Jyske Bank grows amid high interest rates

Jyske Bank’s earnings increased by five percent to 2.6 billion kroner in the first half of 2024, fueled by higher interest income, which rose to nearly 4.9 billion kroner from just over 4.6 billion kroner in the same period in 2023. Despite low activity in the housing market and significant inflation headwinds, the bank expects to hit the upper half of its full-year earnings forecast, between 4.3 and 5.1 billion kroner. The forecast remains optimistic even as the National Bank began reducing monetary policy rates in June. While interest income boosted the bottom line, increased costs, including wage increases, more staff for financial crime prevention, and the acquisition of PFA Bank, drove expenses up by six percent compared to the previous year.