Jyske Bank A/S

Earnings strength & guidance (good): - EPS up 14% YoY (excluding value adjustments), supported by strong business momentum and higher interest rates. - Q3 return metrics are on track to “’28 goals”: RoTE 11.1% and cost/income 49%. - Net profit guidance upgraded (10/12): now DKK 78–87bn (implied DKK 4.7–5.2bn net profit range).

Core drivers of performance (mostly good): - Net interest income (NII) +4% QoQ driven by higher volumes and higher deposit margins (deposit repricing described as currently supportive, but not fully “fully passed through” yet). - Fees & commissions +11% YoY in Q3 (and ~+8% annual growth since 2020): upside from higher AUM/custody fees (+21% YoY), activity/transactions, and strong mortgage refinancing in Q3. - Expenses +1% QoQ (still a key focus for cost management, but contained).

Balance sheet growth & business momentum (good): - AUM +12% YoY and +2% QoQ, with financial markets positive and net inflows of new customers. - Mortgage lending accelerating: +9% YoY in Q3 (customer/portfolio momentum improved; described as turned positive after a prior period of weakness). - Bank lending +1% QoQ, but management clarified that excluding mortgage transfers to Jyske Realkredit, bank lending uplift would be +3% (important nuance for investors tracking underlying credit growth). - Deposits flat after several quarters of strong growth (watchpoint vs future funding costs/margins).