Sydbank — Interim / Quarterly Report 2010

Oct 26, 2010

Sydbank A/S / Miscellaneous

26.10.2010 13:24

Dissemination of a UK Regulatory Announcement, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.

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Interim Report - Q1-Q3 2010

Contents

Financial Review Group Financial Highlights 3 Summary 4

Financial Review 6

Financial Statements - Sydbank Group

Income Statement 11

Statement of Comprehensive Income 11

Balance Sheet 12

Financial Highlights - Quarterly 13

Capital 14

Cash Flow Statement 16

Segment Statements 17

Notes 18

Management Statement 27

Supplementary Information 28

Appendix 1 - Statement on inspection of Sydbank A/S 29

Appendix 2 - Sydbank's comments to 'Statement on inspection of Sydbank A/S' issued by the Danish FSA 32 ?

Group Financial Highlights

Q1-Q3 Q1-Q3 Index Full year 2010 2009 10/09 2009

Income statement (DKKm)

Core income excl trading income 2,492		2,471 101	3,320
Trading income 1,051 970	108	1,266
Total core income 3,543	3,441	103 4,586
Costs, core earnings 1,869	1,874	100 2,466
Core earnings before impairment 1,674		1,567 107	2,120
Impairment of loans and advances etc		944 849	111	1,195

Profit on investment portfolios 235	361	65	430
Profit before non-recurring items	965	1,079	89	1,355
Non-recurring items, net - -	-	86
Profit before contribution to Private Contingency Association
etc 965 1,079 89 1,441
Contribution to Private Contingency Association etc			384	327	117	443
Profit before tax 581 752	77	998
Tax 145 188 77 217
Profit for the period 436 564	77	781
Balance sheet highlights (DKKbn)
Loans and advances at amortised cost	73.6	73.9	100	74.5
Loans and advances at fair value 6.5	9.1	71	12.9
Deposits and other debt 61.5 65.3	94	68.8
Bonds issued at amortised cost 16.1	10.1	159	8.6
Subordinated capital 3.1 3.2	97	3.1
Shareholders' equity 9.5 8.9	107	9.1
Total assets 153.7 153.4 100	157.8
Financial ratios per share (DKK per share of DKK 10)
EPS Basic ** 5.9 8.7	11.7
EPS Diluted ** 5.9 8.7	11.7
Share price at end of period 127.4	133.3		133.8
Book value 130.1 120.8	124.1
Share price/book value 0.98 1.10		1.08
Average number of shares outstanding (millions) 73.6			64.8		66.9
Other financial ratios and key figures
Solvency ratio 16.1 14.8	15.2
Core capital ratio 14.1 12.9		13.1
Pre-tax profit as % of average shareholders' equity **			6.2	9.4		12.3
Post-tax profit as % of average shareholders' equity ** 4.7				7.1		9.6
Costs (core earnings) as % of core income		52.8	54.5		53.8
Interest rate risk 0.4 0.4		1.0
Foreign exchange position 1.4	1.4		1.1
Foreign exchange risk 0.0 0.0		0.0
Loans and advances relative to deposits *		1.1	1.0		1.0
Loans and advances relative to shareholders' equity *			7.7	8.4		8.2
Growth in loans and advances for the period *		(1.3)	(10.4)		(9.6)
Excess cover relative to statutory liquidity requirements				126.3	93.8		94.4
Total large exposures 19.6 20.1		17.2
Accumulated impairment ratio excl PCA	2.4	1.5		1.7
Impairment ratio for the period excl PCA **		1.15	1.01		1.34
Number of full-time staff at end of period		2,303	2,385	97	2,369

Financial ratios prepared according to 'Recommendations & Financial Ratios 2010' published by the Danish Society of Financial Analysts.

? Summary

Considering the ongoing difficult economic situation, profit before tax of DKK 581m for the first nine months of 2010 is considered satisfactory. Pre-tax profit equals a return of 8.3% p.a. on average shareholders' equity.

The Interim Report is characterised by:

Core earnings 730 718 102 925

• ? 1% increase in core income excl trading income
• ? 8% rise in trading income
• ? Total core income of DKK 3,543m an all-time high so far
• ? Unchanged level of costs (core earnings)
• ? Impairment of loans and advances of DKK 944m
• ? Profit on investment portfolios of DKK 235m
• ? Contribution of DKK 384m to the Private Contingency Association etc
• ? Unchanged level of bank loans and advances DKK 73.6bn
• ? 6% decline in deposits to DKK 61.5bn
• ? Core capital ratio of 14.1%
• ? Solvency ratio of 16.1%
• ? Upgrade of core earnings before impairment to DKK 2.1-2.2bn.

^* Financial ratios calculated on the basis of loans and advances at amortised cost.

^** Ratios for the period have not been converted to a full-year basis.

Income statement - Q1-Q3 (DKKm) 2010 2009 Core income excl trading income 2,492 2,471

Trading income 1,051 970

Total core income 3,543 3,441

Costs, core earnings 1,869 1,874 Core earnings before impairment 1,674 1,567

Impairment of loans and advances etc 944 849

Core earnings 730 718

Profit on investment portfolios 235 361

Profit before contribution to Private Contingency Association etc 965 1,079

Contribution to Private Contingency Association etc 384 327

Profit before tax 581 752

Tax 145 188

Profit for the period 436 564

Core earnings before impairment represent DKK 1,674m against DKK 1,567m in Q1-Q3 2009. The increase of DKK 107m consists of a rise in core income excl trading income of DKK 21m, an increase in trading income of DKK 81m and a decline of DKK 5m in costs (core earnings).

Core earnings before impairment are above the level announced in the Interim Report - First Half 2010. The improvement is chiefly ascribable to developments in trading income.

Impairment of loans and advances etc represents DKK 944m (Q1-Q3 2009: DKK 849m).

Profit on investment portfolios amounts to DKK 235m and the expense to the Private Contingency Association etc totals DKK 384m. Less a calculated tax charge of DKK 145m, profit for the period stands at DKK 436m.

Profit for the period equals a return on average shareholders' equity of 6.2% p.a. compared with 9.4% p.a. in 2009. Earnings per share stands at DKK 5.9 compared with DKK 8.7 in 2009. ?

Profit before tax totals DKK 246m in Q3 2010 compared with DKK 109m in Q2 2010. The increase in profit is predominantly attributable to a decline in costs of DKK 37m and a rise in investment portfolio earnings of DKK 103m.

In August 2010 the Bank raised a non state-guaranteed bond loan of EUR 1bn with a maturity period of two years.

The Group's solvency ratio stands at 16.1%, including a core capital ratio of 14.1 percentage points compared with 15.2% and 13.1 percentage points, respectively, at end-2009. Since the beginning of the year the core capital ratio excluding hybrid core capital has risen from 11.5% to 12.4%.

The method for determining the Group's solvency need has been changed. In future the solvency need will be determined on the basis of an economic capital model and a buffer will be added to allow for model and rating uncertainty as well as additional credit risks. The solvency need at 30 September 2010 represents 9.6%.

The Group's liquidity measured under the 15% and 10% statutory requirements constitutes 41.2% and 22.7%, respectively, at 30 September 2010.

The Group projects core earnings before impairment of loans and advances in the region of DKK 2.1-2.2bn for 2010. The estimate represents a positive change in level compared with DKK 1.9-2.1bn as previously announced.

The Danish FSA has conducted an ordinary inspection of the Bank, including its loans and advances. The Danish FSA did not find grounds to change the Bank's total impairment charges. However, during its review of loan exposures and IRB models, the Danish FSA noted that an increase in the solvency need was required. Consequently the Bank raised its solvency need from 9.0% to 9.6%, as mentioned above. It is the opinion of the Danish FSA that this takes other existing risks into account.

On 7 October 2010 Peter Gaemelke announced that he wished to resign from the Board of Directors of Sydbank.

Core income excl trading income

Total core income excl trading income grew by 1% to DKK 2,492m.

Core income excl trading income - Q1-Q3 (DKKm) 2010 2009 Interest margins etc 2,073 2,079 Mortgage credit 165 166 Payment services 113 108 Remortgaging and loan fees 70 61 Other commission 54 41 Other operating income 17 16 Total 2,492 2,471

Due to an unchanged level of bank loans and advances, a 6% drop in deposits and the raising of new senior loans compared with one year ago, income from interest margins etc continues to show significant robustness with a slight decline of DKK 6m to DKK 2,073m.

After a set-off of loss of DKK 10m (2009: DKK 6m), net income from the cooperation with Totalkredit represents DKK 129m (2009: DKK 117m). The cooperation with DLR Kredit has generated an income of DKK 29m (2009: DKK 43m). Total mortgage credit income amounts to DKK 165m (2009: DKK 166m).

The remaining income components of core income excl trading income have gone up by a total of 12% compared with Q1-Q3 2009.

Trading income

Total trading income rose by 8% - from DKK 970m in 2009 to DKK 1,051m in 2010.

The positive trend in trading income is buoyed by favourable developments in securities trading, a decent trend in the institutional segment of the fixed income department, a stable, high market share in share trading and market-driven volume rises within asset management. In contrast foreign exchange and derivatives trading remains at a low level.

Trading income - Q1-Q3 (DKKm) 2010 2009 
Bonds 257 243 
Shares 211 192 
Foreign exchange 169 185 
Money market 104 138 
Asset management 310 212 
Total 1,051 970

Costs and depreciation

The Group's total costs and depreciation recorded DKK 2,104m (2009: DKK 2,082m). DKK 8m is ascribable to investment portfolio earnings and DKK 227m (2009: DKK 200m) to the Private Contingency Association etc.

? Costs and depreciation - Q1-Q3 (DKKm) 2010 2009

Staff costs 1,078 1,099

Other administrative expenses 744 698

Depreciation and impairment of property, plant and equipment 71 85

Other operating expenses 211 200

Total costs and depreciation 2,104 2,082

Distributed as follows:

Costs, core earnings 1,869 1,874

Costs, investment portfolio earnings 8 8

Costs, guarantee commission to Private Contingency Association etc 227 200

Costs (core earnings) of DKK 1,869m have decreased by DKK 5m compared with one year ago. At the end of Q3 2010 the Group's staff numbered 2,303 (full-time equivalent) against 2,385 at 30 September 2009. Five small branches were closed in 2010, bringing the number of branches to 105 in Denmark and unchanged three in Germany.

Core earnings before impairment of loans and advances Core earnings before impairment of loans and advances represent DKK 1,674m - a rise of DKK 107m or 7% compared with one year ago.

Impairment of loans and advances etc

Impairment of loans and advances constitutes DKK 944m (2009: DKK 849m). As at 30 September 2010 the impairment ratio (excluding the provision for the Private Contingency Association) relative to bank loans and advances represents 1.28% and 1.11% relative to bank loans and advances and guarantees. At end-September accumulated impairment and provisions (excluding the provision of DKK 377m for the Private Contingency Association) amount to DKK 1,995m - a rise of DKK 437m compared with the beginning of the year.

Core earnings

Core earnings represent DKK 730m compared with DKK 718m in 2009.

Investment portfolio earnings

Less funding charges and less related costs of DKK 8m, profit on investment portfolios constitutes DKK 235m (2009: DKK 361m).

The Group's interest rate risk stands at DKK 38m at 30 September 2010. The Group's exchange rate risk continues to be very low and its equity position remains modest.

Contribution to the Private Contingency Association etc Guarantee commission and the provision for the guarantee to the Private Contingency Association amount to DKK 211m and DKK 157m, respectively, totalling DKK 368m for the first nine months of 2010. In addition DKK 16m has been charged to income to cover the expected payment to the Deposit Guarantee Fund regarding the bankruptcy of Capinordic Bank.

The Group's total expense to the Private Contingency Association etc since autumn 2008 amounts to DKK 990m.

Subsidiaries

The subsidiary bank, Sydbank (Schweiz) AG, which conducts private banking activities in St. Gallen, Switzerland, recorded a profit after tax of DKK 3m (2009: loss of DKK 7m). Ejendomsselskabet recorded a profit after tax of DKK 0m (2009: loss of DKK 1m).

Profit for the period

Profit before tax amounts to DKK 581m. Less a calculated tax charge of DKK 145m, profit for the period stands at DKK 436m compared with DKK 564m in 2009.

? Return

Return on average shareholders' equity represents 6.2% p.a. against 9.4% p.a. in 2009. Earnings per share stands at DKK 5.9 compared with DKK 8.7 in 2009.

Q3 compared with Q2

• ? Core income excl trading income rose by DKK 1m.
• ? Trading income declined by DKK 2m.
• ? Costs (core earnings) dropped by 6%.
• ? Impairment of loans and advances rose by DKK 1m.
• ? Profit on investment portfolios increased from DKK 8m to DKK 111m.
• ? Contribution to the Private Contingency Association went up by DKK 1m.

Profit for the period (DKKm)		2010	2009
Q3 Q2	Q1	Q4	Q3	Q2	Q1
Core income excl trading income 832			831	829	849	830	819	822
Trading income 325	327	399	296	329	369	272
Core income 1,157	1,158	1,228	1,145	1,159	1,188	1,094
Costs, core earnings	588	625	656	592	586	629	659
Core earnings before impairment 569			533	572	553	573	559	435
Impairment of loans and advances etc			311	310	323	346	284	295	270
Core earnings 258	223	249	207	289	264	165
Profit on investment portfolios 111			8	116	69	150	139	72
Profit before non-recurring items			369	231	365	276	439	403	237
Non-recurring items, net -		-	-	86	-	-	-
Profit before contribution to PCA etc			369	231	365	362	439	403	237
Contribution to Private Contingency Association etc					123	122	139	116	113 142
72
Profit before tax	246	109	226	246	326	261	165

Tax 61 27 57 29 81 66 41 Profit for the period 185 82 169 217 245 195 124

After tax, profit for Q3 amounts to DKK 185m compared with a Q2 profit of DKK 82m.

Balance sheet

The Group's total assets made up DKK 153.7bn at 30 September 2010 against DKK 157.8bn at year-end 2009.

Assets (DKKbn) 30 Sep 2010 31 Dec 2009 Amounts owed by credit institutions etc 13.5 14.5 Loans and advances at fair value (reverse transactions) 6.5 12.9 Loans and advances at amortised cost (bank loans and advances) 73.6 74.5 Securities and holdings etc 37.3 38.5 Assets related to pooled plans 7.6 6.7 Other assets etc 15.2 10.7 Total 153.7 157.8

The Group's bank loans and advances total DKK 73.6bn - a decline of DKK 0.9bn compared with year-end 2009 and DKK 0.3bn compared with 30 September 2009. ?

Shareholders' equity and liabilities (DKKbn) 30 Sep 2010 31 Dec 2009 Amounts owed to credit institutions etc 37.8 45.4 Deposits and other debt 61.5 68.8 Deposits in pooled plans 7.6 6.7 Bonds issued 16.1 8.6 Other liabilities etc 17.4 15.6 Provisions 0.7 0.5 Subordinated capital 3.1 3.1 Shareholders' equity 9.5 9.1 Total 153.7 157.8

The Group's deposits make up DKK 61.5bn against DKK 68.8bn at year-end 2009 and DKK 65.3bn at end-September 2009. The decline in deposits is predominantly ascribable to time deposits.

In August 2010, in the space of a few hours, the Bank raised a non state-guaranteed bond loan of EUR 1bn with a maturity period of two years on the international market, broadly diversified across countries as well as investors.

Capital

On 21 October 2010 the Bank prepaid supplementary capital of EUR 100m and a further EUR 8m will be prepaid on 29 October 2010, equivalent to a total of DKK 800m.

At end-Q3 2010 shareholders' equity constitutes DKK 9,534m - an increase of DKK 416m since year-end 2009. The change appears as net purchase of own shares of DKK 20m and profit for the period of DKK 436m.

Since year-end 2009, risk-weighted items have decreased by DKK 2.3bn to DKK 75.6bn.

The Group's solvency ratio stands at 16.1%, including a core capital ratio of 14.1 percentage points compared with 15.2% and 13.1 percentage points, respectively, at year-end 2009. During the same period the core capital ratio excluding hybrid core capital rose from 11.5% to 12.4%. Other things being equal, the solvency ratio will be reduced by 1.0 percentage point as a result of the repayment of supplementary capital.

The Group's solvency need was previously determined on the basis of the regulatory requirement of 8.0% and for precautionary reasons an estimated buffer of one percentage point was added to the regulatory requirement. The Group's solvency need was previously set at 9.0%.

The method for determining the Group's solvency need has been changed. In future the solvency need will be determined on the basis of an economic capital model and a buffer will be added to allow for model and rating uncertainty as well as additional credit risks. The solvency need at 30 September 2010 represents 9.6%.

Liquidity

The Group's liquidity measured under the 15% and 10% statutory requirements constitutes 41.2% and 22.7%, respectively, at 30 September 2010.

Rating

Sydbank's rating - A1 (long-term debt), P-1 (short-term debt) and C+ (financial strength) - remained unchanged in Q3 2010.

Statement issued by the Danish FSA

The Danish FSA has conducted an ordinary inspection of the Bank, including its loans and advances. The Danish FSA did not find grounds to change the Bank's total impairment charges. However, during its review of loan exposures and IRB models, the Danish FSA noted that an increase in the solvency need was required. Consequently the Bank raised its solvency need from 9.0% to 9.6%, as mentioned above. It is the opinion of the Danish FSA that the new method of determination takes other existing risks into account.

The statement on inspection of Sydbank issued by the Danish FSA and the Bank's comments are enclosed as appendices.

Board of Directors

On 7 October 2010 Peter Gaemelke announced that he wished to resign from the Board of Directors of Sydbank.

IT cooperation between Bankdata and Jyske Bank

As previously announced, Jyske Bank will become a member of Bankdata. As a result of the agreement, the volume behind Bankdata will grow by two thirds, which will enable Bankdata to increase its systems development resources significantly and to lower future IT costs. Bankdata will be among the biggest units in terms of development within the financial institutions market.

Outlook for 2010

The Group projects core earnings before impairment of loans and advances in the region of DKK 2.1-2.2bn for 2010. The estimate represents a positive change in level compared with DKK 1.9-2.1bn as previously announced.

Appendices

• The Danish FSA's statement on inspection of Sydbank A/S pages 29-31
• Sydbank's comments to 'Statement on inspection of Sydbank A/S' issued by the Danish FSA - page 32.

? Income Statement - Sydbank Group

DKKm	Note	Q1-Q3 2010	Q1-Q3 2009	Q3 2010	Q3 2009
	Interest income 2 Interest expense 3		3,156 706	4,543 1,982	1,007 222	1,281 413
	Net interest income			2,450	2,561	785	868
	Dividends on shares			20	32	3	1
	Fee and commission income			4	996	808	329	279
	Fee and commission expense				137	120	44	38
	Net interest and fee income				3,329	3,281	1,073	1,110
	Market value adjustments 5			435	494	190	198
	Other operating income			17	16	7	5
				Staff costs and administrative expenses 6		1,822	1,797	566	561
				Depreciation and impairment of property, plant and equipment					71	85	24	28
	Other operating expenses			211	200	70	71
	Impairment of loans and advances etc				8	1,101	976	364	327
	Profit on holdings in associates and
subsidiaries		9	5	19	1	0
	Profit before tax			581	752	247	326

Tax 10 145	188	62	82
Profit for the period		436	564	185	244
EPS Basic (DKK) *		5.9	8.7	2.5	3.7
EPS Diluted (DKK) *		5.9	8.7	2.5	3.7
Dividend per share (DKK)		-	-	-	-
* Based on average number of shares outstanding, see page 14.
Statement of Comprehensive Income - Sydbank Group
Profit for the period		436	564	185	244
Other comprehensive income
Translation of foreign entities			25	(2)	0	2
Hedge of net investment in foreign entities Other comprehensive income for the period					(25) 0	2 0	0 0	(2) 0
Comprehensive income for the period				436	564	185	244
Balance Sheet - Sydbank Group
	30 Sep	31 Dec	30 Sep
DKKm Note	2010	2009	2009
Assets
Cash and balances on demand
at central banks Amounts owed by credit institutions and central banks		713	862	687	11		12,769	13,637	13,865
Loans and advances at fair value				6,524	12,930	9,058
Loans and advances at amortised cost					73,597	74,544	73,941
Bonds at fair value			35,254	36,642	36,673
Shares etc		1,755	1,552	1,196
Holdings in associates etc				310	310	307
Assets related to pooled plans				7,576	6,735	6,364
Intangible assets Total land and buildings			13 1,045	14 1,046	14 1,024
investment property			2	2	8
owner-occupied property				1,043	1,044	1,016
Other property, plant and equipment					109	139	128
Current tax assets			36	32	54
Deferred tax assets			11	11	10
Other assets 12 Prepayments		13,889 58	9,316 51	10,002 55
Total assets				153,659 157,821 153,378
Shareholders' equity and liabilities
Amounts owed to credit institutions and central banks					13		37,791	45,406	45,097
Deposits and other debt 14			61,519	68,780	65,281
Deposits in pooled plans Bonds issued at amortised cost			7,576	6,735 16,080	6,364 8,622	10,090
Current tax liabilities			61	8	10
Other liabilities	15		17,323	15,524	14,256
Deferred income		3	27	6
Total liabilities					140,353 145,102 141,104
Provisions 16		643	477	246
Subordinated capital	17		3,129	3,124	3,175
Shareholders' equity:
Share capital		742	742	742
Revaluation reserves			112	112	90
Other reserves:
Reserves according to articles of association Reserve for net revaluation according to the equity method						418	418 33	411 33	20
Retained earnings			8,229	7,813	7,590
Total shareholders' equity				9,534	9,118	8,853
Total shareholders' equity and liabilities								153,659 157,821 153,378

? Group Financial Highlights - Quarterly
Q3 Q2 Q1 2010 2010 2010	Q4 2009	Q3 2009	Q2 2009	Q1 2009
Income statement (DKKm)
Core income excl trading income 832 Trading income 325 327 Total core income 1,157 Costs, core earnings 588 Core earnings before impairment 569 Impairment of loans and advances etc Core earnings 258 223 Profit on investment portfolios 111 Profit before non-recurring items	399 1,158 625 249	831 296 1,228 656 533 311 207 8 369	829 329 1,145 592 572 310 289 116 231	849 369 1,159 586 553 323 264 69 365	830 272 1,188 629 573 346 165 150 276	819 1,094 659 559 284 139 439	822 435 295 72 403	270 237
Non-recurring items, net - - Profit before contribution to Private Contingency Association	- -		-		-	86
etc 369 231 365 Contribution to Private Contingency Association etc Profit before tax 246 Tax 61 27 57 Profit for the period 185	362 109 29 82	439 226 81 169	403 246 66 217	237 123 326 41 245	122 261 195	139 165 124	116	113	142
Balance sheet highlights (DKKbn) Loans and advances at amortised cost Loans and advances at fair value 6.5 Deposits and other debt 61.5 Bonds issued at amortised cost Subordinated capital 3.1 Shareholders' equity 9.5 Total assets 153.7 154.4	64.9 16.0 3.1 9.4 149.0	73.6 6.6 62.2 8.6 3.1 9.3 157.8	74.1 7.4 68.8 8.6 3.1 9.1 153.4	73.3 12.9 65.3 8.6 3.2 8.9 160.1	74.5 9.1 71.6 10.1 3.5 7.5 161.4	73.9 12.9 73.5 10.1 4.2 7.2	75.6 15.8 10.1	78.2

Financial ratios prepared according to 'Recommendations & Financial Ratios 2010' published by the Danish Society of Financial Analysts.

Financial ratios per share (DKK per share of DKK 10)

Pre-tax profit as % of average shareholders' equity

Loans and advances relative to shareholders' equity

Growth in loans and advances for the period

Number of full-time staff at end of

Post-tax profit as % of average shareholders' equity

** 2.6 1.2 2.4 2.7 4.0 3.5 2.3

** 2.0 0.9 1.8 2.4 3.0 2.7 1.7

* 7.7 7.9 7.9 8.2 8.4 10.1 10.8

* (0.7) 1.1 (1.7) 0.8 (2.2) (3.3) (5.2) Excess cover relative to statutory liquidity requirements 126.3 96.8 121.1 94.4 93.8 106.8 66.6

period 2,303 2,323 2,344 2,369 2,385 2,414 2,429

Average number of shares outstanding

Other financial ratios and key figures

EPS Basic ** 2.5 1.1 2.3 3.0 3.7 3.0 2.0 EPS Diluted ** 2.5 1.1 2.3 3.0 3.7 3.0 2.0

Book value 130.1 127.5 126.5 124.1 120.8 116.2 114.0

(millions) 73.4 73.7 73.7 73.3 67.0 64.3 63.0

Solvency ratio 16.1 15.7 15.3 15.2 14.8 13.8 15.0

Share price/book value 0.98 0.98 1.17 1.08 1.10 1.05 0.63

Core capital ratio 14.1 13.5 13.1 13.1 12.9 11.4 11.3

Interest rate risk 0.4 0.2 1.0 1.0 0.4 2.2 2.3

Foreign exchange risk 0.0 0.0 0.0 0.0 0.0 0.1 0.0

Foreign exchange position 1.4 1.5 2.8 1.1 1.4 3.4 1.5

Share price at end of period 127.4 124.8 147.8 133.8 133.3 122.3 71.5

Costs (core earnings) as % of core income 50.9 54.0 53.4 51.7 50.6 52.9 60.2

Loans and advances relative to deposits * 1.1 1.0 1.1 1.0 1.0 1.0 1.0

Impairment ratio for the period excl PCA ** 0.38 0.38 0.39 0.39 0.34 0.33 0.28

Accumulated impairment ratio excl PCA ** 2.4 2.1 2.1 1.8 1.5 1.3 1.3

Total large exposures 19.6 0.0 13.6 17.2 20.1 34.6 21.4

^* Financial ratios calculated on the basis of loans and advances at amortised

cost.

** Quarterly ratios have not been converted to a full-year basis. ? Capital - Sydbank Group

Reserve for Reserves net reval. acc to acc to

DKKm	Share	Revaluation capital reserves association		articles of	method	equity earnings Total	Retained
	Shareholders' equity at 1 Jan 2010				742	112	418	33	7,813	9,118
	Changes in equity in 2010
	Purchase of own shares Sale of own shares		- -	- -	- -	- -	1,737	(1,757) (1,757) 1,737
	Comprehensive income for the period				-	-	-	-	436	436
	Total changes in equity -			-	-	-	416	416
	Shareholders' equity at 30 Sep 2010				742	112	418	33	8,229	9,534
	Shareholders' equity at 1 Jan 2009				675	91	411	20	5,891	7,088
	Changes in equity in 2009
	Purchase of own shares		-	-	-	-		(2,223) (2,223)
	Sale of own shares		-	-	-	-	2,631	2,631
Share issue *		67	-	-	-	788	855
	Adjustment concerning property sold				-	(1)	-	-	1
	Tax on equity items		-	-	-	-	(62)	(62)
	Comprehensive income for the period				-	-	-	-	564	564
	Total changes in equity 67			(1)	-	-	1,699	1,765
	Shareholders' equity at 30 Sep 2009				742	90	411	20	7,590	8,853

* Shares issued in connection with the capital increase of Sydbank A/S of DKK 67,499,990 nominal (6,749,999 shares of DKK 10 nominal).

30 Sep The Sydbank share	Full year 2010	30 Sep 2009 2009
Share capital (DKK) Shares issued (number) Shares outstanding at end of period Average number of shares outstanding	742,499,990 74,249,999	742,499,990 74,249,999 73,276,673 73,571,386	742,499,990 74,249,999 73,471,636 66,926,690	73,295,694 64,771,336

The Bank has only one class of shares as all shares carry the same rights.

Capital - Sydbank Group
30 Sep 31 Dec 30 Sep DKKm 2010 2009 2009
Solvency Solvency ratio 16.1 15.2 14.8 Core capital ratio 14.1 13.1 12.9
Capital base after deductions Shareholders' equity 9,534 9,118 8,853 Revaluation reserves (112) (112) (90) Proposed dividend - - -
Intangible assets and capitalised tax assets (25) (25) (24) Core capital (excl hybrid core capital) 9,397 8,981 8,739 Hybrid core capital 1,384 1,386 1,388 50% of holdings > 10% (155) (105) (106) 50% of difference between expected losses and accounting provisions and accounting value adjustment -
(33) (187) 50% of value of transferred payments etc with delivery risk - (5) -
Core capital (incl hybrid core capital) after deductions 10,626 10,224 9,834

Core capital (incl hybrid core capital) after deductions 10,626 10,224 9,834 Subordinated loan capital 1,746 1,744 1,794 Revaluation reserves 112 112 90

Difference between expected losses and impairment charges - 
 - - 
Capital base before deductions 12,484 12,080 11,718
50% of holdings > 10% (155) (105) (106) 
50% of difference between expected losses and 
accounting provisions and accounting value adjustment - 
 (33) (187) 
50% of value of transferred payments etc with delivery risk - 
 (5) - 
Holdings in associates (126) (128) (125) 
Capital base after deductions 12,203 11,809 11,300 
Credit risk 60,850 62,608 62,608 
Market risk 7,336 8,764 7,113 
Operational risk 7,378 6,537 6,537 
Risk-weighted items 75,564 77,909 76,258 
Regulatory solvency requirement 6,045 6,233 6,101 
Adequate capital base 7,254 7,012 6,083 
Cash Flow Statement - Sydbank Group 
 Q1-Q3 Full year Q1-Q3 
DKKm 2010 2009 2009 
Operating activities 
Pre-tax profit for the period 581 998 752 
Taxes paid (80) 86 (103) 
Adjustment of non-cash operating items 1,331 1,867 1,185 
Cash flows from working capital (13,058) (193) (2,075) 
Cash flows from operating activities (11,226) 2,758 (241) 
Investing activities 
Purchase/sale of holdings in associates 4 (67) (57)
Purchase/sale of property, plant and equipment (39) (128) (69) 
Cash flows from investing activities (35) (195) (126) 
Financing activities 
Purchase/sale of own holdings (20) 371 347 
Share issue - 855 855 
Raising of subordinated capital 5 (1,095) (1,044) 
Issue of bonds 7,458 (1,473) (6) 
Cash flows from financing activities 7,443 (1,342) 152 
Cash flows for the period (3,818) 1,221 (215) 
Cash equivalent positions at 1 Jan 7,421 6,200 6,200 
Cash flows for the period (3,818) 1,221 (215) 
Total cash equivalent positions at end of period 3,603 7,421 5,985 
Segment Statements - Sydbank Group 
 Sydbank 
DKKm Banking Markets Treasury Other Total 
Business segments Q1-Q3 2010 
Core income excl trading income 2,509 (19) - 2 2,492 
Trading income 587 464 - - 1,051 
Core income 3,096 445 - 2 3,543 
Costs, core earnings 1,598 224 8 47 1,877 
Core earnings before impairment 1,498 221 (8) (45) 1,666 
Impairment of loans and advances etc 945 (1) - - 944 
Core earnings 553 222 (8) (45) 722 
Investment portfolio income - - 233 10 243 
Profit before non-recurring items 553 222 225 (35) 965 
Contribution to Private Contingency Association etc - - - 384 384 
Profit before tax 553 222 225 (419) 581

Core income excl trading income 2,506		(56)	-	-	2,450
Trading income 465 505	-	-	970
Core income 2,971 449		-			-		3,420
Costs, core earnings 1,613	222	8	39	1,882
Core earnings before impairment 1,358		227	(8)	(39)	1,538
Impairment of loans and advances etc		846	3	-	-	849
Core earnings 512 224	(8)	(39)	689
Investment portfolio income	-	-	388	2	390
Profit before non-recurring items		512	224	380	(37)	1,079
Contribution to Private Contingency Association etc				-	-	-	327	327
Profit before tax 512	224	380	(364)	752

Notes - Sydbank Group

Note 1

Accounting policies

The Interim Report has been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU and in compliance with additional Danish disclosure requirements for interim reports. As a result of the use of IAS 34, the presentation is less complete compared with the presentation of an annual report and the recognition and measurement principles are in compliance with IFRS.

The accounting policies are consistent with those adopted in the 2009 Annual Report, to which reference is made.

The 2009 Annual Report provides a comprehensive description of the accounting policies applied.

The measurement of certain assets and liabilities requires managerial estimates as to how future events will affect the value of such assets and liabilities. The significant estimates made by the management in the use of the Group's accounting policies and the inherent considerable uncertainty of such estimates used in the preparation of the condensed interim report are identical to those used in the preparation of the annual report as at 31 December 2009.

The Group's significant risks and the external elements which may affect the Group are described in detail in the 2009 Annual Report.

Notes - Sydbank Group

Q1-Q3 Q1-Q3 Q3 Q3 DKKm 2010 2009 2010 2009

Note 2

Interest income

Reverse transactions with credit institutions and central banks 18		41	4	13
Amounts owed by credit institutions and central banks						70	146	27	32
Reverse loans and advances			62	273	17	45
Loans and advances and other amounts owed					2,372	2,958	787	883
Bonds 565	953	159	299
Derivatives	55	163	10	5
Other interest income		14	9	3	4
Total 3,156	4,543	1,007	1,281

Note 3

Repo transactions with credit institutions and central banks						77	4	15	(9)
Credit institutions and central banks			145	555	49	127
Repo deposits 1	6	0	-
Deposits and other debt 366		1,162	110	241
Bonds issued 69	161	32	32

Total	706	1,982	222	413
Note 4
Loan fees	Payment services 146	Fee and commission income Securities trading and custody accounts 555 73	120 61	51 27	42 22	433	186	154
Total	Guarantee commission 996	Other fees and commission 808	89 329	67 133 279	28 127	24 37	37
Note 5
Bonds	480	Market value adjustments Other loans and advances and amounts owed at fair value (1) 334	129	136				(5)	(2)	(3)
Shares etc Derivatives	Foreign exchange 196	51 (291) Assets related to pooled plans	110 198 (142)	132 63 (132) 386	69 65 (69) 653	118	378
Total	435	Deposits in pooled plans (386) Other assets/liabilities 0 494	190	(653) (1) 198	(118) 0	0		(378)
	Notes - Sydbank Group
DKKm	Q1-Q3 2010	Q1-Q3 2009	Q3 2010	Q3 2009
Note 6
		Staff costs and administrative expenses Salaries and emoluments to: Group Executive Management:
Salaries Pensions		11 0	8 1	2 0	3 0
	Severance pay 8 Board of Directors		- 3	- 3	- 1	1
Total	23	Shareholders' Committee 1 13	4	1 4	1	0
Staff costs:	Wages and salaries		869	898	271	281
Pensions 97		107 Social security contributions	32	37 3	6	0	4
Total	Payroll tax etc 86 1,055	1,086	75 330	27 342	20
IT	374	Other administrative expenses: 364	116	112
Rent etc 104		100 Marketing and entertainment expenses	38	35	57	50	17	14
Total	Other expenses 744	209 698	184 232	61 215	54
Total	1,822	1,797	566	561

Subordinated capital 47 93 16 21 Other interest expense 1 1 0 1

Staff

Note 7

Notes - Sydbank Group

Q1-Q3 Q1-Q3 Q3 Q3 DKKm 2010 2009 2010 2009

Note 8

Impairment and provisions 882 621	331	191
Write-offs 241 376 40 144
Recovered from debt previously written off	22	21	7	8
Impairment of loans and advances etc 1,101	976	364	327
Impairment and provisions at end of period
Individual impairment and provisions 2,219	1,209	2,219	1,209
Collective impairment and provisions 153	196	153	196
Impairment and provisions at end of period	2,372	1,405	2,372	1,405
Individual impairment of loans and advances and provisions for guarantees
Impairment and provisions at 1 Jan 1,637	954	1,955	1,136
Exchange rate adjustment 4 0 0	1
Impairment and provisions during the period	885	597	320	186
Other movements 94 -	0			-
Write-offs covered by impairment and provisions 401		342	56	114
Impairment and provisions at end of period	2,219	1,209	2,219	1,209
Individual impairment of loans and advances	1,813	1,016	1,813	1,016
Individual provisions for guarantees 406	193	406	193
Impairment and provisions at end of period	2,219	1,209	2,219	1,209
Collective impairment of loans and advances and provisions for guarantees
Impairment and provisions at 1 Jan 141	152	137	194
Impairment and provisions during the period	12	44	16	2
Impairment and provisions at end of period	153	196	153	196
Individual impairment of loans advances subject to objective evidence of
impairment
Balance before impairment of individually assessed loans and
advances 3,634 2,116 3,634 2,116
Impairment of individually assessed loans and advances		1,813	1,016	1,813 1,016
Balance after impairment of individually assessed loans and
advances 1,821 1,100 1,821 1,100

Impairment of loans and advances recognised in the income statement

Profit on holdings in associates and subsidiaries Profit on holdings in associates etc Total 5	19	1	0	5	19	1	0
Note 10
Effective tax rate Current tax rate of Sydbank Group Adjustment of prior year tax charges Total 25.0	25.1	25.0	25.1	25.0 0.0	25.0 0.1	25.0 0.0	25.0 0.1
Notes - Sydbank Group
DKKm	30 Sep 2010	31 Dec 2009	30 Sep 2009
Note 11
Amounts owed by credit institutions and central banks Amounts owed at notice by central banks Amounts owed by credit institutions Reverse transactions Total	12,769	13,637	3,136 13,865	4,992	900 8,733 5,014	3,554 5,091	560 8,291
Note 12
Other assets Positive market value of derivatives etc Sundry debtors Interest and commission receivable Other assets Total	13,889	324 1 9,316	336 1 10,002	334 2	13,121 443	8,330 649	8,905 761
Note 13
Amounts owed to credit institutions and central banks Amounts owed to central banks Amounts owed to credit institutions Repo transactions Total	37,791	45,406	17,794 45,097	543 13,956	12,522 19,454 4,283	20,668 18,928	20,146
Note 14
Deposits and other debt On demand At notice Time deposits Special categories of deposits Total	61,519	39,268 647 16,257 68,780	40,645 697 21,526 65,281	38,961 732 19,987 5,347	5,912	5,601
Note 15
Other liabilities Negative market value of derivatives etc Negative portfolio, reverse transactions Sundry creditors Interest and commission etc Other liabilities Total	17,323	1,208 15,524	1,158 3 14,256	1,069 211 4	12,708 3,193 146 0	7,488 6,728 489	8,205 4,493

Notes - Sydbank Group 30 Sep 31 Dec 30 Sep DKKm 2010 2009 2009 Note 16 Provisions Provisions for pensions and similar obligations 3 3 4 Provisions for deferred tax 208 208 25 Provisions for guarantees * 406 240 193 Other provisions 26 26 24

Total 643 477 246

Subordinated capital

Note 17

Interest rate	Nominal (m)	Maturity
Floating	Bond loan DKK	50	29.10.12	-	-	50
Floating	Bond loan EUR	100	21.10.13	745	744	744
Floating	Bond loan DKK	200	14.11.14	200	200	200
Floating	Bond loan EUR	100	04.04.15	745	743	744
Floating	Bond loan EUR	8	31.10.15	56	56	55
	Total supplementary capital				1,746	1,743	1,793
Floating	Bond loan EUR	100	Perpetual		739	738	738
Floating	Bond loan EUR	75	Perpetual		559	558	559
6.36	Bond loan DKK	85	Perpetual		85	85	85
	Total hybrid core capital				1,383	1,381	1,382
Total			3,129 3,124	3,175

* Of which Private Contingency Association 377 220 175

Note 18

Contingent liabilities and other obligating agreements

Contingent liabilities
Financial guarantees	1,859	2,702	2,668
Mortgage finance guarantees		2,615	2,343	1,363
Registration and remortgaging guarantees			5,002	5,057	3,824
Loss guarantee/guarantee, Private Contingency Association						374	531	576
Other contingent liabilities		1,354	1,420	1,358
Total 11,204 12,053	9,789

Other obligating agreements
Irrevocable credit commitments				6	14	10
Other liabilities			55	61	55
Total	61	75	65

? Notes - Sydbank Group

Note 18 - continued

A group of minority shareholders ('Foreningen af Minoritetsaktionaerer i bankTrelleborg') has filed a class action regarding the legality of the compulsory redemption against Fonden for bankTrelleborg, Sydbank and the Danish FSA. In continuation of the compulsory redemption of the shares in bankTrelleborg, the shares were priced by appraisers in accordance with section 144 (4) of the Danish Financial Business Act. A few shareholders have brought the findings of the appraisers before the courts as regards Fonden for bankTrelleborg and Sydbank.

Moreover, in 2009 the group of minority shareholders ('Foreningen af Minoritetsaktionaerer i bankTrelleborg') filed an action against Sydbank regarding an inadequate prospectus in connection with the conversion of sparTrelleborg to bankTrelleborg.

In addition, the Group is party to a number of legal actions. These actions are under continuous review and the necessary provisions made are based on an assessment of the risk of loss. Pending legal actions are not expected to have any significant impact on the financial position of the Group.

Note 19

Repo and reverse transactions

In connection with repo transactions, which involve selling securities to be repurchased at a later date, the securities remain on the balance sheet, and consideration received is recognised as a deposit. Repo transaction securities are treated as assets provided as collateral for liabilities. At 30 September 2010, the fair value of such securities stood at DKK 17,685m.

In connection with reverse transactions, which involve buying securities to be resold at a later date, the Group is entitled to sell the securities or deposit them as collateral for other loans. The securities are not recognised on the balance sheet and consideration paid is recognised as a loan. At 30 September 2010, the fair value of such securities stood at DKK 9,528m.

Assets received as collateral in connection with reverse transactions may be resold to a third party. In such instances a negative portfolio may exist as a result of accounting rules. Any negative portfolio is recognised under 'Other liabilities'.

Note 20

Collateral

As at 30 September 2010, the Group had deposited as collateral securities at a market value of DKK 2,733m with Danish and foreign exchanges and clearing centres etc in connection with margin calls and securities settlements etc.

Note 21

Related parties

Sydbank is the bank of a number of related parties. Transactions with related parties are settled on an arm's length basis.

No unusual transactions took place with related parties in Q1-Q3 2010. Reference is made to the Group's 2009 Annual Report for a detailed description of transactions with related parties.

Note 22

Reporting events occurring after the balance sheet date After the expiry of Q3 no matters of significant impact on the financial position of the Sydbank Group have occurred.

Note 23

Large shareholders

Two shareholders have each reported a holding of at least 5% of Sydbank's share capital:

ATP, Copenhagen Nykredit A/S, Copenhagen ? Notes - Sydbank Group

DKKm	2010	2009	10/09	2009
Note 24
Core income
Core income excl trading income Interest margins etc Mortgage credit Payment services Remortgaging and loan fees Other commission Other operating income Total	2,492	165 113 54 2,471	2,073 166 108 41 17 101	2,079 99 105 70 132 16 3,320	100 221 159 61 59 106	2,776 115 22	83
Mortgage credit Totalkredit cooperation Totalkredit, set-off of loss Totalkredit cooperation, net DLR Kredit Other mortgage credit income Total	165	29 166	139 43 99	123 10 129 67 7 221	113 6 117 52 6	168 167 110 117	8 160 9
Trading income Bonds Shares Foreign exchange Money market Asset management Total	257 211 1,051	243 192 169 104 310 970	106 110 185 138 212 108	292 258 91 75 146 1,266	234 178 304
? Notes - Sydbank Group
Q3 Q2 Q1 DKKm 2010 2010 2010	Q4 2009	Q3 2009	Q2 2009	Q1 2009
Note 24 - continued

Core income excl trading income
Interest margins etc	692	689	692	697	701	679	699
Mortgage credit 55	61	49	55	57	61	48
Payment services 40	33	40	51	33	43	32
Remortgaging and loan fees		26	21	23	22	21	21	19
Other commission 12	22	20	18	13	11	17
Other operating income	7	5	5	6	5	4	7
Total 832 831	829	849	830	819	822
Mortgage credit
Totalkredit cooperation 49		47	43	45	46	47	30
Totalkredit, set-off of loss		6	3	1	2	3	3	0
Totalkredit cooperation, net		43	44	42	43	43	44	30
DLR Kredit 10	15	4	10	12	15	16
Other mortgage credit income		2	2	3	2	2	2	2
Total 55 61	49	55	57	61	48
Trading income

	Trading income
Bonds	77	73	107	49	88	94	61
Shares	64	66	81	66	67	78	47
	Foreign exchange 48		65	56	49	51	57	77
Money market		31	23	50	40	45	67	26
	Asset management 105		100	105	92	78	73	61
Total	325	327	399	296	329	369	272

?

Management Statement

Today we have reviewed and approved the Interim Report - Q1-Q3 2010 of Sydbank A/S.

The consolidated interim financial statements for Q1-Q3 2010 have been prepared in accordance International Financial Reporting Standards as adopted by the EU. Furthermore, the Interim Report has been prepared in compliance with additional Danish disclosure requirements for interim reports of listed financial companies. The Interim Report has not been audited or reviewed.

We consider the accounting policies applied to be appropriate and the Interim Report gives a true and fair view of the Group's assets, shareholders' equity and liabilities and financial position at 30 September 2010 and of the results of the Group's operations and consolidated cash flows for the accounting period 1 January-30 September 2010 as well as a description of the most significant risks and elements of uncertainty which may affect the Group.

Aabenraa, 26 October 2010

Group Executive Management

Karen Frosig Preben L. Hansen Allan Norholm (CEO)

Board of Directors

Kresten Philipsen Anders Thoustrup Svend Erik Busk (Chairman) (Vice-Chairman)

Otto Christensen Peder Damgaard Harry Max Friedrichsen

Hanni Toosbuy Kasprzak Sven Rosenmeyer Paulsen Steen Tophoj

Jan Uldahl-Jensen Margrethe Weber

?

Supplementary Information

Financial Calendar

In 2011 the Group's financial statements will be released as follows:

• 2010 Annual Report 15 February 2011
• General Meeting
• 10 March 2011 - Interim Report - Q1 2011
• 26 April 2011 - Interim Report - First Half 2011
• 16 August 2011 - Interim Report - Q1-Q3 2011 25 October 2011

Sydbank contacts

Karen Frosig, CEO Tel: +45 74 37 20 00

Mogens Sandbaek, CFO Tel: +45 74 37 24 00

Niels Mollegaard, Group Executive Vice President

Tel: +45 74 37 20 50

Address

Sydbank A/S Peberlyk 4 6200 Aabenraa Denmark Tel: +45 74 37 37 37 CVR No DK 12626509

Relevant links

sydbank.dk sydbank.com

For further information reference is made to Sydbank's 2009 Annual Report at www.sydbank.com/about/ir/finreports. Appendix 1

?

? Appendix 2

Sydbank's comments to 'Statement on inspection of Sydbank A/S' issued by the Danish FSA

The Danish FSA regularly conducts inspections of Danish financial and mortgage credit institutions. After each inspection the Danish FSA prepares a statement which the financial and mortgage credit institution must publish in accordance with the Danish executive order on the duty of financial and mortgage credit institution to publish the Danish FSA's assessment of the institution. The statement must be published no later than on the last weekday of the quarter in which it was received. Publication must take place on the bank's website.

The Danish FSA's review of Sydbank comprises retail clients as well as corporate clients. The Danish FSA inspected 247 retail client loan exposures and 243 corporate client loan exposures - including loan exposures to the bank's board of directors and executive management.

Sydbank has the following comments to 'Statement on inspection of Sydbank A/S' issued by the Danish FSA.

Sydbank notes with satisfaction that the Danish FSA did not find grounds to order the bank to increase its impairment charges as regards loans and advances.

Sydbank also notes with satisfaction that, in the assessment of the Danish FSA, the bank's procedures generally support the identification of critical exposures and that the bank's credit management of loans and advances to retail clients and to ordinary enterprises is assessed by the Danish FSA to be better than the average of major banks.

The Danish FSA has issued several orders.

The first order concerns ensuring compliance with the rules regarding the determination of impairment charges with respect to individually assessed loans and advances. Sydbank has tightened its practices to ensure that the rules are observed.

The second order concerns adjusting the bank's models for collective impairment charges or supplementing them with estimates of the board of directors and executive management. Sydbank adjusts and develops the models for collective impairment charges on an ongoing basis and the bank has supplemented the model-calculated impairment charges as at 30 September 2010 with a management estimate of an additional DKK 25m.

The third order concerns the board of directors, which is addressed separately by the chairman of the board of directors.

The fourth order concerns the bank's credit-related treatment of retail clients which differs in certain cases from that dictated by the models, without it having any effect on solvency. The bank has adjusted the solvency need accordingly.

The fifth order concerns the Danish FSA's opinion that the bank's IRB models underestimate to a certain extent the risk of loss as regards the individual client and that the bank has not allowed sufficiently for this by means of manual adjustments, Sydbank has tightened its practices and business procedures, for instance by increasing focus on data quality and adjusting the solvency accordingly.

The sixth order concerns the fact that the bank must increase the extent of written documentation and the level of reporting in the bank's internal liquidity management. Sydbank has addressed the issues of increased written documentation and reporting.

Comments by the board of directors of Sydbank to 'Statement on inspection of Sydbank A/S' issued by the Danish FSA

The board of directors of Sydbank takes note of the order of the Danish FSA that the board of directors consider the bank's most significant risks to a greater extent. Already in connection with the upcoming board meetings, the board of directors has implemented a number of initiatives to comply with the order.

News Source: NASDAQ OMX

26.10.2010 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.

Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English Company: Sydbank A/S

Denmark

Phone:

Fax: E-mail: Internet:

ISIN: DK0010311471

Category Code: MSC LSE Ticker: 0G6U Sequence Number: 603

Time of Receipt: Oct 26, 2010 13:24:41

End of Announcement DGAP News-Service

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