Sydbank A/S to revise upwards its outlook for 2021

Company Announcement No 10/2021	Peberlyk 4 6200 Aabenraa, Denmark Tel [phone] Fax [phone] Sydbank A/S CVR No DK 12626509, Aabenraa sydbank.dk
9 July 2021

Dear Sirs

Sydbank A/S to revise upwards its outlook for 2021

Profit after tax is now projected to be in the range of DKK 1,150-1,350m.

The outlook is revised upwards to a profit after tax in the range of DKK 1,150-1,350m. In connection with the release of the 2020 Annual Report on 2 March 2021, we announced that we expected a profit after tax in the range of DKK 850-1,150m for 2021.

Q2 2021 has been characterised by continued:

• High customer activity
• Tight cost control
• Positive trend in customers’ financial circumstances.
  
  

As a consequence of customers’ improved financial circumstances, a net reversal of impairment charges of DKK 125m was recorded in Q2 2021. Impairment charges for 2021 as a whole are expected to amount to a net reversal of around DKK 250m. The management estimates as a result of covid-19 of DKK 325m in 2020 remained unchanged at end-Q2 2021.

Sydbank’s Interim Report for 2021 will be released on 25 August 2021 as planned.

Additional information
Jørn Adam Møller, Deputy Group Chief Executive, tel [phone]
Louise Lillelund Degn-Ovesen, Head of Communications, tel [phone].

Yours sincerely

        
Karen Frøsig        Jørn Adam Møller
CEO        Deputy Group Chief Executive        

Attachment

• FM 10 UK