Aabenraa, Denmark, 2011-10-25 13:00 CEST (GLOBE NEWSWIRE) --
The Sydbank Group recorded a pre-tax profit of DKK 206m. The result is adversely affected by non-recurring items of DKK 146m and contributions to the deposit guarantee of DKK 136m in connection with the takeover by the Financial Stability Company of Amagerbanken, Fjordbank Mors and Max Bank. The development is slightly below the expectations at the beginning of the year.
Return on average shareholders’ equity before tax constitutes 2.9% p.a. and is not satisfactory.
The Interim Report is characterised by:
- 2% decrease in core income excl trading income
- 34% decline in trading income
- 1% growth in costs (core earnings)
- Decrease in impairment charges for loans and advances of 22% to DKK 735m
- Negative investment portfolio earnings of DKK 25m
- Non-recurring items of minus DKK 146m
- Contributions to the deposit guarantee etc of DKK 136m
- 5% decline in bank loans and advances to DKK 70.0bn
- 6% rise in deposits to DKK 65.0bn
- Core capital ratio of 14.7%
- Solvency ratio of 15.7%
- Very positive development in clients.
