Jyske Bank: Disappointing third quarter but good news for shareholders
For the third quarter, the Jyske Bank Group reports apre-tax profit of DKK 326m - after tax the profit amounts to DKK 250m.
A profit, characterised by the management as"seen in isolation, not satisfactory" considering that in thecorresponding quarter last year, the Group generated a profit of just above DKK600m after tax.
Particularly the item 'value adjustments' had anadverse effect in the amount of about DKK 250m on the quarterly financialstatements.
However, Jyske Bank shareholders can be happy that thebank intends to launch a share buy-back programme in the amount of up to DKK500m.
Moreover, at the Annual general meeting in the spring, the management willpropose the motion that - for the first time in many years - dividend will bedistributed to shareholders at the level of half a billion Danish kroner.
Sven Blomberg, Managing Director and Deputy ChiefExecutive, comments on the financial statements.
Clickhere to read the Interim Financial Report infull.