Jyske Bank Q1 profit beats forecast as loan losses dip
COPENHAGEN May 1 (Reuters) - Jyske Bank, Denmark's second biggest bank by market capitalisation, posted a surprise rise in first-quarter pretax earnings on Wednesday on the back of lower loan impairments and better-than-expected interest income.
Jyske Bank's pretax profit rose to 561 million crowns ($99.21 million) in the quarter from 502 million a year ago to come in well ahead of the 416 million seen in a Reuters poll of analysts.
Denmark's banking sector, a fragmented landscape of many smaller players in comparison with the likes of neighbouring Sweden, is slowly recovering from a burst property bubble and heavy writedowns on loans to struggling farmers.
Jyske's loan impairment charges and provisions for guarantees totalled 242 million crowns versus a year-ago 398 million and the 308 million seen by analysts. ($1 = 5.6549 Danish crowns) (Via Stockholm newsroom; reporting by Niklas Pollard, editing by Patrick Lannin)