Sydbank’s Interim Report – Q1-Q3 2023
Company Announcement No 36/2023
1 November 2023
Sydbank’s Interim Report – Q1-Q3 2023
Q1-Q3 2023 – highlights
- Profit for the period of DKK 2,409m equals a return on equity of 23.2% p.a. after tax
- Core income of DKK 5,227m is 42% higher compared to the same period in 2022
- Trading income of DKK 240m is 36% higher compared to the same period in 2022
- Costs (core earnings) of DKK 2,335m against DKK 2,288m in the same period in 2022
- Core earnings before impairment of DKK 3,132m are 98% higher compared to the same period in 2022
- Impairment charges for loans and advances etc represent an income of DKK 21m
- Bank loans and advances have gone down by DKK 1.8bn, equal to a decrease of 2% compared to year-end 2022
- The CET1 ratio stands at 18.5%, equal to an increase of 1.2pp compared to year-end 2022
CEO Karen Frøsig comments on the result:
- It is positive that we were able to lift our profitability further in the third quarter of the year from an already very high level in the first 2 quarters. The increase in profitability is attributable to a continued rise in total income and is predominantly due to higher net interest income. Impairment charges represented a small income in the first 9 months of the year, which reflects strong credit quality in the lending portfolio. Together this means a doubling of profit after tax and in September 2023 expectations for profit for 2023 were revised upwards once more.
Karen Frøsig comments on developments in interest income:
- The effect of the Danish central bank’s continuous interest rate hikes since July 2022 is clearly reflected in the Bank’s net interest income, which has more than doubled when comparing the first 9 months of 2023 with the same period in 2022. Net interest income has been greatly influenced by higher interest payments on the Bank’s significant deposit surplus, which has previously earned negative interest.
Board chairman Lars Mikkelgaard-Jensen comments:
- It is good news that after initiating a share buyback of DKK 600m in Q3 the Bank remains highly capitalised and resilient. This is particularly important in times of geopolitical and macroeconomic uncertainty.
Outlook for 2023
- Core income is expected to be higher than in 2022.
- Costs (core earnings) are projected to be higher than in 2022.
- Impairment charges are forecast to represent a minor expense.
- Non-recurring costs are expected to represent around DKK 50m.
- Profit after tax is now expected to be in the range of DKK 3,000-3,200m.
- The outlook is subject to uncertainty and depends on financial market developments and macroeconomic factors which may affect eg the level of impairment charges.
Jørn Adam Møller, Deputy Group Chief Executive, tel +45 74 37 20 30
Susanne Ingemann Faber, Press Manager, tel +45 26 29 11 29
AttachmentsTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Huhtamaki's 2023 Annual Report published27.2.2024 11:00:00 CET | Press release
HUHTAMÄKI OYJ STOCK EXCHANGE RELEASE 27.2.2024 AT 12:00 EET Huhtamaki's 2023 Annual Report published The Huhtamaki Annual Report 2023 has been published on the company's website at www.huhtamaki.com/investors. It is comprised of four sections, with a Company overview, financials, governance (Corporate Governance Statement and Remuneration Report) and sustainability. The report is available in Finnish and English apart from the Sustainability Report, which is available only in English. The financial statements are published in accordance with the European Single Electronic Format (ESEF) reporting requirements. The audit firm KPMG Oy Ab has provided an independent auditor’s reasonable assurance report on Huhtamaki’s ESEF Financial Statements in accordance with ISAE 3000 (Revised). The Annual Report is attached to this release as a PDF file and the financial statements as an XHTML file. For further information, please contact: Kristian Tammela, Vice President, Investor Relations, tel. +35
Indkaldelse til ordinær generalforsamling i Fynske Bank A/S27.2.2024 11:00:00 CET | pressemeddelelse
Selskabsmeddelelse nr. 2024/04 Fynske Bank A/S afholder ordinær generalforsamling torsdag den 21. marts 2024 kl. 16.30 på Hotel Christiansminde, Christiansmindevej 16, 5700 Svendborg. Fuldstændig dagsorden i henhold til vedtægternes § 7: Bestyrelsens beretning om bankens virksomhed i det forløbne årFremlæggelse af revideret årsrapport til godkendelseBeslutning om anvendelse af overskud eller dækning af tab i henhold til den godkendte årsrapportPræsentation af og vejledende afstemning om vederlagsrapportenForslag fra repræsentantskab, bestyrelse og aktionærer Der er ingen indkomne forslag Valg af medlemmer til repræsentantskabet. Følgende opstiller til valget: Senior projektleder Hans C. Sørensen, Svendborg Markedsdirektør Jørgen Ø. Mortensen, Nyborg Adm. direktør og partner Kasper Kjærsgaard Jensen, Odense Overlæge Kirsten Søgaard, Thurø Partner, Headhunter Lars B. Nielsen, Aarhus Autoforhandler Lars Hindsgaul Madsen, Assens Salgschef Marcel Mensel-Legald, Kolding Adm. direktør Martin
Referat af ekstraordinær generalforsamling i Scape Technologies A/S27.2.2024 10:52:42 CET | pressemeddelelse
Nasdaq First North Growth Market Denmark Selskabsmeddelelse nr. 63/2024 Odense, 27. februar 2024 Referat af ekstraordinær generalforsamling i Scape Technologies A/S Tirsdag den 27. februar 2024 kl. 9.00 blev der afholdt ekstraordinær generalforsamling i Scape Technologies A/S på selskabets adresse Østerbro 5C, 5000 Odense C. Dagsorden for den ekstraordinære generalforsamling: 1. Valg af dirigent 2. Bemyndigelse til at gennemføre kapitalforhøjelser Ad dagsordenens punkt 1. Bestyrelsen stillede forslag om valg af Søren Bøving-Anderen som dirigent for generalforsamlingen. Forslaget blev enstemmig vedtaget. Ingen af aktionærerne havde indvendinger mod generalforsamlingens lovlighed, og dirigenten konstaterede, at generalforsamlingen var rettidigt indkaldt jvf selskabets vedtægter og dermed var beslutningsdygtig i relation til dagsordenens punkter. Ad dagsordenens punkt 2. Med henblik på at sikre fleksibilitet til kapitalisering af selskabet, blev der stillet forslag om, at bestyrelsens eks
Response to media reports about data theft27.2.2024 10:34:27 CET | Press release
Over the past days Danish media have reported stories about a theft of source code involving Netcompany Denmark. We can confirm one single incident involving a simple theft of Netcompany Denmark source code and user manuals. We can refute that the incident is a ransomware attack. The data theft has not affected Netcompany or our customer’s operations and services. We know how the theft has occurred, the extent of the theft, and that the theft resides around source code and user manuals for Netcompany tools. Since the simple theft was discovered, we have worked in close collaboration with authorities and have implemented additional mitigating actions to ensure a continued high level of security in our production systems landscape. We have taken necessary precautions that ensure the stolen files cannot be used to gain unauthorized access to any system. In Denmark, Netcompany runs several government core systems however, the stolen files cannot be used to gain unauthorised access or compr
IDEX Biometrics ASA – Invitation to presentation of fourth quarter and preliminary results for 202327.2.2024 10:30:00 CET | Press release
Oslo, Norway – 27 February 2024 - IDEX Biometrics will publish its interim report for the fourth quarter and preliminary results for 2023 on Thursday 29 February at 08:00 CET. The interim report will also be available on the company’s website: www.idexbiometrics.com. Webcast: There will be a webcast on Thursday 29 February 2024 at 09:00 CET. The presentation will be held by Vince Graziani, Chief Executive Officer, and Catharina Ekløf, Chief Commercial Officer. The presentation file will be available at www.idexbiometirics.com, and the webcast presentation can be viewed using the following link: https://idexbiometrics.videosync.fi/q4-2023/ For further information contact: Marianne Bøe, Head of Investor Relations E-mail: firstname.lastname@example.org Tel: + 47 918 00186 About IDEX Biometrics IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring