Sydbank A/S to clarify its expectations for pro...

Company Announcement N o 01 / 20 2 2	Peberlyk 4 6200 Aabenraa Denmark Tel [phone] Fax [phone] Sydbank A/S CVR No DK 12626509, Aabenraa sydbank.dk
14 January 2022

Dear Sirs

Sydbank A/S to clarify its expectations for profit for 2021 and to announce its expectations for 2022

Profit for 2021
Sydbank expects a profit after tax of approx DKK 1,400m for 2021.

In October 2021 Sydbank adjusted upwards its expectations regarding profit after tax for 2021 as a whole to be in the range of DKK 1,300-1,450m.

Q4 2021 has been characterised by continued:

• lending growth
• tight cost control
• favourable developments in customers’ financial circumstances.
  
  

Moreover an additional DKK 117m has been recognised as an expense, equivalent to the remaining part of the capitalised costs concerning a new capital market platform of which the joint development at Bankdata was completed in 2021.

As a result of the positive trend in customers’ financial circumstances, a net reversal of impairment charges of DKK 104m was recorded in Q4 2021. Consequently impairment charges for 2021 as a whole represent a net reversal totalling DKK 415m. The management estimate related to covid-19 of DKK 325m from 2020 was unchanged at end-Q4 2021.

Outlook for 2022
A positive economic trend is projected to continue in 2022 and as a result impairment charges are projected to remain low.

Profit after tax is expected to be in the range of DKK 1,150-1,450m.

Sydbank’s Annual Report for 2021 will be released on 2 March 2022 as planned.

Additional information
Jørn Adam Møller, Deputy Group Chief Executive, tel [phone]
Susanne Ingemann Faber, Press Officer, tel [phone]


Yours sincerely
        
Karen Frøsig        Jørn Adam Møller
CEO        Deputy Group Chief Executive

Attachment

• SM 01 UK