Sydbank's Interim Report 2008

Satisfactory core earnings
The Sydbank Group recorded a pre-tax profit of DKK 858m for the first six
months of 2008 against DKK 1,177m in 1H 2007. The result equals a return of 25%
p.a. on average shareholders' equity (Tier 1). 

Core earnings before impairment represent DKK 841m against DKK 891m for the
first six months of 2007. The decline is caused by a reduction in trading
income and a rise in costs. 

In 1H 2008, the Sydbank Group recognised DKK 13m as income under impairment of
loans and advances. 
 
Investment portfolio earnings constitute a loss of DKK 192m and non-recurring
items amounting to DKK 196m were recognised as net income. 

Post-tax profit amounts to DKK 668m, equal to a return of 19% p.a. on average
shareholders' equity (Tier 1). Earnings per share for the period decreased from
DKK 13.1 to DKK 10.5. 

As of 1 February 2008 bankTrelleborg was acquired by and merged with Sydbank,
which has favourably affected the Sydbank Group's loans and advances, deposits
and profit etc in 1H 2008. 

Performance and business developments are considered satisfactory and the Bank
still projects core earnings before impairment in the region of DKK 1.6-1.9bn
for the full year. 


In addition it should be noted that the Bank's investment portfolio earnings
have improved by DKK 60m. 



Yours faithfully

Carsten Andersen
Group Chief Executive


Enquiries concerning this Announcement to
Carsten Andersen, Group Chief Executive, tel +45 74 36 20 00
Mogens Sandbæk, CFO, tel +45 74 36 24 00