SYDB Sydbank A/S

Sydbank A/S revises upwards its outlook for 2021

Sydbank A/S revises upwards its outlook for 2021

                

Company Announcement No 18/2021



Peberlyk 4

6200 Aabenraa

Denmark







Tel

Fax







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

Susanne Ingemann Faber, Press Officer, tel



Yours sincerely

        

Karen Frøsig        Jørn Adam Møller

CEO        Deputy Group Chief Executive

Attachment



EN
14/10/2021

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