Predict your next investment

FINANCIAL | Retail Banking

See what CB Insights has to offer


Acq - P2P | Acquired

About Den Jyske Sparekasse

Den Jyske Sparekasse is a Danish regional bank offering a wide choice of financial services, advice and products with a commercial focus on retail clients and small and medium-sized enterprises in the regional communities.

Den Jyske Sparekasse Headquarter Location

Borgergade 3

Grindsted, 7200,


+45 76 72 09 99

Latest Den Jyske Sparekasse News

Vestjysk Bank’s Half-Year Report 2021

Aug 17, 2021

August 17, 2021 02:10 ET H1 2021 highlights Vestjysk Bank reported profit after tax of DKK 724 million in H1 2021. As described in the Q1 interim report 2021, the performance was strongly affected by non-recurring income and costs in connection with the merger with Den Jyske Sparekasse in January 2021. Adjusted for non-recurring items from that event, the profit after tax for H1 amounted to DKK 300 million, which is highly satisfactory. The synergies gradually achieved from the merger with Den Jyske Sparekasse continued to contribute to the positive development. The Bank made net impairment reversals during the period. The reversals were driven by an overall improvement in the credit portfolio in the segments ‘other sectors’ and ‘retail customers’. The reversals thus reflect the positive developments in the Danish economy despite the COVID-19 pandemic. Impairment allowances during the period were not affected to any significant extent by the pandemic, Brexit or the outbreak of African swine fever in Germany, but the Bank is keeping a close eye on developments, and management maintains the impairment provision for economic uncertainty at DKK 258 million, equal to 2% of the Bank’s net lending. The highlights below were calculated after adjustment for non-recurring items resulting from the merger with Den Jyske Sparekasse, and the comparative figures are for Q1 2021 as they represent post-merger figures. Profit after tax of DKK 300 million (Q1 2021: DKK 95 million). Return on equity of 12.8% p.a. after tax (Q1 2021: 8.4%). Core income of DKK 753 million (Q1 2021: DKK 364 million). Market value adjustments of DKK 44 million (Q1 2021: DKK 32 million). Cost ratio of 63.9% (Q1 2021: 65.5%). Core earnings before impairment allowances of DKK 272 million (Q1 2021: DKK 126 million). Net reversals of impairment of loans and receivables, etc. of DKK 34 million (Q1 2021: impairment of DKK 22 million). The Bank’s total capital ratio was 21.9% (Q1 2021: 21.1%). The capital requirements totalled 13.0% (Q1 2021: 13.1%), consisting of an individual solvency need of 10.5% and a capital conservation buffer of 2.5%. The excess cover was 8.9 percentage points (Q1 2021: 8.0 percentage points). The Bank’s MREL capital ratio was 23.5% (Q1 2021: 21.9%). The MREL capital requirement is 12.4% (Q1 2021: 12.5%). To this should be added the combined capital buffer requirement of 2.5%. The excess cover was 8.6 percentage points (Q1 2021: 6.9 percentage points). Merger with Den Jyske Sparekasse The merger with Den Jyske Sparekasse is proceeding according to plan and in line with our ambition to become the strongest local bank in Denmark. Most recently, the Bank’s head office functions were combined at a new domicile at Birk near Herning in early July. The Bank remains well underway to realising synergies in the total amount of DKK 150 million, which are expected to be fully phased in by 2022. The Bank retains its high level of activity even though the average number of full-time employees since the end of March 2021 has been further reduced by 20, and the number of employees has been reduced by 61 since the merger with Den Jyske Sparekasse from 723 to a headcount of 662. In addition, non-recurring costs in connection with the merger remain at the expected overall level. As of the end of May 2021, Vestjysk Bank became a part of the Arbejdernes Landsbank Group. In connection with Arbejdernes Landsbank acquiring the shareholding majority of Vestjysk Bank, Arbejdernes Landsbank has been designated a SIFI. This will affect the capital adequacy requirements for Vestjysk Bank. The extent of the capital adequacy requirements is expected to be known in autumn 2021. COVID-19 pandemic, Brexit and African swine fever (ASF) The Bank’s financial statements for H1 2021 were not significantly affected by the COVID-19 pandemic, Brexit or the ASF outbreak in Germany. At 30 June 2021, the Bank’s total impairment provision in response to economic uncertainty amounted to DKK 258 million, corresponding to 2% of total lending. This provision based on a management estimate was lower than the DKK 289 million provision at 31 March 2021. Since 31 December 2020, the Bank has individualised part of the provision relating to uncertainty regarding settlement prices and portfolio values in the agricultural sector. As a result, the changes in the provision for economic uncertainty did not affect the profit for H1 2021. Outlook for 2021 In connection with its annual report for 2020, the Bank guided for a profit after tax in the range of DKK 500-550 million for 2021, adjusted for non-recurring items resulting from the merger with Den Jyske Sparekasse. The Bank also announced expectations for overall profit including non-recurring items after tax of about DKK 800–900 million. On 9 August 2021, Vestjysk Bank upgraded its guidance for 2021. The Bank raised its forecast net of non-recurring items relating to the merger with Den Jyske Sparekasse to a profit after tax of DKK 575-625 million. The Bank also raised its expectations for an overall profit including non-recurring items after tax to DKK 900-1,000 million. Enquiries Please address any enquiries regarding the present announcement to Jan Ulsø Madsen, CEO, at tel. (+45) 96 63 21 04. Vestjysk Bank A/S Chairman                                        CEO

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Den Jyske Sparekasse Web Traffic

Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
CBI Logo

Den Jyske Sparekasse Rank

CB Insights uses Cookies

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.