| Company Announcement No 18/2021 | Peberlyk 4 6200 Aabenraa Denmark Tel +45 74 37 37 37 Fax +45 74 37 35 36 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 +45 74 37 20 30
Susanne Ingemann Faber, Press Officer, tel +45 26 29 11 29
Yours sincerely
Karen Frøsig Jørn Adam Møller
CEO Deputy Group Chief Executive
Attachment
