Interim financial report Q1-Q3 2022


Net profit for the period came to DKK 834m, corresponding to a return on equity of 5.2% p.a. Impairment charges for the period amounted to an income of DKK 105m against an expense of DKK 113m in the first nine months of 2021. In the first nine months of 2022, impairment charges were, on a net basis, reversed due to the improving credit quality of the clients, and also the management's estimates relating to the uncertainty about Covid-19 were reduced. On the other hand, the war in Ukraine, a heavy inflationary pressure, as well as significant increases in interest rates, have resulted in uncertainty in the Danish economy, indicating both lower turnover in the property market and lower prices. In the light of this, Jyske Realkredit has recognised additional impairment charges. On the whole, the management's estimates were increased by DKK 90m in the first nine months of 2022 and amount now to DKK 770m.

Administration margin income etc. amounted to DKK 1,756m, which amount is DKK 3m higher relative to the same period last year. Administration margin income was positively affected by the increasing loans yet negatively affected by falling average administration margin rates.

Core expenses, which amounted to DKK 295m in the first nine months of 2022, were DKK 5m higher relative to the same period of 2021, which can be attributed to insourcing in the second quarter of 2021 of activities, which had previously been outsourced. Subsequently, the level of expenses was at an unchanged level in recent quarters.

The nominal loan portfolio grew by DKK 3.7 bn in the first nine months of 2022 and amounts now to DKK 342.6 bn.