Sydbank — Earnings Release 2021

Oct 14, 2021

GROUP EXECUTIVE MANAGEMENT

Sydbank

Company Announcement No 18/2021

Peberlyk 4
6200 Aabenraa
Denmark
Tel +45 74 37 37 37
Fax +45 74 37 35 36
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 +45 74 37 20 30
Susanne Ingemann Faber, Press Officer, tel +45 26 29 11 29

Yours sincerely

Karen Frøsig
CEO

Jørn Adam Møller
Deputy Group Chief Executive

Encl