Company Announcement for the first quarter of 2025
07.05.2025
In the first quarter of 2025, Jyske Realkredit generated a net profit of DKK 575m against DKK 514m in the corresponding period of last year corresponding to an improvement of 12%.
Administration margin income etc. rose to DKK 660m in 2025 against DKK 615m in 2024. The increase was due to a combination of rising loan portfolio as well as rising administration margin rates within the corporate customer area.
Other net interest income declined to DKK 208m from DKK 256m in 2024, due primarily to the declining interest-rate level.
Net fee and commission income, etc. amounted to an income of DKK 4m against an expense of DKK 97m in the first quarter of 2024. In 2025, we saw higher fee income from lending activity, but also lower distribution fees to Jyske Bank.
Value adjustments, etc. amounted to an income of DKK 26m against an income of DKK 55m in the corresponding period of last year and relate to Jyske Realkredit’s securities portfolios. Considering the turbulent market conditions in Q1 2025, a positive value adjustment of DKK 26m is regarded as satisfactory.
Costs and expenses amounted to DKK 109m against DKK 112m for the same period in the previous year. The reduction was due to lower contribution to the Resolution Fund and conversely higher employee expenses etc.
Loan impairment charges remained at a low level and amounted to an expense of DKK 11m against an expense of DKK 21m in 2024. The total balance of impairment charges amounted to DKK 1,182m at 31 March 2025 against DKK 1,177m at the end of 2024.
At the end of March 2025, Jyske Realkredit’s balance sheet amounted to DKK 408bn (DKK 400bn at the end of 2024 and DKK 385bn at the end of the first quarter of 2024).
Mortgage loans at nominal value increased by DKK 4.0bn from DKK 381.5bn at the end of 2024 to DKK 385.5bn at 31 March 2025, corresponding to an increase of 1.1%. Of the increase, DKK 2.3bn related to the corporate customer area and DKK 1.7bn to the personal customer area. Relative to Q1 2024, nominal mortgage loans rose by just over DKK 12bn or 3.3%.
At 31 March 2025, Jyske Realkredit’s capital ratio amounted to 25.0% (end of 2024: 27.3%) calculated on the basis of a capital base of DKK 26,711m. The reason behind the decline in the capital ratio in the first quarter of 2025 is primarily due to the transition to new solvency rules according to CRR3, which came into effect at the beginning of 2025, leading as expected to a sizeable increase in the weighted risk exposure.