834 -212 -654 0 11,968 Gross loans, end of period 361,808 9,842 3,330 0 374,980 353,629 11,412 3,560 0 368,601 T otal impairments and provisions 667 206 293 0 1,166 639 237 321 0 1,197 Net loans, end of period 361,141 9,636 3,037 0 373,814 352,990 11,175 3,239 0 367,404 30 Jun. 2025 31 Dec. 2024 Advances and guarantees by stage Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Gross guarentess, beginning of year 11,005 771 736 2 12,514 8,469 772 697 2 9,940 T ransfer of guarentess to stage 1 137 -131 -6 0 0 130 -128 -2 0 0 T ransfer of guarentess to stage 2 -195 199 -4 0 0 -299 304 -5 0 0 T ransfer of guarentess to stage 3 -7 -10 17 0 0 -41 -30 71 0 0 Other movements* 2,286 -67 -73 0 2,146 2,746 -147 -25 0 2,574 Gross guarentess, end of period 13,226 762 670 2 14,660 11,005 771 736 2 12,514 T otal impairments and provisions 48 28 210 0 286 48 46 221 0 315 Net guarentess, end of period 13,178 734 460 2 14,374 10,957 725 515 2 12,199 *Other movements are new as well as redeemed exposures. Page 50Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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9 Loan impairment charges and provisions for guarantees, cont. DKKm 30 Jun. 2025 31 Dec. 2024 Loans, advances and guarantees by stage and internal rating – gross before impairment charges and provisions Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal T otal STY 1 (PD band 0.00 - 0.10% ) 76,186 77 0 0 76,263 76,239 STY 2 (PD band 0.10 - 0.15% ) 18,544 25 0 0 18,569 15,314 STY 3 (PD band 0.15 - 0.22% ) 40,251 15 0 0 40,266 34,993 STY 4 (PD band 0.22 - 0.33% ) 31,242 24 0 0 31,266 32,366 STY 5 (PD band 0.33 - 0.48% ) 123,782 39 0 0 123,821 123,432 STY 1 - 5 290,005 180 0 0 290,185 282,344 STY 6 (PD band 0.48 - 0.70%) 88,670 120 0 0 88,790 91,003 STY 7 (PD band 0.70 - 1.02%) 73,547 267 0 0 73,814 73,916 STY 8 (PD band 1.02 - 1.48%) 38,381 926 0 0 39,307 37,693 STY 9 (PD band 1.48 - 2.15%) 36,553 774 0 0 37,327 37,376 STY 10 (PD band 2.15 - 3.13%) 15,340 1,450 0 0 16,790 16,545 STY 11 (PD band 3.13 - 4.59%) 9,148 2,603 0 1 11,752 12,344 STY 6 - 11 261,639 6,140 0 1 267,780 268,877 STY 12 (PD band 4.59 - 6.79%) 3,049 3,364 0 0 6,413 8,235 STY 13 (PD band 6.79 - 10.21%) 2,039 3,507 0 0 5,546 5,609 STY 14 (PD band 10.21 - 25.0%) 544 5,604 0 4 6,152 7,224 STY 12 - 14 5,632 12,475 0 4 18,111 21,068 Other 7,192 853 0 0 8,045 2,546 Non-performing 826 279 8,153 49 9,307 9,342 T otal 565,294 19,927 8,153 54 593,428 584,177 30 Jun. 2025 31 Dec. 2024 Loan impairment charges and provisions for guarantees by stage and internal rating Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal T otal STY 1 (PD band 0.00 - 0.10% ) 40 0 0 0 40 39 STY 2 (PD band 0.10 - 0.15% ) 15 0 0 0 15 21 STY 3 (PD band 0.15 - 0.22% ) 37 0 0 0 37 35 STY 4 (PD band 0.22 - 0.33% ) 58 0 0 0 58 65 STY 5 (PD band 0.33 - 0.48% ) 242 0 0 0 242 253 STY 1 - 5 392 0 0 0 392 413 STY 6 (PD band 0.48 - 0.70%) 109 2 0 0 111 137 STY 7 (PD band 0.70 - 1.02%) 183 2 0 0 185 191 STY 8 (PD band 1.02 - 1.48%) 157 30 0 0 187 145 STY 9 (PD band 1.48 - 2.15%) 134 17 0 0 151 156 STY 10 (PD band 2.15 - 3.13%) 54 21 0 0 75 88 STY 11 (PD band 3.13 - 4.59%) 58 66 0 0 124 183 STY 6 - 11 695 138 0 0 833 900 STY 12 (PD band 4.59 - 6.79%) 17 157 0 0 174 145 STY 13 (PD band 6.79 - 10.21%) 23 133 0 0 156 157 STY 14 (PD band 10.21 - 25.0%) 13 599 0 0 612 646 STY 12 - 14 53 889 0 0 942 948 Other 35 92 -2 0 125 39 Non-performing 1 11 2,423 4 2,439 2,456 T otal 1,176 1,130 2,421 4 4,731 4,756 Page 51Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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9 Loan impairment charges and provisions for guarantees, cont. DKKm 30 Jun. 2025 31 Dec. 2024 Loan commitments and unutilised credit facilities by stage Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal T otal STY 1 (PD band 0.00 - 0.10% ) 28,536 1 0 0 28,537 29,450 STY 2 (PD band 0.10 - 0.15% ) 8,006 0 0 0 8,006 7,837 STY 3 (PD band 0.15 - 0.22% ) 7,182 0 0 0 7,182 6,601 STY 4 (PD band 0.22 - 0.33% ) 8,659 0 0 0 8,659 8,203 STY 5 (PD band 0.33 - 0.48% ) 4,778 0 0 0 4,778 4,974 STY 1 - 5 57,161 1 0 0 57,162 57,065 STY 6 (PD band 0.48 - 0.70%) 6,114 17 0 0 6,131 4,981 STY 7 (PD band 0.70 - 1.02%) 3,986 39 0 0 4,025 5,267 STY 8 (PD band 1.02 - 1.48%) 3,932 367 0 0 4,299 4,658 STY 9 (PD band 1.48 - 2.15%) 1,850 80 0 0 1,930 2,999 STY 10 (PD band 2.15 - 3.13%) 1,089 294 0 0 1,383 1,460 STY 11 (PD band 3.13 - 4.59%) 1,204 183 0 0 1,387 1,331 STY 6 - 11 18,175 980 0 0 19,155 20,696 STY 12 (PD band 4.59 - 6.79%) 255 105 0 0 360 586 STY 13 (PD band 6.79 - 10.21%) 79 114 0 0 193 169 STY 14 (PD band 10.21 - 25.0%) 37 261 0 0 298 394 STY 12 - 14 371 480 0 0 851 1,149 Other 664 39 0 1 704 706 Non-performing 22 2 106 0 130 203 T otal 76,393 1,502 106 1 78,002 79,819 30 Jun. 2025 31 Dec. 2024 Provisions for loan commitments and unutilised credit lines by stage Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal T otal STY 1 (PD band 0.00 - 0.10% ) 1 0 0 0 1 1 STY 2 (PD band 0.10 - 0.15% ) 1 0 0 0 1 4 STY 3 (PD band 0.15 - 0.22% ) 6 0 0 0 6 6 STY 4 (PD band 0.22 - 0.33% ) 10 0 0 0 10 10 STY 5 (PD band 0.33 - 0.48% ) 6 0 0 0 6 6 STY 1 - 5 24 0 0 0 24 27 STY 6 (PD band 0.48 - 0.70%) 11 0 0 0 11 9 STY 7 (PD band 0.70 - 1.02%) 8 0 0 0 8 12 STY 8 (PD band 1.02 - 1.48%) 10 2 0 0 12 15 STY 9 (PD band 1.48 - 2.15%) 6 1 0 0 7 9 STY 10 (PD band 2.15 - 3.13%) 4 4 0 0 8 13 STY 11 (PD band 3.13 - 4.59%) 5 2 0 0 7 9 STY 6 - 11 44 9 0 0 53 67 STY 12 (PD band 4.59 - 6.79%) 3 2 0 0 5 9 STY 13 (PD band 6.79 - 10.21%) 0 4 0 0 4 2 STY 14 (PD band 10.21 - 25.0%) 0 13 0 0 13 23 STY 12 - 14 3 19 0 0 22 34 Other 3 1 0 0 4 6 Non-performing 0 0 34 0 34 31 T otal 74 29 34 0 137 165 Page 52Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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10 Loans at fair value DKKm 30 Jun. 2025 31 Dec. 2024 30 Jun. 2024 Mortgage loans, nominal value 389,491 381,511 375,949 Adjustment for interest-rate risk, etc. -16,534 -14,885 -21,888 Adjustment for credit risk -1,071 -1,097 -1,107 Mortgage loans at fair value, total 371,886 365,529 352,954 Arrears and outlays, total 72 75 68 Other loans and advances 1,856 1,800 2,068 Loans and advances at fair value, total 373,814 367,404 355,090 11 Loans and advances at fair value by property category DKKm 30 Jun. 2025 31 Dec. 2024 30 Jun. 2024 Owner-occupied homes 172,825 168,626 165,497 Vacation homes 10,097 9,876 9,604 Subsidised housing (rental housing) 48,816 49,483 47,329 Cooperative housing 11,241 11,684 11,391 Private rental properties (rental housing) 76,698 74,760 69,979 Industrial properties 7,132 6,962 6,479 Office and retail properties 39,248 38,205 37,215 Agricultural properties 153 154 167 Properties for social, cultural and educational purposes 7,354 7,444 7,360 Other properties 250 210 69 T otal 373,814 367,404 355,090 12 Loans and advances at amortised cost and guarantees by sector DKKm 30 Jun. 2025 31 Dec. 2024 30 Jun. 2024 Public authorities 12,031 13,301 12,393 Agriculture, hunting, forestry, fishing 12,906 13,207 13,513 Manufacturing, mining, etc. 14,375 16,391 16,292 Energy supply 5,769 8,849 8,524 Building and construction 2,673 4,046 5,211 Commerce 10,464 10,483 12,377 T ransport, hotels and restaurants 6,215 6,401 6,044 Information and communication 928 1,397 1,970 Financing and insurance 66,280 61,764 51,259 Real property 20,156 19,787 21,178 Other sectors 19,337 15,131 16,627 Corporates, total 159,103 157,456 152,995 Personal customers, total 43,749 41,260 41,783 T otal 214,883 212,017 207,171 13 Other assets DKKm 30 Jun. 2025 31 Dec. 2024 30 Jun. 2024 Positive fair value of derivatives 15,698 16,792 14,794 Assets in pooled deposits 6,085 6,655 7,120 Interest and commission receivable 966 1,109 1,153 Investments in associates and joint ventures 203 193 221 Deferred income 212 204 279 Investment properties 87 87 87 Other assets 3,079 2,116 1,986 T otal 26,330 27,156 25,640 Netting 30 Jun. 2025 31 Dec. 2024 30 Jun. 2024 Positive fair value of derivatives, gross 34,382 37,590 40,149 Netting of positive and negative fair value 18,684 20,798 25,355 T otal 15,698 16,792 14,794 Page 53Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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14 Deposits DKKm 30 Jun. 2025 31 Dec. 2024 30 Jun. 2024 Demand deposits 152,967 145,538 142,679 T erm deposits 9,765 12,256 10,648 Time deposits 22,699 28,854 42,280 Special deposits 5,517 5,387 5,409 Pooled deposits 6,147 6,825 7,247 T otal 197,095 198,860 208,263 15 Issued bonds at fair value DKKm 30 Jun. 2025 31 Dec. 2024 30 Jun. 2024 Issued bonds at fair value, nominal value 423,028 415,205 397,348 Adjustment to fair value -17,370 -16,216 -23,642 Own mortgage bonds offset, fair value -37,252 -36,781 -28,777 T otal 368,406 362,208 344,929 16 Other liabilities DKKm 30 Jun. 2025 31 Dec. 2024 30 Jun. 2024 Set-off entry of negative bond holdings in connection with repos/reverse repos 5,839 6,539 7,113 Negative fair value of derivatives 14,725 16,292 14,757 Interest and commission payable 3,218 3,586 3,917 Deferred income 115 117 116 Lease commitment 184 226 243 Other liabilities 10,809 10,118 8,426 T otal 34,890 36,878 34,572 Netting Negative fair value of derivatives, gross 33,409 37,090 40,112 Netting of positive and negative fair value 18,684 20,798 25,355 T otal 14,725 16,292 14,757 17 Subordinated debt DKKm 30 Jun. 2025 31 Dec. 2024 30 Jun. 2024 Var . % bond loan NOK 1,000m 2031.03.24 630 630 654 Var . % bond loan SEK 1,000m 2031.03.24 669 649 656 1.25% bond loan EUR 200m 2031.01.28 1,492 1,492 1,492 6.73% bond loan EUR 1.5m 2026 11 22 22 Var . bond loan SEK 600m 2032.08.31 402 390 394 Var . bond loan NOK 400m 2032.08.31 252 252 262 Var . bond loan DKK 400m 2032.08.31 400 400 400 5.125% bond loan EUR 500m 2035.01.05 3,731 3,730 3,729 Subordinated debt, nominal 7,587 7,565 7,609 Hedging of interest rate risk, fair value 98 82 -29 T otal 7,685 7,647 7,580 Subordinated debt included in the capital base 7,625 7,556 7,518 Page 54Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Financial guarantess are primarily payment guarantees, and the risk equals that involved in credit facilities Other contingent liabilities include other forms of guarantees at varying degrees of risk, including performance guarantees The Group is also a party to a number of legal disputes arising from its business activities. The Group estimates the risk involved in each individual case and makes any necessary provisions which are recognised under contingent liabilities. The Group does not expect such liabilities to have material influence on the Group’s financial position. Because of its mandatory participation in the deposit guarantee scheme, the sector has paid an annual contribution of 2.5‰ of the covered net deposits until the assets of Pengeinstitutafdelingen (the financial institution fund) exceed 0.8% of the total covered net deposits, which has been accomplished. According to Bank Package 3 and Bank Package 4, Pengeinstitutafdelingen bears the immediate losses attributable to covered net deposits and relating to the resolution of financial institutions in distress. Any losses in connection with the final resolution are covered by the Guarantee Fund's Afviklings- og Restruktureringsafdeling (settlement and restructuring fund), where Jyske Bank currently guarantees 9,09% of any losses. The statutory participation in the resolution financing arrangements (Resolution Fund) as of June 2015 entailed that credit institutions pay an annual contribution over a 10-year period to a Danish national fund with a target size totalling 1% of the covered deposits. Credit institutions are to contribute according to their relative sizes and risk in Denmark, and the first contributions to the Resolution Fund were paid at the end of 2015. The Group has paid a total of about DKK 650m over the 10-year period from 2015 to 2024. With the payment of contributions in 2024, the fund reached the goal of meeting 1% of covered deposits. Due to Jyske Bank's membership of the Foreningen Bankdata, the bank is - in the event of its withdrawal - under the obligation to pay an exit charge to Bankdata in the amount of about DKK 1.9bn. Jyske Bank A/S is assessed for Danish tax purposes jointly with all domestic subsidiaries which are part of the Group. Jyske Bank A/S is the administration company of the joint taxation and has unlimited joint and several liability for the Danish corporation taxes of the joint taxation. Jyske Bank A/S and its most important subsidiaries are part of a joint VA T registration and is thus jointly and severally liable for the payment of VA T and payroll tax of the joint registration. 18 Contingent liabilities DKKm 30 Jun. 2025 31 Dec. 2024 30 Jun. 2024 Guarantees, etc. 14,374 12,198 12,738 Other contingent liabilities, etc. 78,024 79,841 92,419 T otal 92,398 92,039 105,157 19 Shareholders On 30 June 2025, BRFholding a/s, Copenhagen, Denmark held 28.73% of the share capital. BRFholding a/s is a 100% owned subsidiary of BRFfonden. BRFholding a/s has, according to Jyske Bank's articles of association, 4,000 votes. 20 Related parties Jyske Bank is the banker of a number of related parties. T ransactions between related parties are characterised as ordinary financial transactions and services of an operational nature. T ransactions with related parties were executed on an arm’s length basis or at cost. Over the period, there were no unusual transactions with related parties. Please see Jyske Bank's Annual Report 2024 for a detailed description of transactions with related parties. 21 Bonds provided as security The Jyske Bank Group has deposited bonds with central banks and clearing houses, etc. in connection with clearing and settlement of securities and currency transactions as well as tri-party repo transactions totalling a market value of DKK 24.796m (end of 2024: DKK 13,004m). In addition, in connection with CSA agreements, the Jyske Bank Group provided cash collateral of DKK 3,142m (end of 2024: DKK 6,686m) and bonds worth DKK 3,364m (end of 2024: 1,275m). The conclusion of repo transactions, i.e. sale of securities involving agreements to repurchase them at a later point in time, implies that bonds are provided as collateral for the amount that is borrowed. Repo transactions amounted to DKK 21,382m (end of 2024: DKK 12,989m). Page 55Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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22 Fair value of financial assets and liabilities DKKm 30 Jun. 2025 31 Dec. 2024 Recognised value Fair value Recognised value Fair value Financial assets Cash balance and demand deposits with central banks 40,034 40,034 37,392 37,392 Due from credit institutions and central banks 6,784 6,786 10,963 10,961 Loans at fair value 373,814 373,814 367,404 367,404 Loans and advances at amortised cost 200,509 200,428 199,818 199,701 Bonds at fair value 72,929 72,929 62,650 62,650 Bonds at amortised cost 35,695 35,343 33,830 33,460 Shares, etc. 2,167 2,167 2,205 2,205 Assets in pooled deposits 6,085 6,085 6,655 6,655 Derivatives 15,698 15,698 16,792 16,792 T otal 753,715 753,284 737,709 737,220 Financial liabilities Due to credit institutions and central banks 42,762 42,725 26,337 26,294 Deposits 190,948 190,958 192,035 192,064 Pooled deposits 6,147 6,147 6,825 6,825 Issued bonds at fair value 368,406 368,406 362,208 362,208 Issued bonds at amortised cost 64,029 64,697 66,594 66,995 Subordinated debt 7,685 7,896 7,647 7,836 Set-off entry of negative bond holdings 5,839 5,839 6,539 6,539 Derivatives 14,725 14,725 16,292 16,292 T otal 700,541 701,393 684,477 685,053 The table shows the fair value of financial assets and liabilities and the carrying amounts. The re-statement at fair value of financial assets and liabilities shows a total non-recognised unrealised loss of DKK 1,283m at the end of H1 2025 against a total non-recognised unrealised loss of DKK 1,065m at the end of 2024. Notes on fair value For principles of recognition and measurement at fair value, refer to note 44 in the consolidated financial statements, annual report 2024. Information regarding credit risk valuations adjustment for derivatives T o account for the credit risk associated with derivatives for customers without credit impairment, an adjustment to the fair value (CVA) is made. Customers with credit impairment are also adjusted but treated individually. For a given counterparty's total portfolio of derivatives, CVA is a function of the expected positive exposure (EPE), the loss given default (LGD), and the probability of default (PD). In calculating EPE, a model is used to determine the expected future positive exposure for the counterparty's portfolio over the life of the derivatives. The PDs used in the model reflect the probability of default as observed in the market, with default probabilities derived from market-observable CDS spreads. This method of estimation of PD's ha as of 2021 been replaced by a new method which more accurately reflects the bankruptcy pro- bability observable in the market, as the bankruptcy probabilities are derived from market-observable CDS spreads. LGD is set to be consistent with the quotations of CDS spreads in the calculation of default probabilities, while exposure profiles are adjusted for the effect of any collateral and CSA agreements. In addition to CVA, an adjustment to the fair value is also made for derivatives that have an expected future negative fair value. This is to account for changes in the counterparties' credit risk against the Group (DVA). The DVA adjustment follows the same principles as the CVA adjustment, but the PD for Jyske Bank is determined based on Jyske Bank's external rating from Standard & Poor's. End of first quarter 2025, the accumulated net CVA and DVA amount to DKK -8m which has been recognised as income under value adjustments, compared to an accumulated DKK 12m at the end of 2024 which has been expensed under value adjustments. Page 56Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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23 Fair value hierarchy DKKm 30 Jun. 2025 31 Dec. 2024 Quoted prices Observable input Non-obser- vable input Fair value, total Recognised value Quoted prices Observable input Non-obser- vable input Fair value, total Recognised value Financial assets Loans at fair value 0 373,814 0 373,814 373,814 0 367,404 0 367,404 367,404 Bonds at fair value 66,328 6,601 0 72,929 72,929 50,976 11,674 0 62,650 62,650 Shares, etc. 990 317 860 2,167 2,167 924 291 990 2,205 2,205 Assets in pooled deposits 1,123 4,962 0 6,085 6,085 1,282 5,373 0 6,655 6,655 Derivatives 511 15,187 0 15,698 15,698 542 16,250 0 16,792 16,792 T otal 68,952 400,881 860 470,693 470,693 53,724 400,992 990 455,706 455,706 Financial liabilities Pooled deposits 0 6,147 0 6,147 6,147 0 6,825 0 6,825 6,825 Issued bonds at fair value 297,413 70,993 0 368,406 368,406 269,664 92,544 0 362,208 362,208 Set-off entry of negative bond holdings 5,556 283 0 5,839 5,839 5,325 1,214 0 6,539 6,539 Derivatives 970 13,755 0 14,725 14,725 1,038 15,254 0 16,292 16,292 T otal 303,939 91,178 0 395,117 395,117 276,027 115,837 0 391,864 391,864 Non-observable input 30 Jun. 2025 31 Dec. 2024 Fair value, beginning of period 990 1,014 T ransfers for the period 0 0 Capital gain and loss for the year reflected in the income statement under value adjustments -21 36 Sales or redemptions for the period 135 65 Purchases made over the period 26 5 Fair value, end of period 860 990 Non-observable input Non-observable input at the end of H1 2025 referred to unlisted shares recognised at DKK 860m against unlisted shares recognised at DKK 990m at the end of 2024. The measurements, which are associated with some uncertainty, are made on the basis of the shares' book value, market tra- des, shareholders' agreements as well as own assumptions and extrapolations. In the cases where Jyske Bank calculates the fair value on the basis of the company's expected future earnings, a required rate of return of 15% p.a. before tax is applied. If it is assumed that the actual market price will deviate by +/-10% relative to the calculated fair value, the effect on the income statement would amount to DKK 86m on 30 June 2025 (0.19% of the shareholders' equity at the end of H1 2025). For 31 Dec. 2024, the effect on the income statement is estimated at DKK 99m (0.22% of shareholders' equity at the end of 2024). Capital gain and loss for the year on unlisted shares recognised in the income statement is attributable to assets held at the end of H1 2025. Jyske Bank finds it of little probability that the application of alternative prices in the measurement of fair value would result in a material deviation from the recognised fair value. Fair value for financial assets and liabilities The above table shows the fair value hierarchy for financial assets and liabilities recognised at fair value. It is the practice of the Group that if prices of Danish bonds and shares are not updated for two days, transfers will take place between the categori- es quoted prices and observable input. This did not result in material transfers in 2024 and 2025. Non-financial assets recognised at fair value Investment properties were recognised at a fair value of DKK 87m (end of 2024: DKK 87m). Fair value belongs to the category of non-observable prices calculated on the basis of a required rate of return of 2%-10% (end of 2024: 2%-10%). Assets held for sale include properties repossessed temporarily, equity investments and cars etc. Assets held for sale are recognised at the lower of cost and fair value less costs of sale. Assets held for sate is recognised at DKK 212m (end of 2024: DKK 217m). Fair value belongs to the category of non-observable prices. Owner-occupied properties, exclusive of leased properties, are recognised at the restated value corresponding to the fair value at the date of the revaluation less subsequent amortisation, depreciation and impairment. The valuation of selected land and buildings is carried out with the assistance of external experts. Based on the returns method, the measurement takes place in accordance with generally accepted standards and with a weighted average required rate of return of 6.5% at the end of 2024. Owner-occupied properties, exclusive of leased properties, were recognised at DKK 1,606m (end of 2024: DKK 1,608m). The revalued amount belongs to the category of ’non-observable prices’ . Leased properties were recognised at DKK 165m (end of 2024: DKK 203m). Page 57Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Jyske Bank A/S → Income Statement and Statement of Comprehensive Income → Balance sheet as of 30 june → Equity Statement → Capital Statement → Notes Page 58Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Income statement DKKm Note H1 2025 H1 2024 Interest income 5,206 7,315 Interest expenses 2,728 4,475 Net interest income 2,478 2,840 Dividends, etc. 134 106 Fees and commission income 1,330 1,256 Fees and commission expenses 123 114 Net interest and fee income 3,819 4,088 Value adjustments 3 504 444 Other operating income 241 246 Employee and administrative expenses 2,930 2,871 Amortisation, depreciation and impairment charges 93 105 Other operating expenses 3 59 Loan impairment charges -42 139 Profit from investments in associates and group enterprises 1,369 1,437 Pre-tax profit 2,949 3,041 Ta x 412 418 Profit for the period 2,537 2,623 Distributed to: T otal appropriation to shareholders' equity 2,406 2,494 Holders of additional tier 1 capital (A T1) 131 129 T otal 2,537 2,623 Statement of Comprehensive Income DKKm H1 2025 H1 2024 Profit for the period 2,537 2,623 Other comprehensive income 0 0 Comprehensive income for the period 2,537 2,623 Page 59Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Balance sheet DKKm Assets Note 30 Jun. 2025 31 Dec. 2024 30 Jun. 2024 Cash balance and demand deposits with central banks 35,562 28,015 75,260 Due from credit institutions and central banks 6,755 9,208 5,298 Loans at fair value 5 1,635 1,569 1,805 Loans and advances at amortised cost 5 202,223 201,444 195,809 Bonds at fair value 55,936 47,494 44,280 Bonds at amortised cost 36,445 33,830 38,288 Shares, etc. 1,988 2,019 2,110 Investments in associates 187 179 181 Equity investments in group enterprises 30,186 29,027 27,763 Assets in pooled deposits 6,085 6,655 7,120 Intangible assets 3,295 3,328 3,361 Owner-occupied properties 1,581 1,585 1,530 Owner-occupied properties, leasing 165 203 219 Other property, plant and equipment 115 79 84 Current tax assets 1,241 692 1,122 Assets held for sale 26 30 38 Other assets 17,240 18,454 16,701 Deferred income 118 117 160 T otal assets 400,783 383,928 421,129 Equity and liabilities 30 Jun. 2025 31 Dec. 2024 30 Jun. 2024 Debt and payables Due to credit institutions and central banks 48,911 26,483 28,314 Deposits 190,851 192,035 200,995 Pooled deposits 6,147 6,825 7,247 Issued bonds at amortised cost 64,029 66,594 96,035 Other liabilities 31,212 32,652 30,423 Deferred income 21 19 22 T otal debt 341,171 324,608 363,036 Provisions Provisions for pensions and similar liabilities 500 492 471 Provisions for deferred tax 10 10 187 Provisions for guarantees 302 334 318 Provisions for credit commitments and unutilised credit lines 127 162 202 Other provisions 87 87 113 Provisions, total 1,026 1,085 1,291 Subordinated debt 7,685 7,647 7,580 Equity Share capital 615 643 643 Revaluation reserve 183 183 164 Reserve according to the equity method 15,599 14,441 13,177 Retained profit 29,577 28,854 30,313 Proposed dividend 0 1,543 0 Jyske Bank A/S shareholders 45,974 45,664 44,297 Holders of additional tier 1 capital (A T1) 4,927 4,924 4,925 T otal equity 50,901 50,588 49,222 T otal equity and liabilities 400,783 383,928 421,129 Off-balance sheet items Guarantees, etc. 20,003 17,155 18,170 Other contingent liabilities 78,040 79,672 76,901 T otal guarantees and other contingent liabilities 98,043 96,827 95,071 Page 60Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Statement of Changes in Equity DKKm H1 2025 H1 2024 Share capital Revaluation reserve Reserve according to the equity method Retained profit Proposed dividend Share- holders of Jyske Bank A/S Additional tier 1 capital* T otal equity Share capital Revaluation reserve Reserve according to the equity method Retained profit Proposed dividend Share- holders of Jyske Bank A/S Additional tier 1 capital* T otal equity Equity on 1 January 643 183 14,441 28,854 1,543 45,664 4,924 50,588 643 164 12,185 29,081 500 42,573 3,313 45,886 Profit for the period 0 0 1,158 1,248 0 2,406 131 2,537 0 0 992 1,502 0 2,494 129 2,623 Other comprehensive income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Comprehensive income for the period 0 0 1,158 1,248 0 2,406 131 2,537 0 0 992 1,502 0 2,494 129 2,623 Redemption of additional tier 1 capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -651 -651 Issuance of additional tier 1 capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,235 2,235 T ransaction costs 0 0 0 0 0 0 0 0 0 0 0 -22 0 -22 0 -22 Interest paid on A T1 0 0 0 0 0 0 -128 -128 0 0 0 0 0 0 -85 -85 Currency translation adjustment 0 0 0 0 0 0 0 0 0 0 0 16 0 16 -16 0 Dividends paid 0 0 0 0 -1,543 -1,543 0 -1,543 0 0 0 0 -500 -500 0 -500 Dividends, own shares 0 0 0 68 0 68 0 68 0 0 0 0 0 0 0 0 Capital reduction -28 0 0 28 0 0 0 0 0 0 0 0 0 0 0 0 Acquisition of own shares 0 0 0 -1,479 0 -1,479 0 -1,479 0 0 0 -1,330 0 -1,330 0 -1,330 Sale of own shares 0 0 0 858 0 858 0 858 0 0 0 1,066 0 1,066 0 1,066 T ransactions with owners -28 0 0 -525 -1,543 -2,096 -128 -2,224 0 0 0 -270 -500 -770 1,483 713 Equity at 30 June 615 183 15,599 29,577 0 45,974 4,927 50,901 643 164 13,177 30,313 0 44,297 4,925 49,222 * Additional tier 1 capital (A T1) has no maturity. Payment of interest and repayment of principal are voluntary. Therefore A T1 is recognised as equity. In September 2017, Jyske Bank issued A T1 amounting to EUR 150m with the possibility of early redemption in September 2027 at the ear- liest. The issue has a coupon of 4.75% until September 2027. In May 2021, Jyske Bank issued A T1 amounting to EUR 200m with the possibility of early redemption from 4 December 2028 at the earliest. The interest rate applicable to the issue until June 2029 is 3.625%. In February 2024, Jyske Bank issued A T1 amounting to EUR 300m with the possibility of early redemption from 13 August 2030 at the earliest. The interest rate applicable to the issue is 7%. It applies to all A T1 issues that if the common equity tier 1 capital ratio of Jyske Bank A/S or the Jyske Bank Group falls below 7%, the loans will be written down. Page 61Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Capital Statement DKKm 30 June 2025 31 Dec. 2024 30 June 2024 Shareholders' equity 45,974 45,664 44,297 Share buyback plan, unutilized capacity -1,605 0 -1,128 Proposed/expected dividends -1,708 -1,543 -748 Intangible assets* -3,295 -3,328 -3,361 Prudent valuation -88 -82 -214 Insufficient coverage of non-performing loans and guarantees -237 -77 -252 Other deductions -142 -62 -134 Common equity tier 1 capital 38,899 40,572 38,460 Additional tier 1 capital (A T1) after reduction 4,920 4,914 4,838 Core capital 43,819 45,486 43,298 Subordinated loan capital after reduction 7,625 7,556 7,518 Capital base 51,444 53,042 50,816 Weighted risk exposure involving credit risk, etc. 152,755 135,284 141,179 Weighted risk exposure involving market risk 9,745 9,938 10,598 Weighted risk exposure involving operational risk 15,097 16,172 16,172 T otal weighted risk exposure 177,597 161,394 167,949 Capital requirement, Pillar I 14,208 12,912 13,436 Capital ratio (%) 29.0 32.9 30.3 Tier 1 capital ratio (%) 24.7 28.2 25.8 Common equity tier 1 capital ratio (%) 21.9 25.1 22.9 The capital statement was calculated according to Regulation (EU) No. 575/2013 of 26 June 2013 of the European Parliament and of the Council (CRR) with subsequent amendments. For the determination of the individual solvency requirement, please see the report Risk and Capital Management 2024 and jyskebank.com/investor- relations/capitalstructure, which shows Jyske Bank’s quarterly determination of the individual solvency requirement. Page 62Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Table of contents, note section No. Note Page 1 Accounting policies 64 2 Key figures and ratios 64 3 Value adjustments 64 4 Loan impairment charges and provisions for guarantees 65 5 Loans, advances and guarantees as well as loan impairment charges and provisions for guarantees by sector 67 Page 63Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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3 Value adjustments DKKm H1 2025 H1 2024 Loans at fair value 10 0 Bonds 103 17 Shares, etc. 102 124 Currency 152 153 Currency, interest rate, share, commodity and other contracts as well as other derivatives 219 -53 Assets in pooled deposits -47 346 Pooled deposits 47 -346 Other assets 2 -11 Issued bonds -71 207 Other liabilities -13 7 T otal 504 444 1 Accounting policies The interim financial statements of the parent company Jyske Bank A/S for the period 1 January – 30 June 2025 have been prepared in accordance with the Danish Financial Business Act, including the Executive Order on Financial Reports for Credit Institutions and Investment Firms, etc. The recognition and measurement principles applied by Jyske Bank A/S are consistent with IFRS. The presentation in Jyske Bank A/S differs from the presentation in the consolidated financial statements with respect to classification and scope. Reference is made to the full description of the Group’s accounting policies in Note 67 of the Annual Report 2024. The accounting policies applied remain unchanged from the Annual Report 2024. The interim financial statements are presented in Danish kroner , rounded to the nearest million. Financial situation and risk information Jyske Bank A/S is affected by the financial situation and the risk factors that are described in the management's review for the Group and reference is made to this. 2 Key figures and ratios DKKm H1 2025 H1 2024 Pre-tax profit p.a. as a percentage of average equity* 12.3 13.4 Profit for the period as a pct. of average equity* 5.3 5.7 Income/cost ratio (%) 2.0 2.0 Capital ratio (%) 29.0 30.3 Common equity tier 1 capital ratio (CET1) (%) 21.9 22.9 Individual solvency requirement (%) 12.0 12.5 Capital base (DKKm) 51,444 50,816 T otal risk exposure (DKKm) 177,597 167,949 Interest rate risk (%) 2.2 2.5 Currency risk (%) 0.0 0.0 Accumulated impairment ratio (%) 1.4 1.4 Impairment ratio for the period (%) 0.0 0.1 Number of full-time employees at end-period 3,576 3,693 Average number of full-time employees in the period 3,611 3,681 * Financial ratios are calculated as if additional tier 1 capital (A T1) is recognised as a liability. Page 64Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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4 Loan impairment charges and provisions for guarantees, cont. DKKm 30 Jun. 2025 30 Jun. 2024 Balance of loan impairment charges and provisions for guarantees by stage – total Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition I alt Balance, beginning of the year 564 812 1,936 7 3,319 670 713 1,725 6 3,114 T ransfer of impairment charges to stage 1 169 -143 -26 0 0 100 -89 -11 0 0 T ransfer of impairment charges to stage 2 -25 55 -30 0 0 -33 47 -14 0 0 T ransfer of impairment charges to stage 3 0 -36 36 0 0 -1 -18 19 0 0 Impairment charges on new loans, etc. 108 45 146 0 299 162 50 156 0 368 Impairment charges on discontinued loans etc. -95 -75 -216 0 -386 -103 -74 -94 -1 -272 Effect from recalculation -222 199 128 -4 101 -48 236 -33 1 156 Previously impaired, now lost 0 0 -47 0 -47 0 0 -18 0 -18 Balance, end of period 499 857 1,927 3 3,286 747 865 1,730 6 3,348 30 Jun. 2025 30 Jun. 2024 Balance of impairment charges by stage - loans at amortised cost Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition I alt Balance, beginning of the year 431 724 1,660 7 2,822 500 636 1,537 5 2,678 T ransfer of impairment charges to stage 1 156 -131 -25 0 0 84 -77 -7 0 0 T ransfer of impairment charges to stage 2 -23 50 -27 0 0 -28 39 -11 0 0 T ransfer of impairment charges to stage 3 -1 -34 35 0 0 -1 -17 18 0 0 Impairment charges on new loans, etc. 50 37 33 0 120 96 39 33 0 168 Impairment charges on discontinued loans etc. -44 -49 -77 0 -170 -59 -54 -33 -1 -147 Effect from recalculation -194 203 124 -2 131 -20 213 -50 2 145 Previously impaired, now lost 0 0 -47 0 -47 0 0 -18 0 -18 Balance, end of period 375 800 1,676 5 2,856 572 779 1,469 6 2,826 Page 65Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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4 Loan impairment charges and provisions for guarantees, cont. DKKm 30 Jun. 2025 30 Jun. 2024 Balance of impairment charges by stage – loans at fair value Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition I alt Balance, beginning of the year 0 1 1 0 2 2 1 1 0 4 T ransfer of impairment charges to stage 1 0 0 0 0 0 0 0 0 0 0 T ransfer of impairment charges to stage 2 0 0 0 0 0 0 0 0 0 0 T ransfer of impairment charges to stage 3 0 0 0 0 0 0 0 0 0 0 Impairment charges on new loans, etc. 0 0 0 0 0 1 0 0 0 1 Impairment charges on discontinued loans etc. 0 0 0 0 0 -2 0 -1 0 -3 Effect from recalculation 0 0 0 0 0 0 0 1 0 1 Previously impaired, now lost 0 0 0 0 0 0 0 0 0 0 Balance, end of period 0 1 1 0 2 1 1 1 0 3 30 Jun. 2025 30 Jun. 2024 Balance of provisions by stage – guarantees and loan commitments, etc. Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition T otal Stage 1 Stage 2 Stage 3 Credit-impai- red at initial recognition I alt Balance, beginning of the year 131 88 276 0 495 166 76 190 0 432 T ransfer of impairment charges to stage 1 14 -13 -1 0 0 16 -13 -3 0 0 T ransfer of impairment charges to stage 2 -2 5 -3 0 0 -5 8 -3 0 0 T ransfer of impairment charges to stage 3 0 -1 1 0 0 0 -1 1 0 0 Impairment charges on new loans, etc. 58 8 113 0 179 65 11 123 0 199 Impairment charges on discontinued loans etc. -51 -26 -139 0 -216 -42 -20 -60 0 -122 Effect from recalculation -24 -9 3 0 -30 -27 23 15 0 11 Previously impaired, now lost 0 0 0 0 0 0 0 -1 0 -1 Balance, end of period 126 52 250 0 428 173 84 262 0 519 Page 66Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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5 Loans, advances and guarantees as well as loan impairment charges and provisions for guarantees by sector DKKm H1 2025 H1 2024 Loans, advances and guarantees (%) Loans, advances and guarantees Balance of loan impairment charges and provisions for guarantees Loan impairment charges and pro- visions for guaran- tees for the period Losses for the period Loans, advances and guarantees (%) Loans, advances and guarantees Balance of loan impairment charges and provisions for guarantees Loan impairment charges and pro- visions for guaran- tees for the period Losses for the period Public authorities 5 12,027 0 0 0 6 12,390 5 4 0 Agriculture, hunting, forestry, fishing Fishing 2 4,169 7 -7 0 2 4,949 9 -4 0 Dairy farmers 0 655 1 -4 0 0 601 19 0 0 Plant production 2 4,602 30 -10 0 2 4,368 86 49 0 Pig farming 1 1,620 2 0 0 1 1,542 23 12 0 Other agriculture 0 1,088 4 1 0 1 1,261 20 13 0 Agriculture, hunting, forestry, fishing, total 5 12,134 44 -20 0 6 12,721 157 70 0 Manufacturing, mining, etc. 6 12,785 339 70 1 7 14,705 214 -59 3 Energy supply 2 5,410 14 -4 0 4 8,085 16 -22 0 Building and construction 1 1,323 46 4 2 2 3,680 43 -20 0 Commerce 4 8,751 360 -62 0 5 10,081 467 52 9 T ransport, hotels and restaurants 2 3,969 95 -43 0 2 3,556 92 6 0 Information and communication 0 889 11 1 0 1 1,951 18 -12 0 Finance and insurance 43 95,030 1,031 62 0 37 81,281 872 130 4 Real property Lease of real property 1 1,230 19 -1 0 5 11,612 200 62 0 Buying and selling of real property 0 682 4 -1 0 1 3,174 20 -1 0 Other real property 8 18,073 267 30 2 3 6,299 37 -7 0 Real property, total 9 19,985 290 28 2 9 21,085 257 54 0 Other sectors 7 15,323 375 16 17 5 10,783 283 3 8 Corporate customers 79 175,599 2,605 52 22 78 167,928 2,419 202 24 Personal customers 16 36,234 554 -60 37 16 35,466 723 -57 9 Unutilised credit lines and loan commitments 0 0 127 -34 0 0 0 201 -10 0 T otal 100 223,860 3,286 -42 59 100 215,784 3,348 139 33 Page 67Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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→ Statement by the Management and Supervisory BoardsStatements Page 68 Interim Financial Report H1 2025 Introduction Financial Review Financial Statements Statements
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Statement by the Management and Supervisory Boards We have today discussed and approved the Interim Financial Report of Jyske Bank A/S for the period 1 January to 30 June 2025. The consolidated Interim Financial Statements were prepared in accordance with statutory requirements, including IAS 34, Interim Financial Reporting as adopted by the EU, and the Inte- rim Financial Statement of the parent company were prepared in accordance with statutory requirements including including the Danish Financial Business Act. Further , the Interim Financial Report was prepared in accordance with the additional Danish disclosure requirements for interim financial reports of listed financial companies. The Interim Financial Report is unaudited and has not been reviewed, but the external auditor verified the profit, and this verification included audit procedures in line with the require- ments relating to a review, and hence it was ascertained that the conditions for on-going recognition of the profit for the period in the capital base were met. In our opinion, the Interim Financial Statements give a true and fair view of the Group’s and Parent's assets, liabilities and finan- cial position on 30 June 2025 and also of the financial perfor- mance of the Group and Parent and cash flows of the Group for the period 1 January to 30 June 2025. In our opinion, the Management’s Review gives a fair presentation of the development in the Group's and the Parent's performance and financial positions, the profit for the period and the Group’s and the Parent's financial position as a whole as well as a descrip- tion of the most material risks and elements of uncertainty that may affect the Group and the Parent. Silkeborg, 19 August 2025 Executive Board Lars Mørch CEO and Managing Director Erik Gadeberg Jacob Gyntelberg Peter Schleidt Ingjerd Blekeli Spiten Supervisory Board Kurt Bligaard Pedersen Chairman Anker Laden-Andersen Deputy Chairman Rina Asmussen Birgitte Haurum Lisbeth Holm Bente Overgaard Per Schnack Glenn Söderholm Henriette Hoffmann Employee Representative Marianne Lillevang Employee Representative Michael C. Mariegaard Employee Representative Page 69Introduction Financial Review Financial Statements Statements Interim Financial Report H1 2025
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Vestergade 8-16 DK-8600 Silkeborg Business Reg. No. (CVR) 17 61 66 17 T el.: +45 89 89 89 89 jyskebank.dk jyskebank.com