Sydbank — Earnings Release 2012

Feb 19, 2013

Sydbank A/S / Annual Financial Report

20.02.2013 08:26

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Aabenraa, Denmark, 2013-02-20 08:25 CET (GLOBE NEWSWIRE) -- The Sydbank Group has generated a profit before tax for 2012 of DKK 624m, equalling a return of 6.4% on average shareholders' equity. The result is considered to be satisfactory in light of the new tightened impairment rules and weak growth in the economy. As a consequence of considerable impairment charges pre-tax profit is below expectations at the beginning of 2012.

On 2 November 2012 Sydbank took over all activities from Toender Bank, including employees, clients, branches and all assets and liabilities apart from hybrid capital and supplementary capital.

2012

• 3.7% rise in core income.
• DKK 156m growth in trading income to DKK 323m.
• Unchanged level of costs (core earnings) for the fifth consecutive year.
• Rise in impairment charges for loans and advances of DKK 553m to DKK 1,748m.
• Investment portfolio earnings of DKK 397m.
• Non-recurring items of minus DKK 82m.
• Contributions to industry solutions of DKK 13m.
• 1% reduction in bank loans and advances to DKK 68.2bn.
• 1.6% decline in deposits to DKK 65.7bn.
• Increase in core capital ratio to 15.6%.
• Good liquidity.
• Substantial influx of clients, including via the takeover of Toender Bank clients.
• Distribution of dividend to shareholders for 2012 will not be recommended.

Q4 2012

• Profit before tax of DKK 60m.

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Language: English
Company: Sydbank A/S

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ISIN: DK0010311471
Category Code: ACS

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LSE Ticker: 0G6U
Sequence Number: 1345
Time of Receipt: Feb 20, 2013 08:25:54

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