Aabenraa, Denmark, 2013-05-01 08:28 CEST (GLOBE NEWSWIRE) -- The Sydbank Group has recorded a profit before tax of DKK 184m. The result is considered acceptable given the trend in the economy. The performance meets the expectations at the beginning of the year. Profit before tax equals a return of 7.3% p.a. on average shareholders’ equity. Compared to the same period in 2012, Q1 is characterised by
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3% decline in core income
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21% decrease in trading income
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Slight increase in costs (core earnings) (rise in the contribution to the Deposit Guarantee Fund)
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Increase in impairment charges for loans and advances of DKK 52m to DKK 349m
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Investment portfolio earnings of DKK 87m
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Contributions to industry solutions of DKK 15m
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Unchanged level of bank loans and advances
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Rising level of deposits
- Core capital ratio, incl hybrid core capital, of 15.3%.
