Sydbank A/S revises upwards its outlook for 2021

Company Announcement N o 18 / 20 21	Peberlyk 4 6200 Aabenraa Denmark Tel [phone] Fax [phone] Sydbank A/S CVR No DK 12626509, Aabenraa sydbank.dk
14 October 2021

Dear Sirs

Sydbank A/S revises upwards its outlook for 2021

Profit after tax is now projected to be in the range of DKK 1,300-1,450m

The outlook is revised upwards to a profit after tax in the range of DKK 1,300-1,450m. In connection with the release of Sydbank’s Interim Report – First Half 2021 on 25 August 2021 we announced that we expected a profit after tax in the range of DKK 1,150-1,350m for 2021.

Q3 2021 was characterised by continued:

• high customer activity
• tight cost control
• favourable developments in customers’ financial circumstances.
  
  

As a result of the positive trend in customers’ financial circumstances, a net reversal of impairment charges of DKK 105m was recorded in Q3 2021. Impairment charges for 2021 as a whole are expected to represent a net reversal totalling around DKK 400m. The management estimate related to covid-19 of DKK 325m from 2020 was unchanged at end-Q3 2021.

Sydbank’s Interim Report – Q1-Q3 2021 will be released on 27 October 2021 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

• FM 18 UK