Sydbank A/S to revise its expectations upwards as regards profit for 2022

Company Announcement 58/2022	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
22 November 2022

Dear Sirs

Sydbank A/S to revise its expectations upwards as regards profit for 2022

Profit after tax now expected to be in the range of DKK 1,700-1,850m

Expectations are revised upwards to a profit after tax in the range of DKK 1,700-1,850m. In connection with the release of the Interim Report for Q1-Q3 2022 on 2 November, we announced that we expected a profit after tax in the range of DKK 1,500-1,700m for 2022.

Developments in Q4 2022 have, so far, been characterised by:

• a substantial increase in core income as a result of a rise in interest rates and continued high activity
• a highly satisfactory trading income, due in part to developments in the financial markets
• continued tight cost control
• modestly positive investment portfolio earnings

Impairment charges for loans and advances ets are projected to be low in Q4 2022.

The outlook for 2022 is subject to uncertainty and depends on financial market developments and macroeconomic factors.

Sydbank’s 2022 Annual Report will be released on 1 March 2023 as planned.

Yours sincerely

Karen Frøsig        Jørn Adam Møller
CEO        Group Executive Vice President

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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