Journal Aticle SWOT Analysis936586 PDF

Jyske Bank A-S
_________________________________________________________________________________
Jyske Bank A/S
Financial Snapshot
Operating Performance
Fast Facts
Headquarters Address
Vestergade 8-16, Silkeborg, 8600,Denmark
Telephone
+ 45 89 898989
Fax
N/A
Website
www.jyskebank.dk
Ticker Symbol, Stock Exchange
JYSK (Copenhagen Stock Exchange)
Number of Employees
4,289
Fiscal Year End
December
Total Income (in US$ million)
1,755
The company reported revenue of US$1,755 million

during the fiscal year 2013 (2013). The company's
revenue declined at a compounded rate of 2.11%
during 2009 - 2013, with an annual growth of 6.95%
over 2012. In 2013, the company recorded a net profit
margin of 18.35%, as against 6.23% in 2012.
Total Income and Margins
SWOT Analysis
Strengths
Weaknesses
Return on Equity
Capital Adequacy
Decrease in Loan Loss Provisions
Increasing cash position
Overdependence on Danish Market
The company recorded a return on equity (ROE) of

10.36% for the fiscal year 2013, as compared to its
peers, Spar Nord Bank A/S (SPNO), Danske Bank
A/S (DANSKE) and Sydbank A/S (SYDB), which
recorded ROEs of 8.21%, 4.88% and 1.83%
respectively. Furthermore, the company reported an
net profit margin of 18.35% in 2013.
Strong Financial Performance
Opportunities
Threats
Growing Economy in Denmark
Changing Rules and Regulations
New Product Launches
Fluctuations in Interest Rates
Return on Equity
Increase in Compliance Costs
Financial Leverage
The company reported a debt to equity ratio of 1.69 in
2013, as compared to its peers, Spar Nord Bank A/S,
Danske Bank A/S and Sydbank A/S, which recorded
debt to equity ratios of 0.51, 9.07 and 2.70
respectively.Furthermore, in 2013,
the company
recorded a debt to capital ratio of 0.11, as compared
to its peers, Spar Nord Bank A/S, Danske Bank A/S
and Sydbank A/S, which recorded debt to capital
ratios of 0.04, 0.41 and 0.19 respectively.
___________________________________________________________________________________________
Jyske Bank A-S - SWOT Profile
Page 1
Jyske Bank A-S

_________________________________________________________________________________
TABLE OF CONTENTS
Jyske Bank A/S - Business Analysis .................................................................................................. 5

1.1
Jyske Bank A/S - Company Overview .............................................................................................................. 5
1.2
Jyske Bank A/S - Business Description ............................................................................................................ 6
1.3
Jyske Bank A/S - Major Products and Services ................................................................................................ 7
Jyske Bank A/S - Analysis of Key Performance Indicators ................................................................ 8

2.1
Jyske Bank A/S - Five Year Snapshot: Overview of Financial and Operational Performance Indicators ............ 8
2.2
Jyske Bank A/S - Key Financial Performance Indicators................................................................................. 10
2.2.1
Jyske Bank A/S - Total Income and Net Profit Margin ................................................................................ 10
2.2.2
Jyske Bank A/S - Asset and Liabilities ....................................................................................................... 11
2.2.3
Jyske Bank A/S - Gearing Ratio................................................................................................................. 12
2.2.4
Jyske Bank A/S - Valuation........................................................................................................................ 13
2.3
Jyske Bank A/S - Competitive Benchmarking ................................................................................................. 14
2.3.1
Jyske Bank A/S - Market Capitalization...................................................................................................... 15
2.3.2
Jyske Bank A/S - Efficiency ....................................................................................................................... 16
2.3.3
Jyske Bank A/S - Valuation........................................................................................................................ 17
Jyske Bank A/S - Recent Developments........................................................................................... 18
Jyske Bank A/S - SWOT Analysis ..................................................................................................... 19

4.1
Jyske Bank A/S - SWOT Analysis - Overview ................................................................................................ 19
4.2
Jyske Bank A/S - Strengths ........................................................................................................................... 19
4.3
Jyske Bank A/S - Weaknesses ...................................................................................................................... 19
4.4
Jyske Bank A/S - Opportunities...................................................................................................................... 20
4.5
Jyske Bank A/S - Threats............................................................................................................................... 20
Jyske Bank A/S - Company Statement ............................................................................................. 21
Jyske Bank A/S - History .................................................................................................................. 22
Jyske Bank A/S - Key Employees ..................................................................................................... 24
Jyske Bank A/S - Key Employee Biographies .................................................................................. 25
Jyske Bank A/S - Locations and Subsidiaries .................................................................................. 26

9.1
Jyske Bank A/S - Head Office ........................................................................................................................ 26
9.2
Jyske Bank A/S - Other Locations and Subsidiaries ....................................................................................... 26
10
Appendix ........................................................................................................................................... 28
10.1
Methodology .................................................................................................................................................. 28
10.2
Ratio Definitions ............................................................................................................................................ 28
10.3
Disclaimer ..................................................................................................................................................... 32
___________________________________________________________________________________________
Page 2
Jyske Bank A-S

__________________________________________________________________________________________
List of Tables
Table 1: Jyske Bank A/S - Major Products and Services .................................................................................................. 7
Table 2: Jyske Bank A/S - Key Ratios - Annual ................................................................................................................ 8
Table 3: Jyske Bank A/S - Key Ratios - Interim ................................................................................................................ 9
Table 4: Jyske Bank A/S - Key Capital Market Indicators ................................................................................................. 9
Table 5: Jyske Bank A/S - History.................................................................................................................................. 22
Table 6: Jyske Bank A/S - Key Employees .................................................................................................................... 24
Table 7: Jyske Bank A/S - Key Employee Biographies ................................................................................................... 25
Table 8: Jyske Bank A/S - Subsidiaries.......................................................................................................................... 26
___________________________________________________________________________________________
Page 3
Jyske Bank A-S

__________________________________________________________________________________________
List of Figures
Figure 1: Jyske Bank A/S - Total Income and Net Profit ................................................................................................. 10
Figure 2: Jyske Bank A/S - Financial Position ................................................................................................................ 11
Figure 3: Jyske Bank A/S - Gearing Ratio ...................................................................................................................... 12
Figure 4: Jyske Bank A/S - Valuation ............................................................................................................................. 13
Figure 5: Jyske Bank A/S - Market Capitalization ........................................................................................................... 15
Figure 6: Jyske Bank A/S - Efficiency ............................................................................................................................ 16
Figure 7: Jyske Bank A/S - Valuation ............................................................................................................................. 17
___________________________________________________________________________________________
Page 4
Jyske Bank A-S

__________________________________________________________________________________________
1 Jyske Bank A/S - Business Analysis

1.1
Jyske Bank A/S - Company Overview
Jyske Bank A/S (Jyske Bank) is a commercial bank based in Denmark. The bank provides banking and financial services
to private and small and medium-sized corporate customers. The banks portfolio of products includes deposits, currency
accounts, mutual funds, loans and advances and life insurance. In addition, the bank provides services such as personal
advisory services, investment and asset planning services, trading services, risk management, private banking, lease and
financing and net banking. Jyske Bank distributes its products through branches, subsidiaries and associated companies.
The bank has operations in Denmark, France, Switzerland, Gibraltar, the Netherlands and Spain. The bank is
headquartered in Silkeborg, Denmark.
___________________________________________________________________________________________
Page 5
Jyske Bank A-S

__________________________________________________________________________________________
1.2
Jyske Bank A/S - Business Description
Jyske Bank is a banking and financial solutions provider based in Denmark. The banks portfolio of products and services
comprise loans, variable-rate currency accounts, fixed-rate currency accounts, life insurance, investment advisory
services, asset management, private banking and lease and financing services. Its customer base includes individuals
and small and medium-sized corporate customers. As of June 2014, the bank served its customers through a network of
104 private client branches, 34 corporate client branches and 9 private banking centers. in Denmark. In addition, it had
international units in Gibraltar, Switzerland, the Netherlands and France.
The bank classifies its operations into four reportable divisions: Banking, Trading and Investment, The Guarantee Fund
and Other.
The bank, through its Banking division, provides advisory service related to financial solutions including lease and
financing activities. The bank under this division provides services primarily to personal customers, corporate customers,
public institutions and leasing customers in Denmark. In FY2013, the Banking division reported net interest income of
DKK3,282 million, accounting for 65.4% of the banks total net interest income.
The bank, under the Trading and Investment division, offers advisory service and asset management services including
money-market transactions and trading in foreign exchange, bonds, equities, commodities and derivatives. The bank
caters to international and Denmark investors under this division. In FY2013, the Trading and Investment division reported
net interest income of DKK1,576 million, accounting for 31.4% of the banks total net interest income.
The Guarantee Fund division of the bank provides the Guarantee Fund for depositors and investors. In FY2013, the
Guarantee Fund division did not generate any net interest income.
The banks Other division comprises Communications and Marketing, IT Development, Business Development, Property,
Finance and Risk Management and other head-office functions and small subsidiaries. In FY2013, the Other division
reported net interest income of DKK160 million, accounting for 3.2% of the banks total net interest income.
The bank classifies its operations into two geographic divisions: Denmark and International. In FY2013, Denmark and
International divisions accounted for 98.5% and 1.5% of the banks total net interest income, respectively.
___________________________________________________________________________________________
Page 6
Jyske Bank A-S

__________________________________________________________________________________________
1.3
Jyske Bank A/S - Major Products and Services
Jyske Bank provides banking and financial solutions in Denmark. The key products and services offered by the bank
include:
Table 1: Jyske Bank A/S - Major Products and Services
Products:
Deposits
Loans
Advances
Mutual Funds
Life Insurance
Mortgage
Guarantees
Investment
Financing
Variable-Rate Currency Accounts
Fixed-Rate Currency Accounts
Services:
Personal Advisory Services
Investment Advisory Services
Asset Management
Trading Services
Risk Management
Lease and Financing Services
Net Banking
Wealth Management Services
Source: World Market Intelligence
___________________________________________________________________________________________
Page 7
Jyske Bank A-S

__________________________________________________________________________________________
2 Jyske Bank A/S - Analysis of Key Performance Indicators

2.1
Jyske Bank A/S - Five Year Snapshot: Overview of Financial and Operational
Performance Indicators
The company reported revenue of US$1,755 million during the fiscal year 2013 (2013). The company's revenue declined
at a compounded rate of 2.11% during 2009 - 2013, with an annual growth of 6.95% over 2012. In 2013, the company
recorded a net profit margin of 18.35% compared to a net profit margin of 6.23% in 2012.
Table 2: Jyske Bank A/S - Key Ratios - Annual
Key Ratios
Unit/Currency
2013
2012
2011
2010
2009
Equity Ratios
EPS (Earnings per Share)
DKK
25.37
8.48
7.59
11.71
8.60
Book Value per Share
DKK
244.98
219.49
213.99
205.98
192.84
Net Profit Margin
18.35
6.23
5.41
8.75
4.53
PBT Margin (Profit Before Tax)
36.11
12.68
8.66
15.97
7.73
Return on Equity
10.36
3.79
3.55
5.68
3.72
Return on Assets
0.69
0.23
0.18
0.31
0.21
Return on Fixed Assets
1.92
1.89
1.75
1.93
2.01
EBITDA Growth
171.02
41.26
-40.11
68.19
-53.79
Net Income Growth
205.24
20.82
-35.29
63.23
-52.31
EPS Growth
198.01
7.19
-35.20
36.10
-49.14
21.26
27.15
31.68
24.81
41.63
Debt to Equity Ratio
Absolute
1.69
2.41
2.91
3.65
4.29
Net Debt to Equity
Absolute
1.69
2.41
2.91
3.65
4.29
Debt to Capital Ratio
Absolute
0.11
0.15
0.15
0.20
0.24
Asset Turnover
Absolute
0.02
0.03
0.03
0.03
0.03
Capital Employed Turnover
Absolute
0.37
0.43
0.50
0.47
0.62
Net Income per Employee
DKK
Profitability Ratios
Growth Ratios
Cost Ratios
Operating Costs (% of Sales)
Leverage Ratios
Efficiency Ratios
421,310.00
Capex to Sales
5.34
5.61
6.01
3.79
2.45
Efficiency Ratio
Absolute
0.79
0.75
0.69
0.68
0.49
___________________________________________________________________________________________
Page 8
Jyske Bank A-S

__________________________________________________________________________________________
Table 3: Jyske Bank A/S - Key Ratios - Interim

Key Ratios
Unit/Currency
Sep-2014
Jun-2014
Mar-2014
Dec-2013
Equity Ratios
Interim EPS (Earnings per Share)
DKK
5.76
26.59
4.79
6.57
DKK
292.62
286.80
249.81
244.98
Net Profit Margin
16.06
86.18
23.21
30.14
PBT Margin (Profit Before Tax)
17.61
84.94
28.45
38.06
45.55
42.13
21.17
20.67
Absolute
8.65
8.49
1.56
1.69
Net Debt to Equity
Absolute
8.65
8.49
1.56
1.69
Absolute
0.46
0.47
0.11
0.11
Cost Ratios
Operating Costs (% of Sales)
Leverage Ratios
Table 4: Jyske Bank A/S - Key Capital Market Indicators

Key Ratios
27-Nov-2014
P/E (Price/Earnings) Ratio
12.21
EV/EBITDA (Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortization)
116.90
Enterprise Value/Sales
42.21
Enterprise Value/Operating Profit
53.60
Enterprise Value/Total Assets
1.03
Note: Above ratios are based on share price as of 27-Nov-2014. The above ratios are absolute numbers.
___________________________________________________________________________________________
Page 9
Jyske Bank A-S

__________________________________________________________________________________________
2.2
2.2.1
Jyske Bank A/S - Key Financial Performance Indicators

Jyske Bank A/S - Total Income and Net Profit Margin
The company recorded total income of US$1,755 million in 2013, higher than the previous year's total Income. The net
profit margin of the company was 18.35% in 2013, an increase of 1212.00 basis points over the previous year.
Figure 1: Jyske Bank A/S - Total Income and Net Profit
___________________________________________________________________________________________
Page 10
Jyske Bank A-S

__________________________________________________________________________________________
2.2.2
Jyske Bank A/S - Asset and Liabilities
The company's assets grew 4.71% over the previous year to US$46,703 million in 2013. The company's liabilities grew
4.02% over the previous year to US$43,593 million in 2013. The company's asset to liability ratio improved from 1.0 6 in
2012 to 1.07 in 2013.
Figure 2: Jyske Bank A/S - Financial Position
___________________________________________________________________________________________
Page 11
Jyske Bank A-S

__________________________________________________________________________________________
2.2.3
Jyske Bank A/S - Gearing Ratio
The company's gearing ratio for the year 2013 was 1.69, which was lower when compared to the previous year's gearing
ratio of 2.41. The gearing ratio remained lower in 2013 due to lower debt funding activities over equity.
Figure 3: Jyske Bank A/S - Gearing Ratio
___________________________________________________________________________________________
Page 12
Jyske Bank A-S

__________________________________________________________________________________________
2.2.4
Jyske Bank A/S - Valuation
As of 27-Nov-2014, the company recorded an EV/EBIT of 53.60, EV/Total Assets of 1.03 and EV/Sales of 42.21.
Figure 4: Jyske Bank A/S - Valuation
___________________________________________________________________________________________
Page 13
Jyske Bank A-S

__________________________________________________________________________________________
2.3
Jyske Bank A/S - Competitive Benchmarking
The following companies are the major competitors of Jyske Bank A/S:
Danske Bank A/S (Ticker: DANSKE)
Kreditbanken A/S (Ticker: KRE)
Nordjyske Bank A/S (Ticker: NORDJB)
Spar Nord Bank A/S (Ticker: SPNO)
Sydbank A/S (Ticker: SYDB)
Vestfyns Bank A/S (Ticker: VEFY)
Vestjysk Bank A/S (Ticker: VJBA)
___________________________________________________________________________________________
Page 14
Jyske Bank A-S

__________________________________________________________________________________________
For competitive benchmarking, latest financial results are considered. Following are the key performance indicators
against which the companies have been benchmarked:
2.3.1
Jyske Bank A/S - Market Capitalization
As of 27-Nov-2014, the company recorded a market capitalization of US$5,238 million, higher than its close competitors
Spar Nord Bank A/S (Ticker: SPNO) and Sydbank A/S (Ticker: SYDB) which recorded market capitalizations of
US$1,294 million and US$2,461 million respectively. The company recorded earnings per share of US$4.51 in 2013,
which has led to a price/earnings ratio (P/E ratio) of 12.21. This was lower than the P/E ratios of its peers, Spar Nord
Bank A/S (Ticker: SPNO), Sydbank A/S (Ticker: SYDB) and Danske Bank A/S (Ticker: DANSKE), which recorded P/E
ratios of 15.45, 74.12 and 23.59 respectively.
Figure 5: Jyske Bank A/S - Market Capitalization

Note: Company names are represented by ticker symbols
Bubble size represents Market Capitalization US$ Million
For those data points with negative values, bubbles will not be displayed.
Where the market cap is disproportionately smaller, a bubble may not be displayed.
___________________________________________________________________________________________
Page 15
Jyske Bank A-S

__________________________________________________________________________________________
2.3.2
Jyske Bank A/S - Efficiency
The company recorded a net margin of 18.35% in 2013. This was higher than the net profit margin of its peers, Spar Nord
Bank A/S (Ticker: SPNO), Sydbank A/S (Ticker: SYDB), and Danske Bank A/S (Ticker: DANSKE), which recorded the
margins of 14.31%, 3.39%, and 8.38% respectively. In terms of interest income, the company is 2.63 times of Spar Nord
Bank A/S (Ticker: SPNO), 1.79 times of Sydbank A/S (Ticker: SYDB), and 0.12 times of Danske Bank A/S (Ticker:
DANSKE).
Figure 6: Jyske Bank A/S - Efficiency

___________________________________________________________________________________________
Page 16
Jyske Bank A-S

__________________________________________________________________________________________
2.3.3
Jyske Bank A/S - Valuation
As of 27-Nov-2014, the companys EV/EBIT was 53.60. This was higher than that of its peers, Spar Nord Bank A/S
(Ticker: SPNO), Sydbank A/S (Ticker: SYDB) and Danske Bank A/S (Ticker: DANSKE), which reported EV/EBIT figures
of 4.31, 11.74 and 34.64 respectively.
Figure 7: Jyske Bank A/S - Valuation

___________________________________________________________________________________________
Page 17
Jyske Bank A-S

__________________________________________________________________________________________
3 Jyske Bank A/S - Recent Developments

Extraordinary general meeting of Jyske Bank A/S held on 5 May 2014
At Jyske Bank's Extraordinary General Meeting held the candidate proposed by the
Supervisory Board, partner Rina Asmussen, Klampenborg, was elected to the Bank's
Supervisory Board.
Published Date : 5/6/2014 12:00:00 AM
Jyske Bank takes over Sparekassen Lolland
Jyske Bank A/S has entered into an agreement with Sparekassen Lolland A/S to take over all its banking activities, including
customers, employees and branches.
Published Date : 2/15/2013 12:00:00 AM
___________________________________________________________________________________________
Page 18
Jyske Bank A-S

__________________________________________________________________________________________
4 Jyske Bank A/S - SWOT Analysis

4.1
Jyske Bank A/S - SWOT Analysis - Overview
Jyske Bank is a commercial bank, based in Denmark. Strong financial performance, capital adequacy and increasing
cash position are the key strengths of the bank, even as its overdependence on Danish market and decrease in loan loss
provisions remain major areas of concern. Going forward, fluctuations in interest rates, changing regulations and increase
in compliance costs may affect its business performance. However, new product launches and growing economy in
Denmark may offer ample growth opportunities for the bank.
4.2
Jyske Bank A/S - Strengths
Strengths - Capital Adequacy

Strong capital adequacy enables the bank to meet regulatory capital requirements vis--vis its risk-weighted assets and to
address bank stress tests conducted by national banking regulators. The good capital management enabled the bank to
strengthen its capital position. The bank was required to maintain a maintain core capital (Tier 1) ratio of 12% according to
the Danish Financial Business Act. The bank reported the core capital (Tier 1) ratio of 15.9% during FY2013, meeting the
regulatory requirements. Prudent capital management of the bank strengthened its capital, which in turn will enable it to
withstand periods of banking stress
Strengths - Strong Financial Performance
The bank exhibited strong financial performance during FY2013, which will boost its investors confidence. During the
FY2013, the bank reported revenues of DKK9,845 million, up 3.6% on an annual basis from DKK9,501 billion in FY2012.
The banks operating income was DKK2,301 million in FY2013 compared with operating income of DKK849 million in
FY2012. The banks net income was DKK1,807 million in FY2013 compared with DKK592 million FY2012. The increase
in the financial performance was due to increase in non-interest income in FY2013 compared with that of previous year.
Such a strong growth in revenue and profits depicts the financial stability, its strong position in the market place and will
also help the bank to pursue its growth plans aggressively.
Strengths - Increasing cash position
The bank has witnessed strong growth in cash and cash equivalents, which in turn helps it to meet its short-term
obligations, without any difficulties. Its cash and cash equivalents increased from DKK14,534 million in FY2012 to
DKK16,647 million in FY2013, representing an increase of 14.5% over FY2012. Increased cash and cash equivalents can
be attributed to strong cash inflow for the bank.
4.3
Jyske Bank A/S - Weaknesses
Weaknesses - Overdependence on Danish Market

Overdependence on the Danish market for its net interest income may cause a concern to the bank during any political or
economic adversity in the region. Although, Jyske Bank apart from Denmark has operations in France, Switzerland,
Gibraltar, the Netherlands and Spain, it is heavily dependent on the Danish market. For instance, in FY2013, the bank
generated 98.5% of its net interest income from the Denmark. Overdependence on a single geographic region also puts
the bank at a risk as any adverse development in the political, economic or climatic environment of the region might have
an adverse impact on the banks business.
Weaknesses - Decrease in Loan Loss Provisions
Decreasing loan loss provisions impacts the banks ability to absorb loan defaults. The bank reported a decline in loan
loss reserves in the FY2013. It reported decrease in loan loss provision from DKK1,840 million in FY2012 to DKK1,147
million in FY2013, representing an annual decrease of 37.7%. Although a lower loan loss provision artificially boosts
profitability, it puts the bank at risk due to inadequate protection against unexpected loan losses. With increase in loan
losses, the bank is forced to utilize its retained earnings, which form a part of the banks regulatory capital, for meeting
cash flow obligations. Such decline in loan loss provisions may affect the banks financial position.
___________________________________________________________________________________________
Page 19
Jyske Bank A-S

__________________________________________________________________________________________
4.4
Jyske Bank A/S - Opportunities
Opportunities - Growing Economy in Denmark

The bank stands to benefit from the growing economy in Denmark. According to the International Monetary Fund (IMF),
the GDP growth rate of Denmark stood at 0.4% in 2013. It is further expected to reach 1.5% and 1.7% in 2014 and 2015
respectively. This may encourage high income individuals in Denmark to buy financial products. As a provider of banking
and life insurance products in Denmark, the bank is well positioned to benefit from the growing economy.
Opportunities - New Product Launches
Introduction of new products will strengthen the banks existing portfolio of products and offers opportunities to achieve
sizable business growth. Jyske Bank introduced five new mortgage loan products in December, 2013. With this new
product the banks product portfolio increases and strengthen its market share. Such new offerings will provide the bank
with a competitive advantage and also helps it to win new business.
4.5
Jyske Bank A/S - Threats
Threats - Increase in Compliance Costs

Increase in compliance costs may impact the banks operations. Compliance costs are expected to increase further and
may adversely affect the banks operations. The recent financial crisis has led to increased compliance costs and
additional regulations. The compliance burden on companies has probably been increased in an attempt by the
government to prevent future crises. The Basel Committee on Banking Supervision, the Senior Supervisors Group, the
Institute of International Finance, and the US Treasury has issued reports reflecting the changes in the regulatory process
and risk management practices. The Federal Reserve has also issued new regulations for mortgage origination to guard
consumers. This may result in enhanced regulatory environment and exert extra pressure on companies, which are
already working on improving their own governance processes.
Threats - Changing Rules and Regulations
The banks businesses are regulated by various governmental and regulatory authorities. Changes in governm ent policy,
legislation or regulatory interpretation may adversely affect the banks product range, distribution channels, capital
requirements and, consequently, reported results and financing requirements. Thus, the changes in government policies
and regulations may have a negative impact on the banks growth and expansion strategies
Threats - Fluctuations in Interest Rates
Changes in interest rates may affect the banks banking and investment performance. The banks investment portfolio
contains interest rate sensitive-investments, such as corporate bonds. Increase in market interest rates might decrease
unrealized capital gains on fixed income securities of the banks investment portfolio. Interest rates are highly sensitive to
monetary policies of government, domestic and international economic and political conditions and other factors beyond
the banks control. Focus on crisis exit strategies and changing monetary policies are expected to increase interest rates
across the world. In this direction, countries such as Australia and Norway have already implemented monitory policies
and raised interest rates. Such volatile interest rates may impact the operating performance of the bank as its income and
investment returns depend on the level of interest rates.
___________________________________________________________________________________________
Page 20
Jyske Bank A-S

__________________________________________________________________________________________
5 Jyske Bank A/S - Company Statement

A statement from the Managements Review section of Jyske Bank is given below. The statement has been taken from
the banks 2013 Annual Report.
Pre-tax profit: DKK 2,301m (2012: DKK 849m).
Net interest and fee income under core earnings: DKK 6,427m (2012: DKK 6,143m).
Core earnings before loan impairment charges and provisions for guarantees: DKK 3,102m (2012: DKK 2,188m).
The pre-tax profit corresponded to an annualised return of 14.7% on opening equity (2012: 6.1%).
Solvency ratio: 16.0%, of which Tier 1: 15.9% (2012: 17.3% and 15.3%).
Individual solvency requirement: 9.8% (2012: 10.2%).
Total contribution to the Guarantee Fund, etc.: DKK 1,778m since Q4 2008, of which DKK 149m were paid in 2013 (2012:
DKK 109m).
Loan impairment charges and provisions for guarantees under core earnings: DKK 1,147m. (2012: DKK 1,842m).
Core earnings: DKK 1,955m (2012: DKK 346m).
Earnings from investment portfolios net of funding costs: DKK 495m (2012: DKK 612m).
Fair value of the held-to-maturity portfolio: DKK 302m higher than the carrying amount (2012: fair value DKK 345m
above the carrying amount).
Liquidity reserve: DKK 50bn (2012: DKK 43bn).
At end-2013, the Jyske Bank Groups financial position is satisfactory.
The capital position of the Jyske Bank Group is robust, and the basis has been established so the Group is able to meet
the new capital requirements that will be implemented over the coming years.
Thanks to its strong financial position and its position in the Danish banking market, the Jyske Bank Group did in 2013
continue its strategy based on organic growth supplemented with growth through acquisitions. Also, Jyske Bank made a
number of strategic disposals so that throughout 2013, it optimized its business foundation, and currently it is well
prepared for the opportunities and challenges to be seen over the coming years.
___________________________________________________________________________________________
Page 21
Jyske Bank A-S

__________________________________________________________________________________________
6 Jyske Bank A/S - History

Table 5: Jyske Bank A/S - History
Year
Event type
Description
2014
Acquisitions/Mergers/Takeovers The company announced the completion of its merger with BRFkredit.
2013
Acquisitions/Mergers/Takeovers The bank acquired assets and liabilities of Spar Lolland, a bank based in Denmark.
2013
Stake Sale
The bank sold all the shares in its subsidiary Silkeborg Data A/S to the Danish capital
fund, Axcel.
2013
New Products/Services
The bank launched five new mortgage loan products.
2013
Contracts/Agreements
The company signed an agreement to sell its shares in the subsidiary Silkeborg Data to
the Danish private equity fund Axcel.
2012
Divestiture
Baillie Gifford & Co. Ltd. reduced its holding of shares in Jyske Bank by 4.6% of the
total share capital.
2012
The bank entered into an agreement with BRFkredit, allowing the bank to CBO fund its
home loans secured against registered mortgages on real property.
2012
Others
The bank was assigned the financial strength rating of C by Moodys Investors
Service.
2011
Acquisitions/Mergers/Takeovers
The bank acquired essential parts of Fjordbank Mors af including client base of 47,000
customers, loans and advances of US$0.5 billion and deposits of US$0.7 billion.
2011
The banks subsidiary, Jyske Finans A/S entered into an agreement with Spar Nord
Bank's subsidiary, Finans Nord A/S to acquire Finans Nord Easyfleet A/S.
2010
Others
The bank became a member of Bankdata and moved the development of its IT
systems to Bankdata.
2007
Others
The Danish Financial Supervisory Authority approved Jyske Bank as an advanced IRB
bank according to the new capital adequacy rules.
2006
New Products/Services
The bank introduced 35 new product packages.
2004
Corporate Changes/Expansions The bank opened representative offices in Cannes and Warsaw.
2004
Acquisitions/Mergers/Takeovers The bank acquired a controlling interest in Berben's Effectenkantoor B.V.
2003
Others
The bank sold 55.0% of its shares in Totalkredit to Nykredit.
2002
The bank entered into an agreement with Nykredit, in order to strengthen the
competitive power of the parties in the Danish financial market.
2000
Acquisitions/Mergers/Takeovers The bank acquired 26.0% of the shares in Totalkredit.
1990
Others
The bank was involved in the creation of Totalkredit, a revival of Provincial Banks Real
Loan Fund.
___________________________________________________________________________________________
Page 22
Jyske Bank A-S

__________________________________________________________________________________________
Table 5: Jyske Bank A/S - History

Year
Event type
Description
1988
Incorporation/Establishment
The bank established a subsidiary bank in Spain.
1980
Acquisitions/Mergers/Takeovers The bank acquired Jyske Finans.
1967
Incorporation/Establishment
The bank was established.
___________________________________________________________________________________________
Page 23
Jyske Bank A-S

__________________________________________________________________________________________
7 Jyske Bank A/S - Key Employees

Table 6: Jyske Bank A/S - Key Employees
Name
Job Title
Board Level
Since
Age
Anders Dam
Chief Executive Officer, Managing

Director
Executive Board
Birger Kroegh Nielsen
Chief Financial Officer
Senior Management
Gerner Wolff-Sneedorff
Director
Non Executive Board
2012
61
Haggai Kunish
Director
Non Executive Board
2002
62
John Egebjerg-Johansen Director
Non Executive Board
2011
66
Keld Norup
Director
Non Executive Board
2007
60
Leif Flemming Larsen
Managing Director
Executive Board
1996
Marianne Lillevang
Director
Non Executive Board
2006
Niels Erik Jakobsen
Managing Director
Executive Board
2009
Per Skovhus
Managing Director
Executive Board
2013
Philip Baruch
Director
Non Executive Board
2006
60
Steen Snedker
Director
Non Executive Board
2010
49
Sven Buhrkall
Director
Non Executive Board
2004
64
1997
48
___________________________________________________________________________________________
Page 24
Jyske Bank A-S

__________________________________________________________________________________________
8 Jyske Bank A/S - Key Employee Biographies

Table 7: Jyske Bank A/S - Key Employee Biographies
Anders Dam
Job Title : Chief Executive Officer, Managing Director
Since : 1997
Niels Erik Jakobsen

Job Title : Managing Director
Leif Flemming Larsen

Job Title : Managing Director
Since : 1996
Age :
Mr. Anders Dam has been the Chief Executive Officer and
Managing Director of the bank since 1997. He also serves as a
Member of the board of Danish Regional Bankers Association,
DLR Kredit A/S, PRAS A/S (Deputy Chairperson), Foreningen
Bankdata F.m.b.a.. In addition, he serves as the Chairman of
Jyske Banks Almennyttige Fond and Jyske Banks Almennyttige
Fonds Holdingselskab A/S
Mr. Niels Erik Jakobsen has been a Managing Director of the

bank since 2009. He also serves as Chairman of Jyske Global
Asset Management Fondsmglerselskab A/S. In addition, he
serves as a Member of the board of Letpension A/S, Jyske Finans
A/S, BI Asset Management Fondsmglerselskab A/S, BI Holding
A/S, Jyske Bank (Schweiz) AG, Jyske Bank (Gibraltar) Ltd.,
Berbens
Effectenkantoor
B.V.
and
Jyske
Banks
Pensionstilskudsfond.
Mr. Leif Flemming Larsen has been the Managing Director of the
bank since 1996. Prior to this, he served as the Deputy Managing
Director of the bank for its IT, Premises, Organization and
Purchasing operations from 1990 to 1996. Before that, he was the
Managing Director at the banks subsidiary, Silkeborg Datacentral
from 1987 to 1990. Earlier, he served as the Head of
Organization, Region North and Head of IT of the bank from 1983
through 1987. Mr. Larsen began his carrier as trainee with
Vendelbobanken in 1970.
___________________________________________________________________________________________
Page 25
Jyske Bank A-S

__________________________________________________________________________________________
9 Jyske Bank A/S - Locations and Subsidiaries

9.1
Jyske Bank A/S - Head Office
Jyske Bank A/S

Vestergade 8-16
Silkeborg
Zip: 8600
Denmark
Tel: + 45 89 898989
9.2
Jyske Bank A/S - Other Locations and Subsidiaries
Table 8: Jyske Bank A/S - Subsidiaries

Jyske Bank (Gibraltar) Ltd.
JN Data A/S
76 Main Street
Frichsvej 18
P.O. Box 143
City: Silkeborg
City: Gibraltar
Zip: DK-8600
United Kingdom
Denmark
Tel: + 350 72 782
Tel: + 45 63 636363
Fax: + 350 72 732
Fax: + 45 63 636364
Jyske Finans A/S
Jyske Bank Nominees Ltd.
City: Silkeborg
City: London
Denmark
United Kingdom
Gl. Skovridergaard A/S

Marienlundsvej 36
City: Silkeborg
Sundbyvesterhus A/S
Zip: DK-8600
Denmark
Denmark
Tel: + 45 87 22 55 00
Fax: + 45 87 22 55 11
Berben's Effectenkantoor B.V.

Schatbeurderlaan 10
City: ED Weert
Inmobiliaria Saroesma S.L.
Zip: 6002
Spain
The Netherlands
Tel: + 31 49 545 6000
Fax: + 31 49 545 6005
___________________________________________________________________________________________
Page 26
Jyske Bank A-S

__________________________________________________________________________________________
Table 8: Jyske Bank A/S - Subsidiaries

Jyske Bank (Schweiz) AG
Wasserwerkstrasse 12
Postfach
City: Zurich
Zip: CH-8021
Switzerland
Tel: + 41 1 368 7373
Fax: + 41 1 368 7379
___________________________________________________________________________________________
Page 27
Jyske Bank A-S

__________________________________________________________________________________________
10 Appendix
10.1 Methodology
World Market Intelligence company reports are based on a core set of research techniques which ensure the best
possible level of quality and accuracy of data. The key sources used include:
Company Websites
Company Annual Reports
SEC Filings
Press Releases
Proprietary Databases
Notes
Financial information of the company is taken from the most recently published annual reports or SEC filings
The financial and operational data reported for the company is as per the industry defined standards
Revenue converted to US$ at average annual conversion rate as of fiscal year end
10.2 Ratio Definitions
Capital Market Ratios
Price/Earnings Ratio (P/E)
Capital Market Ratios measure investor response to owning a company's stock and also
the cost of issuing stock.
Price/Earnings (P/E) ratio is a measure of the price paid for a share relative to the annual
income earned per share. It is a financial ratio used for valuation: a higher P/E ratio
means that investors are paying more for each unit of income, so the stock is more
expensive compared to one with lower P/E ratio. A high P/E suggests that investors are
expecting higher earnings growth in the future compared to companies with a lower P/E.
Price per share is as of previous business close, and EPS is from latest annual report.
Formula: Price per Share / Earnings per Share
Enterprise Value/Earnings
before Interest, Tax,
Depreciation &
Amortization (EV/EBITDA)
Enterprise Value/EBITDA (EV/EBITDA) is a valuation multiple that is often used in parallel

with, or as an alternative to, the P/E ratio. The main advantage of EV/EBITDA over the PE
ratio is that it is unaffected by a company's capital structure. It compares the value of a
business, free of debt, to earnings before interest. Price per share is as of previous
business close, and shares outstanding last reported. Other items are from latest annual
report.
Formula: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / (Net
Income + Interest + Tax + Depreciation + Amortization)
Enterprise Value/Sales
Enterprise Value/Sales (EV/Sales) is a ratio that provides an idea of how much it costs to
buy the company's sales. EV/Sales is seen as more accurate than Price/Sales because
market capitalization does not take into account the amount of debt a company has, which
needs to be paid back at some point. Price per share is as of previous business close,
and shares outstanding last reported. Other items are from latest annual report.
Formula: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / Sales
Enterprise
Value/Operating Profit
Enterprise Value/Operating Profit measures the company's enterprise value to the

operating profit. Price per share is as of previous business close, and shares outstanding
last reported. Other items are from latest annual report.
Formula: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / Operating
Income
___________________________________________________________________________________________
Page 28
Jyske Bank A-S

__________________________________________________________________________________________
Enterprise Value/Total
Assets
Enterprise Value/Total Assets measures the company's enterprise value to the total
assets. Price per share is as of previous business close, and shares outstanding last
reported. Other items are from latest annual report.
Formula: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / Total
Assets
Dividend Yield
Dividend Yield shows how much a company pays out in dividends each year relative to its
share price. In the absence of any capital gains, the dividend yield is the return on
investment for a stock.
Formula: Annual Dividend per Share / Price per Share
Equity Ratios
Earnings per Share (EPS)
These ratios are based on per share value.
Earnings per share (EPS) is the portion of a company's profit allocated to each
outstanding share of common stock. EPS serves as an indicator of a company's
profitability.
Formula: Net Income / Weighted Average Shares
Dividend per Share
Dividend Cover
Dividend is the distribution of a portion of a company's earnings, decided by the board of

directors, to a class of its shareholders.
Dividend cover is the ratio of company's earnings (net income) over the dividend paid to
shareholders.
Formula: Earnings per share / Dividend per share
Book Value per Share measure used by owners of common shares in a firm to determine
the level of safety associated with each individual share after all debts are paid
accordingly.
Formula: (Shareholders Equity - Preferred Equity) / Outstanding Shares
Cash Value per Share
Cash Value per Share is a measure of a company's cash (cash & equivalents on the
balance sheet) that is determined by dividing cash & equivalents by the total shares
outstanding.
Formula: Cash & equivalents / Outstanding Shares
Gross Margin
Profitability Ratios are used to assess a company's ability to generate earnings, based on
revenues generated or resources used. For most of these ratios, having a higher value
relative to a competitor's ratio or the same ratio from a previous period is indicative that
the company is doing well.
Gross margin is the amount of contribution to the business enterprise, after paying for
direct-fixed and direct variable unit costs.
Formula: {(Revenue-Cost of revenue) / Revenue}*100
Operating Margin
Operating Margin is a ratio used to measure a company's pricing strategy and operating
efficiency.
Formula: (Operating Income / Revenues) *100
Net Profit Margin
Net Profit Margin is the ratio of net profits to revenues for a company or business segment
- that shows how much of each dollar earned by the company is translated into profits.
Formula: (Net Profit / Revenues) *100
Profit Markup
Profit Markup measures the company's gross profitability, as compared to the cost of
revenue.
Formula: Gross Income / Cost of Revenue
___________________________________________________________________________________________
Page 29
Jyske Bank A-S

__________________________________________________________________________________________
Profit Before Interest & Tax Margin shows the profitability of the company before interest
PBIT Margin (Profit Before
expense & taxation.
Interest & Tax)
Formula: {(Net Profit + Interest + Tax) / Revenue} *100
PBT Margin (Profit Before
Tax)
Profit Before Tax Margin measures the pre-tax income over revenues.
Formula: {Income Before Tax / Revenues} *100
Return on Equity
Return on Equity measures the rate of return on the ownership interest (shareholders'
equity) of the common stock owners.
Formula: (Net Income / Shareholders Equity)*100
Return on Capital
Employed
Return on Capital Employed is a ratio that indicates the efficiency and profitability of a
company's capital investments. ROCE should always be higher than the rate at which the
company borrows; otherwise any increase in borrowing will reduce shareholders'
earnings.
Formula: EBIT / (Total Assets Current Liabilities)*100
Return on Assets
Return on Assets is an indicator of how profitable a company is relative to its total assets,
the ratio measures how efficient management is at using its assets to generate earnings.
Formula: (Net Income / Total Assets)*100
Return on Fixed Assets
Return on Fixed Assets measures the company's profitability to its fixed assets (property,
plant & equipment).
Formula: (Net Income / Fixed Assets) *100
Return on Working Capital measures the company's profitability to its working capital.
Return on Working Capital

Formula: (Net Income / Working Capital) *100
Cost Ratios
Operating costs (% of
Sales)
Cost ratios help to understand the costs the company is incurring as a percentage of
sales.
Operating costs as percentage of total revenues measures the operating costs that a
company incurs compared to the revenues.
Formula: (Operating Expenses / Revenues) *100
Administration costs as percentage of total revenue measures the selling, general and
Administration costs (% of administrative expenses that a company incurs compared to the revenues.
Sales)
Formula: (Administrative Expenses / Revenues) *100
Interest costs (% of Sales)
Interest costs as percentage of total revenues measures the interest expense that a
company incurs compared to the revenues.
Formula: (Interest Expenses / Revenues) *100
Leverage Ratios
Leverage ratios are used to calculate the financial leverage of a company to get an idea of
the company's methods of financing or to measure its ability to meet financial obligations.
There are several different ratios, but the main factors looked at include debt, equity,
assets and interest expenses.
Debt to Equity Ratio is a measure of a company's financial leverage. The debt/equity ratio
also depends on the industry in which the company operates. For example, capitalintensive industries tend to have a higher debt equity ratio.
Formula: Total Liabilities / Shareholders Equity
___________________________________________________________________________________________
Page 30
Jyske Bank A-S

__________________________________________________________________________________________
Debt to capital ratio gives an idea of a company's financial structure, or how it is financing
its operations, along with some insight into its financial strength. The higher the debt-tocapital ratio, the more debt the company has compared to its equity. This indicates to
investors whether a company is more prone to using debt financing or equity financing. A
company with high debt-to-capital ratios, compared to a general or industry average, may
show weak financial strength because the cost of these debts may weigh on the company
and increase its default risk.
Formula: {Total Debt / (Total assets - Current Liabilities)}
Interest Coverage Ratio
Interest Coverage Ratio is used to determine how easily a company can pay interest on
outstanding debt, calculated as earnings before interest & tax by interest expense.
Formula: EBIT / Interest Expense
Liquidity Ratios
Current Ratio
Liquidity ratios are used to determine a company's ability to pay off its short-terms debts
obligations. Generally, the higher the value of the ratio, the larger the margin of safety that
the company possesses to cover short-term debts. A company's ability to turn short-term
assets into cash to cover debts is of the utmost importance when creditors are seeking
payment. Bankruptcy analysts and mortgage originators frequently use the liquidity ratios
to determine whether a company will be able to continue as a going concern.
Current Ratio measures a company's ability to pay its short-term obligations. The ratio
gives an idea of the company's ability to pay back its short-term liabilities (debt and
payables) with its short-term assets (cash, inventory, receivables). The higher the current
ratio, the more capable the company is of paying its obligations. A ratio under 1 suggests
that the company would be unable to pay off its obligations if they came due at that point.
Formula: Current Assets / Current Liabilities
Quick Ratio
Quick ratio measures a company's ability to meet its short-term obligations with its most
liquid assets.
Formula: (Current Assets - Inventories) / Current Liabilities
Cash Ratio
Cash ratio is the most stringent and conservative of the three short-term liquidity ratio. It
only looks at the most liquid short-term assets of the company, which are those that can
be most easily used to pay off current obligations. It also ignores inventory and
receivables, as there are no assurances that these two accounts can be converted to
cash in a timely matter to meet current liabilities.
Formula: {(Cash & Bank Balance + Marketable Securities) / Current Liabilities)}
Efficiency Ratios
Fixed Asset Turnover
Efficiency ratios measure a company's effectiveness in various areas of its operations,

essentially looking at maximizing its use of resources.
Fixed Asset Turnover ratio indicates how well the business is using its fixed assets to
generate sales. A higher ratio indicates the business has less money tied up in fixed
assets for each currency unit of sales revenue. A declining ratio may indicate that the
business is over-invested in plant, equipment, or other fixed assets.
Formula: Net Sales / Fixed Assets
Asset Turnover
Asset turnover ratio measures the efficiency of a company's use of its assets in
generating sales revenue to the company. A higher asset turnover ratio shows that the
company has been more effective in using its assets to generate revenues.
Formula: Net Sales / Total Assets
Current Asset Turnover
Current Asset Turnover indicates how efficiently the business uses its current assets to
generate sales.
Formula: Net Sales / Current Assets
___________________________________________________________________________________________
Page 31
Jyske Bank A-S

__________________________________________________________________________________________
Inventory Turnover
Inventory Turnover ratio shows how many times a company's inventory is sold and
replaced over a period. A low turnover implies poor sales and, therefore, excess
inventory. A high ratio implies either strong sales or ineffective buying.
Formula: Cost of Goods Sold / Inventory
Working Capital Turnover
Working Capital Turnover is a measurement to compare the depletion of working capital

to the generation of sales. This provides some useful information as to how effectively a
company is using its working capital to generate sales.
Formula: Net Sales / Working Capital
Capital Employed
Turnover
Capital employed turnover ratio measures the efficiency of a company's use of its equity
in generating sales revenue to the company.
Formula: Net Sales / Shareholders Equity
Capex to sales
Capex to Sales ratio measures the company's expenditure (investments) on fixed and
related assets' effectiveness when compared to the sales generated.
Formula: (Capital Expenditure / Sales) *100
Net income per Employee
Net income per Employee looks at a company's net income in relation to the number of
employees they have. Ideally, a company wants a higher profit per employee possible, as
it denotes higher productivity.
Formula: Net Income / No. of Employees
Revenue per Employee
Revenue per Employee measures the average revenue generated per employee of a
company. This ratio is most useful when compared against other companies in the same
industry. Generally, a company seeks the highest revenue per employee.
Formula: Revenue / No. of Employees
Efficiency Ratio
Efficiency Ratio is used to calculate a bank's efficiency. An increase means the company
is losing a larger percentage of its income to expenses. If the efficiency ratio is getting
lower, it is good for the bank and its shareholders.
Formula: Non-interest expense / Total Interest Income
Source : World Market Intelligence
10.3 Disclaimer
All Rights Reserved
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means,
electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, World Market
Intelligence.
The data and analysis within this report is driven by World Market Intelligence from its own primary and secondary
research of public and proprietary sources and does not necessarily represent the views of the company profiled.
The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the
findings, conclusions and recommendations that World Market Intelligence delivers will be based on information gathered
in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As
such World Market Intelligence can accept no liability whatever for actions taken based on any information that may
subsequently prove to be incorrect.
___________________________________________________________________________________________
Page 32
Reproduced with permission of the copyright owner. Further reproduction prohibited without
permission.

Journal Aticle SWOT Analysis936586 PDF

Загружено:

Сведения о документе

Оригинальное название

Авторское право

Доступные форматы

Поделиться этим документом

Поделиться или встроить документ

Параметры публикации

Этот документ был вам полезен?

Это неприемлемый материал?

Авторское право:

Доступные форматы

Journal Aticle SWOT Analysis936586 PDF

Загружено:

Авторское право:

Доступные форматы

Jyske Bank A-S

Jyske Bank A/S

Vestergade 8-16, Silkeborg, 8600,Denmark

Ticker Symbol, Stock Exchange

JYSK (Copenhagen Stock Exchange)

Fiscal Year End

Total Income (in US$ million)

The company reported revenue of US$1,755 million

Decrease in Loan Loss Provisions

Increasing cash position

Overdependence on Danish Market

The company recorded a return on equity (ROE) of

Strong Financial Performance

Growing Economy in Denmark

Changing Rules and Regulations

New Product Launches

Fluctuations in Interest Rates

Increase in Compliance Costs

Jyske Bank A-S

Jyske Bank A/S - Business Analysis .................................................................................................. 5

Jyske Bank A/S - Company Overview .............................................................................................................. 5

Jyske Bank A/S - Business Description ............................................................................................................ 6

Jyske Bank A/S - Major Products and Services ................................................................................................ 7

Jyske Bank A/S - Analysis of Key Performance Indicators ................................................................ 8

Jyske Bank A/S - Key Financial Performance Indicators................................................................................. 10

Jyske Bank A/S - Asset and Liabilities ....................................................................................................... 11

Jyske Bank A/S - Gearing Ratio................................................................................................................. 12

Jyske Bank A/S - Valuation........................................................................................................................ 13

Jyske Bank A/S - Competitive Benchmarking ................................................................................................. 14

Jyske Bank A/S - Market Capitalization...................................................................................................... 15

Jyske Bank A/S - Efficiency ....................................................................................................................... 16

Jyske Bank A/S - Valuation........................................................................................................................ 17

Jyske Bank A/S - Recent Developments........................................................................................... 18

Jyske Bank A/S - SWOT Analysis ..................................................................................................... 19

Jyske Bank A/S - SWOT Analysis - Overview ................................................................................................ 19

Jyske Bank A/S - Strengths ........................................................................................................................... 19

Jyske Bank A/S - Weaknesses ...................................................................................................................... 19

Jyske Bank A/S - Opportunities...................................................................................................................... 20

Jyske Bank A/S - Threats............................................................................................................................... 20

Jyske Bank A/S - Company Statement ............................................................................................. 21

Jyske Bank A/S - History .................................................................................................................. 22

Jyske Bank A/S - Key Employees ..................................................................................................... 24

Jyske Bank A/S - Key Employee Biographies .................................................................................. 25

Jyske Bank A/S - Locations and Subsidiaries .................................................................................. 26

Jyske Bank A/S - Head Office ........................................................................................................................ 26

Jyske Bank A/S - Other Locations and Subsidiaries ....................................................................................... 26

Ratio Definitions ............................................................................................................................................ 28

Jyske Bank A-S

Jyske Bank A-S

Jyske Bank A-S

1 Jyske Bank A/S - Business Analysis

Jyske Bank A/S - Company Overview

Jyske Bank A-S

Jyske Bank A/S - Business Description

Jyske Bank A-S

Jyske Bank A/S - Major Products and Services

Jyske Bank A-S

2 Jyske Bank A/S - Analysis of Key Performance Indicators

Book Value per Share

Net Profit Margin

PBT Margin (Profit Before Tax)

Return on Fixed Assets

Net Income Growth