Today’s news / Jyske Bank achieves record profit after rate hikes
On Tuesday, Jyske Bank presented a record high profit after tax. (Archive photo). Photo: Claus Fisker/Ritzau Scanpix

Jyske Bank achieves record profit after rate hikes

Jyske Bank has reported a record profit of 5.9 billion Danish kroner for 2023, marking a 57% increase from its previous record in 2022. This substantial achievement is attributed to factors such as the integration of Handelsbanken Danmark, higher interest rates, and favorable financial markets. The increase in rates, a global response to combat four-decade high inflation, is expected to reduce consumer spending, thus controlling prices. Although uncertainties remain about when interest rates will drop, Jyske Bank’s CEO Lars Mørch foresees a decline in the coming year. The bank’s income from interest grew by 66% to 9.7 billion kroner in the last year, leading to a significant dividend payment to shareholders, with an additional half-billion kroner announced. Despite expectations of lower rates in 2024, the bank anticipates a high earning level with a forecasted post-tax profit of up to 5.1 billion kroner.