Company Announcement 05/2023 | Peberlyk 4 6200 Aabenraa, Denmark Tel +45 70 10 78 79 Fax +45 74 37 35 36 Sydbank A/S CVR No DK 12626509, Aabenraa sydbank.dk |
| 15 March 2023 |
Dear Sirs
Sydbank A/S to revise its expectations upwards as regards profit for 2023
Profit after tax now expected to be in the range of DKK 2,300-2,600m
Expectations are revised upwards to a profit after tax in the range of DKK 2,300-2,600m. In Company Announcement 01 on 23 January 2023 we announced that we expected a profit after tax in the range of DKK 1,900-2,200m for 2023.
Developments in the first two months of 2023 have been characterised by:
- a substantial increase in core income as a result of a continued rise in interest rates
- a highly satisfactory trading income
- continued tight cost control
- positive investment portfolio earnings
Impairment charges for loans and advances etc are projected to represent a minor expense in 2023.
The outlook for 2023 is subject to uncertainty and depends on financial market developments and macroeconomic factors.
In light of the turmoil in the financial markets over the past few days, we can inform you that the Bank’s securities portfolios have not been accounted for as held-to-maturity securities.
Sydbank’s Interim Report – Q1 2023 will be released on 3 May 2023 as planned.
Yours sincerely
Karen Frøsig Jørn Adam Møller
CEO Deputy Group Chief Executive
Additional information
Jørn Adam Møller, Deputy Group Chief Executive, tel +45 74 37 20 30
Susanne Ingemann Faber, Press Manager, tel +45 26 29 11 29
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