Yahoo Finance Sydbank A/S to clarify its expectations for profit for 2021 and to announce its expectations for 2022
| Peberlyk 4 |
14 January 2022 |
Dear Sirs
Sydbank A/S to clarify its expectations for profit for 2021 and to announce its expectations for 2022
Profit for 2021
Sydbank expects a profit after tax of approx DKK 1,400m for 2021.
In October 2021 Sydbank adjusted upwards its expectations regarding profit after tax for 2021 as a whole to be in the range of DKK 1,300-1,450m.
Q4 2021 has been characterised by continued:
lending growth
tight cost control
favourable developments in customers’ financial circumstances.
Moreover an additional DKK 117m has been recognised as an expense, equivalent to the remaining part of the capitalised costs concerning a new capital market platform of which the joint development at Bankdata was completed in 2021.
As a result of the positive trend in customers’ financial circumstances, a net reversal of impairment charges of DKK 104m was recorded in Q4 2021. Consequently impairment charges for 2021 as a whole represent a net reversal totalling DKK 415m. The management estimate related to covid-19 of DKK 325m from 2020 was unchanged at end-Q4 2021.
Outlook for 2022
A positive economic trend is projected to continue in 2022 and as a result impairment charges are projected to remain low.
Profit after tax is expected to be in the range of DKK 1,150-1,450m.
Sydbank’s Annual Report for 2021 will be released on 2 March 2022 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
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