SYDB Sydbank A/S

Sydbank’s 2022 Annual Report

Sydbank’s 2022 Annual Report

Company Announcement No 03/2023

1 March 2023

Sydbank’s 2022 Annual Report

Record-breaking profit due to high activity and rising interest rates

The Sydbank Group’s 2022 financial statements show a profit before tax of DKK 2,405m compared to DKK 1,764m in 2021. The increase of DKK 641m is primarily attributable to a rise in earnings of DKK 751m and a drop in costs (core earnings) of DKK 137m set off against the effect of a lower reversal of impairment charges of DKK 316m. Profit before tax equals a return of 18.9% p.a. on average equity.

Profit for the year represents DKK 1,901m against DKK 1,411m in 2021, equal to a return on average equity of 14.8% after tax. At the beginning of 2022 profit after tax was projected to be in the range of DKK 1,150-1,450m.

CEO Karen Frøsig comments on the record-breaking profit:

- It is very good news that we can deliver the best result in the Bank’s history. We have improved our performance because we have succeeded in increasing interest income significantly while at the same time reducing costs.

Karen Frøsig comments on the development in interest income:

- The effect of the Danish central bank’s 4 interest rate hikes during H2 2022 is clearly reflected in the Bank’s net interest income, which is now at a substantially higher level. Net interest income has been greatly influenced by the rise in loans and advances as well as by higher interest payments on the Bank’s significant deposit surplus, which has so far earned negative interest.

Board chairman Lars Mikkelgaard-Jensen comments:

- It is highly satisfactory that the record-breaking profit and the Bank’s strong capital position allow us to distribute an all-time high dividend of DKK 16.77 per share, equal to 50% of profit for 2022. Following the dividend payout the Bank will continue to be well capitalised.

Outlook for 2023

  • Negative growth is projected for the Danish economy.
  • 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 be in the range of DKK 50-60m.
  • Profit after tax is expected to be in the range of DKK 1,900-2,200m.
  • The outlook is subject to uncertainty and depends on financial market developments and macroeconomic factors which may affect eg the level of impairment charges.



Additional information

Jørn Adam Møller, Deputy Group Chief Executive, tel

Susanne Ingemann Faber, Press Manager, tel

Attachments



EN
01/03/2023

Underlying

SYDBSydbank A/S

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Sydbank A/S

ABGSC Financials Research ... (+3)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Simon Brun
11h / 13m 11h / 13m 1 EN
 PRESS RELEASE
Free
SYDB SYDBANK A/S

Ændring af selskabskapital

Ændring af selskabskapital Selskabsmeddelelse nr. 03/2026Peberlyk 4DK-6200 AabenraaTelefon AL Sydbank A/SCVR-nr. DK 12626509, Aabenraasydbank.dk27. januar 2026  Ændring af selskabskapital På Sydbank A/S’ ekstraordinære generalforsamling den 4. december 2025 blev det besluttet at nedsætte bankens selskabskapital med nominelt 21.737.530 kr. ved annullering af 2.173.753 stk. aktier. Kreditorernes frist for at anmelde krav er udløbet, og bestyrelsen harefterfølgende besluttet at gennemføre kapitalnedsættelsen. Kapitalnedsættelsen registreres i Erhvervsstyrelsen. AL Sydbanks samlede selskab...

January 27, 2026 1 EN
 PRESS RELEASE
Free
SYDB SYDBANK A/S

Change of share capital

Change of share capital          Company Announcement No 03/2026Peberlyk 46200 AabenraaDenmarkTel AL Sydbank A/SCVR No DK 12626509, Aabenraasydbank.com27 January 2026  Dear Sirs Change of share capital At the ekstraordinay general meeting of Sydbank A/S held on 4 December 2025 it was resolved to reduce the Bank’s share capital by nominally DKK 21,737,530 by cancelling 2,173,753 shares. The creditors’ time limit for filing claims has expired and the Board ofDirectors has subsequently decided to implement the capital reduction. The capital reduction will be registered with the Danish Bus...

January 27, 2026 1 EN
 PRESS RELEASE
Free
SYDB SYDBANK A/S

Førtidsindfrielse af to Senior Non-Preferred obligationer

Førtidsindfrielse af to Senior Non-Preferred obligationer Selskabsmeddelelse nr. 02/2026Peberlyk 4DK-6200 AabenraaTelefon AL Sydbank A/SCVR-nr. DK 12626509, Aabenraasydbank.dk22. januar 2026  Ikke til offentliggørelse eller distribution, hverken direkte eller indirekte, i nogen jurisdiktion, hvor sådan offentliggørelse eller distribution ville være ulovlig Førtidsindfrielse af to Senior Non-Preferred obligationer AL Sydbank udnytter den kontraktuelle førtidsindfrielsesret (call option) i to udstedte obligationer med status af Senior Non-Preferred: ISIN DK0030522305 – SEK 800 mio. – Ud...

January 22, 2026 1 EN
 PRESS RELEASE
Free
SYDB SYDBANK A/S

Early redemption of two Senior Non-Preferred bonds

Early redemption of two Senior Non-Preferred bonds              Company Announcement No 02/2026Peberlyk 46200 AabenraaDenmarkTel Fax AL Sydbank A/SCVR No DK 12626509, Aabenraasydbank.dk22 January 2026  Not for publication or distribution, directly or indirectly, in any jurisdiction where such publication or distribution would be unlawful Early redemption of two Senior Non-Preferred bonds AL Sydbank is exercising its contractual call option to redeem two issued bonds with Senior Non-Preferred status early: ISIN DK0030522305 - SEK 800 million – issue date: 9 February 2023, first call...

January 22, 2026 1 EN

ResearchPool Subscriptions

Get the most out of your insights

Get in touch