2026 Q1 -tulosraportti
41 päivää sitten
‧33 min
3,50 DKK/osake
Viimeisin osinko
1,07%Tuotto/v
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 5 | - | - | ||
| 2 | - | - | ||
| 14 | - | - | ||
| 5 | - | - | ||
| 14 | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Välittäjätilasto
Dataa ei löytynyt
Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q2 -tulosraportti 13.8. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q1 -tulosraportti 7.5. | ||
2025 Q4 -tulosraportti 6.2. | ||
2025 Q3 -tulosraportti 30.10.2025 | ||
2025 Q2 -tulosraportti 14.8.2025 | ||
2025 Q1 -tulosraportti 8.5.2025 |
Asiakkaat katsoivat myös
Foorumi
Liity keskusteluun Nordnet Socialissa
·22.5.Djurslands Bank has today closed the earnings season for banks with a strong quarterly report. What on the surface appears to be a somewhat dull series of financial statements, without major surprises or disappointments from the Danish listed banks, actually conceals several interesting developments (and one super interesting one!), which has led the undersigned to do something I rarely do, namely adjust the portfolio – quite significantly, in fact. Overall, then, no major surprises. The BEC banks had already upgraded their expectations before the publication of the quarterly reports after the sale of BEC to Nykredit. But I will nevertheless point out: • One disappointment • Several disappointments • One surprise • One super report (that has not received the attention it deserves) One disappointment It's hard to give the newest kid on the block a harsh assessment, but as a shareholder in AL Sydbank, I was nevertheless a little disappointed with the result for Q1 2026. For good reasons, there is no backdrop of quarterly reports against which the first three months of the year should be measured, so in reality, the Q1 result can only be compared with the announced expectations. With an expected result for 2026 of between 3,500,000,000 – 4,000,000,000 kr., the Q1 2026 result of a total of 803,000,000 kr. falls below the interval. The interesting question is, of course, to what extent the result is burdened by non-recurring costs. These are stated in the financial statement as 142,000,000 kr. (before tax). So even when these are taken into account, one only just scrapes into the announced interval. I know that banks generally have not had such large positive value adjustments in Q1 as they are used to – and that, of course, counts down in the result before tax. I hope and believe that when the dust has settled, and everyday life has set in, we will later in the year see a quarterly report where the bottom-line result rounds 1 mia. kr. Several disappointments The quarter definitively confirmed the thesis that smaller banks are struggling – and are struggling relatively more than larger banks. Costs are rising at a much faster rate than revenues – also to a level where the core earnings are very unimpressive. See, for example, Møns Bank, which realizes a profit before tax of 12,0 mio. kr. – including a reversal of impairments of 8,5 mio. kr. and value adjustments of 1,8 mio. kr. The profit from core operations thus amounts to 1,7 mio. kr. So, had the bank been in a period with ordinary impairments, the result would probably have been red. It is becoming increasingly clear that smaller banks are finding it difficult to keep up. In this scenario, I cannot help but think of Nordfyns Bank's management's conclusion that they would not “stand last on the platform”. That is, be left in a situation where one would not actively have the opportunity to enter into a merger – but instead, through mediocre operations over a period, have put themselves in a poor negotiating position. To the small banks and their desire for continued independence: It is evident that the train is leaving now. One surprise I have been a (satisfied) Skjern Bank shareholder for many years – and therefore I am naturally not entirely objective in the assessment. Unlike most others, they have had a positive development in net interest income (albeit marginally). Core earnings are rising almost 10% compared to the corresponding result last year. Strong rising lending and even more rising lending. And according to my database, they are hitting the second-best quarterly report in the bank's history. Only surpassed by Q1 2024, which was better favored by value adjustments. So once again, Skjern Bank has been a positive acquaintance. The only complaint I, as a shareholder, still have against Skjern Bank, is their ultra-conservative profit distribution.·22.5.An excellent financial report It has been many quarters since I have been so positively surprised by a financial report, as was the case when SJF Bank published its report in early May. All the indicators I look for in a good investment could be checked off. Among these, the following can be mentioned: • Rising net interest income in a falling interest rate environment • Rising net fee income • Decreasing expenses for staff and administration • Core earnings, which are rising 12.6%! • A management that directly states that investments in new technologies, including AI, are in focus in the upcoming strategy, expected to be published in the fourth quarter of 2026. • Loans growing 14% • Deposits growing 10% When everything can be checked off, it's just a matter of assessing whether the current share price seems reasonable. Very simple key figures: At a share price of 332, P/E is approx. 7.30 (lowest in the industry) and P/B is approx. 1.15 (i.e., at the low end). Furthermore, we still await information on whether SJF Bank will utilize the mandate from the general meeting to initiate a share buyback program. The alternative must (in my subjective assessment) be that they wish to keep some powder dry for a bid on a smaller bank. Finally, SJF Bank must be a delicacy (and the last of its kind) in the mid-size segment – not least for the big brothers in Bankdata (Jyske Bank, AL Sydbank and Ringkjøbing Landbobank). I am not making recommendations, but I will merely state that the above prompted an adjustment of the portfolio, so my holding of shares in SJF Bank has now exceeded 15,000 units. Since this is not a recommendation, I will furthermore quietly mention that if SJF Bank can maintain momentum, my database tells me that a fair value before the end of 2027 is on the good side of a share price of 500. I.e., approx. 50% up from here. Less can also do it. I am already looking forward to the next round after the summer holidays 😊- ·24.4.I had actually promised myself that you would be spared further input from me – at least until we hit the latter part of May, when the Q1 financial reporting is over. But two major exciting developments have hit the Danish banking world this week: Nykredit's acquisition of BEC and Nordea's financial reporting (or more specifically a special element in the quarterly report). I don't actually have a qualified opinion on the member banks under BEC selling their minority interests to Nykredit. I don't know the details of the agreement well enough for that. But my first impulse was a wonder, however, that they are now putting all their eggs in one basket – both as providers of Totalkredit products – but now also by letting Nykredit be responsible for and own the entire data platform. The revenues, which today have led to upward adjustments at BEC, are by their nature one-off, and these revenues often provide the most benefit in the short term… The detail in Nordea's financial report is, in my view, actually more interesting, as it focuses on one of the two areas that I would pay attention to this reporting season. Nordea chose to reverse the management estimate for losses, which as of 31.12.2025 was 160 million euro, so that as of 31.03.2026 it amounts to 0 euro. The reversal actually only amounted to 0.3% of Nordea's market capitalization, so why is it interesting? Two reasons: (1) In reality, it is an expression that Nordea stands by their ordinary valuation of loans, i.e., there is no need for further action when their ordinary processes are followed. Could other banks be imagined to follow this logic? (2) For the other banks, the provision for losses based on management estimate does not only constitute 0.3% of the market value. I have combed through all annual reports to assess the management estimate as of 31.12.2025 in relation to both the announced expected result for 2026 and the current market value. In other words, if other banks fully or partially follow Nordea's example, will it then also just be a detail for nerds? The answer is a resounding no. Where Nordea's management estimate as of 31.12.2025 amounted to 0.3% of the market value, this is how it looks for some selected other banks (in relation to current market value at close 26.04.2026): - Kreditbanken 9,8% - Føroya Banki 5,2% - Hvidbjerg Bank 4,1% - Djurslands Bank 3,8% - Skjern Bank 3,5% - Jyske Bank 3,1% If one looks at the provision in relation to the median of the announced expectations for the annual result after tax: - Kreditbanken 115,3% - Hvidbjerg Bank 56,4% - Føroya Banki 54,8% In comparison, Nordea's now reversed provision was 3.3% in relation to their realized result for 2025. I acknowledge that different banks have different prerequisites and operate in different markets – but it will be exciting to see if any of the other banks will follow Nordea's example – perhaps later in the year. In that case, the upward adjustments at several Danish banks, which have been announced today as a result of the sale of ownership interests in BEC, will not be the last of the year…
·11.3.What is your primary reason for owning Skjern Bank instead of other local banks right now? Is it the dividend or the valuation that is the main draw?
·12.3.low dividend yield is perfectly fine for me (skjern has low dividend for being a bank just a little over 1% in dividend) I live in norge, so I get withholding tax on dividends, so if the dividend can rather be reinvested for good returns directly in the company, it's not negative for me
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
2026 Q1 -tulosraportti
41 päivää sitten
‧33 min
3,50 DKK/osake
Viimeisin osinko
1,07%Tuotto/v
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Foorumi
Liity keskusteluun Nordnet Socialissa
- ·22.5.Djurslands Bank has today closed the earnings season for banks with a strong quarterly report. What on the surface appears to be a somewhat dull series of financial statements, without major surprises or disappointments from the Danish listed banks, actually conceals several interesting developments (and one super interesting one!), which has led the undersigned to do something I rarely do, namely adjust the portfolio – quite significantly, in fact. Overall, then, no major surprises. The BEC banks had already upgraded their expectations before the publication of the quarterly reports after the sale of BEC to Nykredit. But I will nevertheless point out: • One disappointment • Several disappointments • One surprise • One super report (that has not received the attention it deserves) One disappointment It's hard to give the newest kid on the block a harsh assessment, but as a shareholder in AL Sydbank, I was nevertheless a little disappointed with the result for Q1 2026. For good reasons, there is no backdrop of quarterly reports against which the first three months of the year should be measured, so in reality, the Q1 result can only be compared with the announced expectations. With an expected result for 2026 of between 3,500,000,000 – 4,000,000,000 kr., the Q1 2026 result of a total of 803,000,000 kr. falls below the interval. The interesting question is, of course, to what extent the result is burdened by non-recurring costs. These are stated in the financial statement as 142,000,000 kr. (before tax). So even when these are taken into account, one only just scrapes into the announced interval. I know that banks generally have not had such large positive value adjustments in Q1 as they are used to – and that, of course, counts down in the result before tax. I hope and believe that when the dust has settled, and everyday life has set in, we will later in the year see a quarterly report where the bottom-line result rounds 1 mia. kr. Several disappointments The quarter definitively confirmed the thesis that smaller banks are struggling – and are struggling relatively more than larger banks. Costs are rising at a much faster rate than revenues – also to a level where the core earnings are very unimpressive. See, for example, Møns Bank, which realizes a profit before tax of 12,0 mio. kr. – including a reversal of impairments of 8,5 mio. kr. and value adjustments of 1,8 mio. kr. The profit from core operations thus amounts to 1,7 mio. kr. So, had the bank been in a period with ordinary impairments, the result would probably have been red. It is becoming increasingly clear that smaller banks are finding it difficult to keep up. In this scenario, I cannot help but think of Nordfyns Bank's management's conclusion that they would not “stand last on the platform”. That is, be left in a situation where one would not actively have the opportunity to enter into a merger – but instead, through mediocre operations over a period, have put themselves in a poor negotiating position. To the small banks and their desire for continued independence: It is evident that the train is leaving now. One surprise I have been a (satisfied) Skjern Bank shareholder for many years – and therefore I am naturally not entirely objective in the assessment. Unlike most others, they have had a positive development in net interest income (albeit marginally). Core earnings are rising almost 10% compared to the corresponding result last year. Strong rising lending and even more rising lending. And according to my database, they are hitting the second-best quarterly report in the bank's history. Only surpassed by Q1 2024, which was better favored by value adjustments. So once again, Skjern Bank has been a positive acquaintance. The only complaint I, as a shareholder, still have against Skjern Bank, is their ultra-conservative profit distribution.·22.5.An excellent financial report It has been many quarters since I have been so positively surprised by a financial report, as was the case when SJF Bank published its report in early May. All the indicators I look for in a good investment could be checked off. Among these, the following can be mentioned: • Rising net interest income in a falling interest rate environment • Rising net fee income • Decreasing expenses for staff and administration • Core earnings, which are rising 12.6%! • A management that directly states that investments in new technologies, including AI, are in focus in the upcoming strategy, expected to be published in the fourth quarter of 2026. • Loans growing 14% • Deposits growing 10% When everything can be checked off, it's just a matter of assessing whether the current share price seems reasonable. Very simple key figures: At a share price of 332, P/E is approx. 7.30 (lowest in the industry) and P/B is approx. 1.15 (i.e., at the low end). Furthermore, we still await information on whether SJF Bank will utilize the mandate from the general meeting to initiate a share buyback program. The alternative must (in my subjective assessment) be that they wish to keep some powder dry for a bid on a smaller bank. Finally, SJF Bank must be a delicacy (and the last of its kind) in the mid-size segment – not least for the big brothers in Bankdata (Jyske Bank, AL Sydbank and Ringkjøbing Landbobank). I am not making recommendations, but I will merely state that the above prompted an adjustment of the portfolio, so my holding of shares in SJF Bank has now exceeded 15,000 units. Since this is not a recommendation, I will furthermore quietly mention that if SJF Bank can maintain momentum, my database tells me that a fair value before the end of 2027 is on the good side of a share price of 500. I.e., approx. 50% up from here. Less can also do it. I am already looking forward to the next round after the summer holidays 😊
- ·24.4.I had actually promised myself that you would be spared further input from me – at least until we hit the latter part of May, when the Q1 financial reporting is over. But two major exciting developments have hit the Danish banking world this week: Nykredit's acquisition of BEC and Nordea's financial reporting (or more specifically a special element in the quarterly report). I don't actually have a qualified opinion on the member banks under BEC selling their minority interests to Nykredit. I don't know the details of the agreement well enough for that. But my first impulse was a wonder, however, that they are now putting all their eggs in one basket – both as providers of Totalkredit products – but now also by letting Nykredit be responsible for and own the entire data platform. The revenues, which today have led to upward adjustments at BEC, are by their nature one-off, and these revenues often provide the most benefit in the short term… The detail in Nordea's financial report is, in my view, actually more interesting, as it focuses on one of the two areas that I would pay attention to this reporting season. Nordea chose to reverse the management estimate for losses, which as of 31.12.2025 was 160 million euro, so that as of 31.03.2026 it amounts to 0 euro. The reversal actually only amounted to 0.3% of Nordea's market capitalization, so why is it interesting? Two reasons: (1) In reality, it is an expression that Nordea stands by their ordinary valuation of loans, i.e., there is no need for further action when their ordinary processes are followed. Could other banks be imagined to follow this logic? (2) For the other banks, the provision for losses based on management estimate does not only constitute 0.3% of the market value. I have combed through all annual reports to assess the management estimate as of 31.12.2025 in relation to both the announced expected result for 2026 and the current market value. In other words, if other banks fully or partially follow Nordea's example, will it then also just be a detail for nerds? The answer is a resounding no. Where Nordea's management estimate as of 31.12.2025 amounted to 0.3% of the market value, this is how it looks for some selected other banks (in relation to current market value at close 26.04.2026): - Kreditbanken 9,8% - Føroya Banki 5,2% - Hvidbjerg Bank 4,1% - Djurslands Bank 3,8% - Skjern Bank 3,5% - Jyske Bank 3,1% If one looks at the provision in relation to the median of the announced expectations for the annual result after tax: - Kreditbanken 115,3% - Hvidbjerg Bank 56,4% - Føroya Banki 54,8% In comparison, Nordea's now reversed provision was 3.3% in relation to their realized result for 2025. I acknowledge that different banks have different prerequisites and operate in different markets – but it will be exciting to see if any of the other banks will follow Nordea's example – perhaps later in the year. In that case, the upward adjustments at several Danish banks, which have been announced today as a result of the sale of ownership interests in BEC, will not be the last of the year…
- ·11.3.What is your primary reason for owning Skjern Bank instead of other local banks right now? Is it the dividend or the valuation that is the main draw?·12.3.low dividend yield is perfectly fine for me (skjern has low dividend for being a bank just a little over 1% in dividend) I live in norge, so I get withholding tax on dividends, so if the dividend can rather be reinvested for good returns directly in the company, it's not negative for me
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 5 | - | - | ||
| 2 | - | - | ||
| 14 | - | - | ||
| 5 | - | - | ||
| 14 | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Välittäjätilasto
Dataa ei löytynyt
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q2 -tulosraportti 13.8. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q1 -tulosraportti 7.5. | ||
2025 Q4 -tulosraportti 6.2. | ||
2025 Q3 -tulosraportti 30.10.2025 | ||
2025 Q2 -tulosraportti 14.8.2025 | ||
2025 Q1 -tulosraportti 8.5.2025 |
2026 Q1 -tulosraportti
41 päivää sitten
‧33 min
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q2 -tulosraportti 13.8. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q1 -tulosraportti 7.5. | ||
2025 Q4 -tulosraportti 6.2. | ||
2025 Q3 -tulosraportti 30.10.2025 | ||
2025 Q2 -tulosraportti 14.8.2025 | ||
2025 Q1 -tulosraportti 8.5.2025 |
3,50 DKK/osake
Viimeisin osinko
1,07%Tuotto/v
Foorumi
Liity keskusteluun Nordnet Socialissa
- ·22.5.Djurslands Bank has today closed the earnings season for banks with a strong quarterly report. What on the surface appears to be a somewhat dull series of financial statements, without major surprises or disappointments from the Danish listed banks, actually conceals several interesting developments (and one super interesting one!), which has led the undersigned to do something I rarely do, namely adjust the portfolio – quite significantly, in fact. Overall, then, no major surprises. The BEC banks had already upgraded their expectations before the publication of the quarterly reports after the sale of BEC to Nykredit. But I will nevertheless point out: • One disappointment • Several disappointments • One surprise • One super report (that has not received the attention it deserves) One disappointment It's hard to give the newest kid on the block a harsh assessment, but as a shareholder in AL Sydbank, I was nevertheless a little disappointed with the result for Q1 2026. For good reasons, there is no backdrop of quarterly reports against which the first three months of the year should be measured, so in reality, the Q1 result can only be compared with the announced expectations. With an expected result for 2026 of between 3,500,000,000 – 4,000,000,000 kr., the Q1 2026 result of a total of 803,000,000 kr. falls below the interval. The interesting question is, of course, to what extent the result is burdened by non-recurring costs. These are stated in the financial statement as 142,000,000 kr. (before tax). So even when these are taken into account, one only just scrapes into the announced interval. I know that banks generally have not had such large positive value adjustments in Q1 as they are used to – and that, of course, counts down in the result before tax. I hope and believe that when the dust has settled, and everyday life has set in, we will later in the year see a quarterly report where the bottom-line result rounds 1 mia. kr. Several disappointments The quarter definitively confirmed the thesis that smaller banks are struggling – and are struggling relatively more than larger banks. Costs are rising at a much faster rate than revenues – also to a level where the core earnings are very unimpressive. See, for example, Møns Bank, which realizes a profit before tax of 12,0 mio. kr. – including a reversal of impairments of 8,5 mio. kr. and value adjustments of 1,8 mio. kr. The profit from core operations thus amounts to 1,7 mio. kr. So, had the bank been in a period with ordinary impairments, the result would probably have been red. It is becoming increasingly clear that smaller banks are finding it difficult to keep up. In this scenario, I cannot help but think of Nordfyns Bank's management's conclusion that they would not “stand last on the platform”. That is, be left in a situation where one would not actively have the opportunity to enter into a merger – but instead, through mediocre operations over a period, have put themselves in a poor negotiating position. To the small banks and their desire for continued independence: It is evident that the train is leaving now. One surprise I have been a (satisfied) Skjern Bank shareholder for many years – and therefore I am naturally not entirely objective in the assessment. Unlike most others, they have had a positive development in net interest income (albeit marginally). Core earnings are rising almost 10% compared to the corresponding result last year. Strong rising lending and even more rising lending. And according to my database, they are hitting the second-best quarterly report in the bank's history. Only surpassed by Q1 2024, which was better favored by value adjustments. So once again, Skjern Bank has been a positive acquaintance. The only complaint I, as a shareholder, still have against Skjern Bank, is their ultra-conservative profit distribution.·22.5.An excellent financial report It has been many quarters since I have been so positively surprised by a financial report, as was the case when SJF Bank published its report in early May. All the indicators I look for in a good investment could be checked off. Among these, the following can be mentioned: • Rising net interest income in a falling interest rate environment • Rising net fee income • Decreasing expenses for staff and administration • Core earnings, which are rising 12.6%! • A management that directly states that investments in new technologies, including AI, are in focus in the upcoming strategy, expected to be published in the fourth quarter of 2026. • Loans growing 14% • Deposits growing 10% When everything can be checked off, it's just a matter of assessing whether the current share price seems reasonable. Very simple key figures: At a share price of 332, P/E is approx. 7.30 (lowest in the industry) and P/B is approx. 1.15 (i.e., at the low end). Furthermore, we still await information on whether SJF Bank will utilize the mandate from the general meeting to initiate a share buyback program. The alternative must (in my subjective assessment) be that they wish to keep some powder dry for a bid on a smaller bank. Finally, SJF Bank must be a delicacy (and the last of its kind) in the mid-size segment – not least for the big brothers in Bankdata (Jyske Bank, AL Sydbank and Ringkjøbing Landbobank). I am not making recommendations, but I will merely state that the above prompted an adjustment of the portfolio, so my holding of shares in SJF Bank has now exceeded 15,000 units. Since this is not a recommendation, I will furthermore quietly mention that if SJF Bank can maintain momentum, my database tells me that a fair value before the end of 2027 is on the good side of a share price of 500. I.e., approx. 50% up from here. Less can also do it. I am already looking forward to the next round after the summer holidays 😊
- ·24.4.I had actually promised myself that you would be spared further input from me – at least until we hit the latter part of May, when the Q1 financial reporting is over. But two major exciting developments have hit the Danish banking world this week: Nykredit's acquisition of BEC and Nordea's financial reporting (or more specifically a special element in the quarterly report). I don't actually have a qualified opinion on the member banks under BEC selling their minority interests to Nykredit. I don't know the details of the agreement well enough for that. But my first impulse was a wonder, however, that they are now putting all their eggs in one basket – both as providers of Totalkredit products – but now also by letting Nykredit be responsible for and own the entire data platform. The revenues, which today have led to upward adjustments at BEC, are by their nature one-off, and these revenues often provide the most benefit in the short term… The detail in Nordea's financial report is, in my view, actually more interesting, as it focuses on one of the two areas that I would pay attention to this reporting season. Nordea chose to reverse the management estimate for losses, which as of 31.12.2025 was 160 million euro, so that as of 31.03.2026 it amounts to 0 euro. The reversal actually only amounted to 0.3% of Nordea's market capitalization, so why is it interesting? Two reasons: (1) In reality, it is an expression that Nordea stands by their ordinary valuation of loans, i.e., there is no need for further action when their ordinary processes are followed. Could other banks be imagined to follow this logic? (2) For the other banks, the provision for losses based on management estimate does not only constitute 0.3% of the market value. I have combed through all annual reports to assess the management estimate as of 31.12.2025 in relation to both the announced expected result for 2026 and the current market value. In other words, if other banks fully or partially follow Nordea's example, will it then also just be a detail for nerds? The answer is a resounding no. Where Nordea's management estimate as of 31.12.2025 amounted to 0.3% of the market value, this is how it looks for some selected other banks (in relation to current market value at close 26.04.2026): - Kreditbanken 9,8% - Føroya Banki 5,2% - Hvidbjerg Bank 4,1% - Djurslands Bank 3,8% - Skjern Bank 3,5% - Jyske Bank 3,1% If one looks at the provision in relation to the median of the announced expectations for the annual result after tax: - Kreditbanken 115,3% - Hvidbjerg Bank 56,4% - Føroya Banki 54,8% In comparison, Nordea's now reversed provision was 3.3% in relation to their realized result for 2025. I acknowledge that different banks have different prerequisites and operate in different markets – but it will be exciting to see if any of the other banks will follow Nordea's example – perhaps later in the year. In that case, the upward adjustments at several Danish banks, which have been announced today as a result of the sale of ownership interests in BEC, will not be the last of the year…
- ·11.3.What is your primary reason for owning Skjern Bank instead of other local banks right now? Is it the dividend or the valuation that is the main draw?·12.3.low dividend yield is perfectly fine for me (skjern has low dividend for being a bank just a little over 1% in dividend) I live in norge, so I get withholding tax on dividends, so if the dividend can rather be reinvested for good returns directly in the company, it's not negative for me
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Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
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