TIDMJYSK 
 
 
   In consequence of the 'Joint statement of the Danish government and 
Finance Denmark in the light of the coronavirus outbreak' issued on 23 
March 2020 and the increased macroeconomic uncertainty, Jyske Bank's 
Supervisory Board has today decided to discontinue the current share 
buy-back programme. As of today, buybacks in an amount of just above DKK 
400m remain outstanding under the share buy-back programme. 
 
   Management's estimate of impairment charges in the first quarter 2020 
 
   In the past five years, the Jyske Bank Group's loan portfolio resulted 
in impairment charges of DKK 22m a year, inclusive of the charges in 
consequence of the transition to new impairment rules (IFRS 9) as at 1 
January 2018. Currently, the calculations for the first quarter of 2020 
show individual impairment charges at about DKK 0. 
 
   Jyske Bank's direct exposure to especially COVID-19 affected industries, 
such as the airline industry, shipping, retail, the hotel, restaurant 
business as well as the leisure industries is estimated to be smaller 
than would be implied by the bank's natural market share. 
 
   It has today been decided that in connection with the preparation of the 
interim financial statements for the first quarter of 2020, a 
management's estimate of DKK about 1bn is made for provisions in 
consequence of the COVID-19 outbreak. Hence, the Jyske Bank Group's 
total management's estimate will amount to about DKK 1.6bn at the 
beginning of the second quarter of 2020. 
 
   Sale of DLR kredit shares 
 
   On 19 March 2020, as part of the ordinary reallocation of shares in DLR 
kredit, Jyske Bank sold shares in the equivalent value of DKK 155m. 
Hence Jyske Bank's equity interest has fallen to DKK 935m and 6.9%, 
corresponding to the bank's share of lending. At the end of 2017, Jyske 
Bank owned DLR kredit shares worth DKK 1,832m, corresponding to an 
ownership share of 15.7%. 
 
 
 
 
 
 
 
   Yours faithfully, 
 
   Jyske Bank 
 
 
 
   Contact person: Birger Nielsen, CFO, tel. +45 89 89 64 44 
 
   Attachment 
 
 
   -- Corporate Announcement 20200331 
      https://ml-eu.globenewswire.com/Resource/Download/5d8fe265-f1ec-46fb-9866-fd83cd4b8391 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

March 31, 2020 03:23 ET (07:23 GMT)