Sydbank — Interim / Quarterly Report 2013

Mar 31, 2013

Sydbank

Interim Report – Q1 2013

Company Announcement No 06/2013
1 May 2013

INTERIM REPORT – Q1 2013
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Sydbank

Contents

Financial Review

• Group Financial Highlights 3
• Summary 4
• Financial Review 6

Financial Statements – Sydbank Group

• Income Statement 13
• Statement of Comprehensive Income 13
• Balance Sheet 14
• Financial Highlights – Quarterly 15
• Capital 16
• Cash Flow Statement 18
• Segment Statements 19
• Notes 20

Statement

• Management Statement 29

Supplementary Information 30

INTERIM REPORT – Q1 2013

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Sydbank

Group Financial Highlights

	Q1 2013	Q1 2012	Index 13/12	Full year 2012
Income statement (DKKm)
Core income	1,036	1,071	97	4,229
Trading income	86	109	79	323
Total income	1,122	1,180	95	4,552
Costs, core earnings	661	650	102	2,482
Core earnings before impairment	461	530	87	2,070
Impairment of loans and advances etc	349	297	118	1,748
Core earnings	112	233	48	322
Investment portfolio earnings	87	121	72	397
Profit before non-recurring items and industry solutions	199	354	56	719
Non-recurring items, net	-	-	-	(82)
Contributions to industry solutions	15	14	107	13
Profit before tax	184	340	54	624
Tax	47	85	55	157
Profit for the period	137	255	54	467
Balance sheet highlights (DKKbn)
Loans and advances at amortised cost	67.9	67.7	100	68.2
Loans and advances at fair value	5.8	5.8	100	6.1
Deposits and other debt	66.7	64.2	104	65.7
Bonds issued at amortised cost	3.8	9.5	40	4.0
Subordinated capital	1.4	2.1	67	1.4
Shareholders' equity	10.2	9.8	104	10.0
Total assets	155.4	147.6	105	152.7
Financial ratios per share (DKK per share of DKK 10)
EPS Basic **	1.9	3.5		6.4
EPS Diluted **	1.9	3.5		6.4
Share price at end of period	119.1	101.5		99.7
Book value	139.3	134.5		137.6
Share price/book value	0.86	0.75		0.72
Average number of shares outstanding (in millions)	73.0	73.2		73.1
Dividend	-	-		-
Other financial ratios and key figures
Solvency ratio	15.7	15.4		15.9
Core capital ratio, incl hybrid core capital	15.3	15.2		15.6
Core Tier 1 capital ratio	13.7	13.5		13.8
Pre-tax profit as % of average shareholders' equity **	1.8	3.5		6.4
Post-tax profit as % of average shareholders' equity **	1.4	2.6		4.8
Costs (core earnings) as % of total income	58.9	55.1		54.5
Interest rate risk	1.7	1.8		1.8
Foreign exchange position	4.6	5.7		0.9
Foreign exchange risk	0.1	0.2		0.0
Loans and advances relative to deposits *	0.9	0.9		0.9
Loans and advances relative to shareholders' equity *	6.7	6.9		6.8
Growth in loans and advances for the period *	(0.4)	(1.6)		(1.0)
Excess cover relative to statutory liquidity requirements	147.6	184.7		127.4
Total large exposures	10.4	28.6		21.6
Accumulated impairment ratio	3.9	2.5		3.8
Impairment ratio for the period **	0.45	0.39		2.20
Number of full-time staff at end of period	2,106	2,132	99	2,132

• Financial ratios are calculated on the basis of loans and advances at amortised cost.
  ** Quarterly ratios have not been converted to a full-year basis.

INTERIM REPORT - Q1 2013

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Sydbank

Summary

The Sydbank Group has recorded a profit before tax of DKK 184m. The result is considered acceptable given the trend in the economy. The performance meets the expectations at the beginning of the year. Profit before tax equals a return of 7.3% p.a. on average shareholders' equity. Compared to the same period in 2012, Q1 is characterised by:

• 3% decline in core income
• 21% decrease in trading income
• Slight increase in costs (core earnings) (rise in the contribution to the Deposit Guarantee Fund)
• Increase in impairment charges for loans and advances of DKK 52m to DKK 349m
• Investment portfolio earnings of DKK 87m
• Contributions to industry solutions of DKK 15m
• Unchanged level of bank loans and advances
• Rising level of deposits
• Core capital ratio, incl hybrid core capital, of 15.3%.

Income statement – Q1 (DKKm)	2013	2012
Core income	1,036	1,071
Trading income	86	109
Total income	1,122	1,180
Costs, core earnings	661	650
Core earnings before impairment	461	530
Impairment of loans and advances etc	349	297
Core earnings	112	233
Investment portfolio earnings	87	121
Profit before industry solutions	199	354
Contributions to industry solutions	15	14
Profit before tax	184	340
Tax	47	85
Profit for the period	137	255

Core earnings before impairment represent DKK 461m against DKK 530m for the first three months of 2012. The decline of DKK 69m consists of a decrease in core income of DKK 35m, a fall in trading income of DKK 23m and a rise in costs (core earnings) of DKK 11m.

Impairment charges for loans and advances etc represent DKK 349m (Q1 2012: DKK 297m).

Core earnings are in line with the expectations announced in the 2012 Annual Report.

Investment portfolio earnings total DKK 87m and contributions to industry solutions amount to DKK 15m. Less a calculated tax charge of DKK 47m, profit for the period stands at DKK 137m.

Profit for the period equals a return on average shareholders' equity of 5.4% p.a. compared with 10.5% p.a. in 2012. Earnings per share stands at DKK 1.9 compared with DKK 3.5 in 2012.

INTERIM REPORT - Q1 2013

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Sydbank

Since year-end 2012, risk-weighted assets have increased by DKK 2.3bn to DKK 73.5bn.

The Group's solvency ratio stands at 15.7%, of which 15.3 percentage points are ascribable to core capital including hybrid core capital, compared with 15.9% and 15.6 percentage points, respectively, at end-2012. The core Tier 1 capital ratio stands at 13.7% (31 Dec 2012: 13.8%).

The Group's liquidity measured under the 10% statutory requirement constitutes 24.8% at 31 March 2013.

Sydbank recorded a satisfactory influx of clients also in Q1 2013.

The Group's expectations remain unchanged compared with the expectations announced in the 2012 Annual Report.

INTERIM REPORT - Q1 2013
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Sydbank

Financial Review

Core income

Core income has decreased by 3% to DKK 1,036m.

Core income – Q1 (DKKm)	2013	2012
Interest margins etc	662	719
Mortgage credit	66	58
Payment services	38	37
Remortgaging and loan fees	23	30
Commission and brokerage	82	76
Commission etc investment funds and pooled pension plans	83	77
Asset management	42	40
Custody account fees	18	17
Other income	22	17
Total	1,036	1,071

Net interest has decreased by DKK 57m due in part to a slight decline in interest margins.

Net income from the cooperation with Totalkredit represents DKK 51m (2012: DKK 45m) after a set-off of loss of DKK 5m (2012: DKK 6m). The cooperation with DLR Kredit has generated an income of DKK 15m (2012: DKK 12m). Total mortgage credit income amounts to DKK 66m (2012: DKK 58m).

Compared with 2012, remortgaging and loan fees have declined by DKK 7m and total DKK 23m. The decrease can be ascribed to lower remortgaging activity compared with one year ago.

Commission and brokerage income amounts to DKK 82m and has risen by DKK 6m compared with 2012. The increase is due to clients' reallocation of custody accounts as well as a rise in securities trading.

Commission etc concerning investment funds and pooled pension plans totals DKK 83m, equal to a rise of DKK 6m compared with 2012. The continued positive trend can be ascribed to a greater demand for Sydbank's pooled plans and investment fund products.

The remaining income components are at the same level as in 2012.

Trading income

Trading income has fallen from DKK 109m in 2012 to DKK 86m in 2013.

Trading income (DKKm)	31 Mar 2013	31 Mar 2012
Fixed Income	61	69
Equities	21	19
Money Market and Foreign Exchange	4	21
Total	86	109

The income generated by Sydbank Markets in Q1 2013 was 21% lower than in Q1 2012, but still slightly higher than anticipated.

The decline in income by Fixed Income of 12% compared to last year is primarily ascribable to lower remortgaging activity. Activity in the Danish bond market was generally lower in Q1 2013.

Equities has recorded a rise in income of 10%. The department has experienced higher client activity.

Money Market and Foreign Exchange has recorded a decline in income of 81%. Considerable volatility in the fixed income market in the beginning of Q1 2013 has influenced the result. The department has

INTERIM REPORT - Q1 2013

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Sydbank

experienced rising client activity as regards foreign exchange trading whereas derivatives trading has declined.

Costs and depreciation

The Group's total costs and depreciation recorded DKK 677m, equal to an increase of DKK 12m compared with Q1 2012.

Costs and depreciation – Q1 (DKKm)	2013	2012
Staff costs	365	365
Other administrative expenses	248	253
Amortisation, depreciation and impairment of intangible assets and property, plant and equipment	23	21
Other operating expenses	41	27
Total costs and depreciation	677	666
Distributed as follows:
Costs, core earnings	661	650
Costs, investment portfolio earnings	2	2
Costs, industry solutions	15	14

Costs (core earnings) represent DKK 661m compared to DKK 650m in Q1 2012. The development is partly ascribable to a rise in the Group's contribution to the Bank Department of the Deposit Guarantee Fund, which represents DKK 26m in Q1 2013 (2012: DKK 12m).

At end-Q1 2013, the Group's staff numbered 2,106 (full-time equivalent) compared with 2,132 at 31 March 2012.

Core earnings before impairment

Core earnings before impairment of loans and advances represent DKK 461m – a decrease of DKK 69m or 13% compared with one year ago.

Impairment of loans and advances etc

Impairment charges for loans and advances constitute DKK 349m (2012: DKK 297m). The impairment ratio represents 0.49% relative to bank loans and advances at 31 March 2013 and 0.45% relative to bank loans and advances and guarantees. At end-March 2013, accumulated impairment and provisions amount to DKK 3,280m. A rise of DKK 262m compared with the beginning of the year.

INTERIM REPORT - Q1 2013

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Sydbank

Compared with 31 March 2012, impaired bank loans and advances before impairment charges have increased by DKK 2,122m to DKK 5,713m, equal to 59%. DKK 1,536m of the increase is attributable to non-defaulted bank loans and advances and DKK 586m is ascribable to defaulted bank loans and advances. During the same period individually impaired bank loans and advances after impairment charges rose by DKK 992m, equal to 59%. Impairment charges for bank loans and advances subject to individual impairment represent 53.0% (end-March 2012: 52.8% and year-end 2012: 51.4%).

In Q1 2013 reported losses amount to DKK 122m (2012: DKK 82m).

Individually impaired bank loans and advances (DKKm)	31 Mar 2013	31 Mar 2012
Non-defaulted bank loans and advances	4,031	2,495
Defaulted bank loans and advances	1,682	1,096
Impaired bank loans and advances	5,713	3,591
Impairment charges for bank loans and advances subject to individual impairment	3,027	1,896
Impaired bank loans and advances after impairment charges	2,686	1,695
Impaired bank loans and advances as % of bank loans and advances before impairment charges	8.0	5.1
Impairment charges as % of bank loans and advances before impairment charges	4.3	2.7
Impaired as % of impaired bank loans and advances	53.0	52.8
Impairment charges as % of defaulted bank loans and advances	179.9	173.0

Core earnings

Core earnings represent DKK 112m compared with DKK 233m in 2012.

Investment portfolio earnings

Together the Group's position-taking and liquidity handling generated earnings of DKK 87m in Q1 2013 compared to DKK 121m in 2012:

Investment portfolio earnings (DKKm)	31 Mar 2013	31 Mar 2012
Position-taking	53	102
Liquidity generation and liquidity reserves	26	(4)
Mandates (CDO)	10	18
Winding-up portfolio	3	0
Strategic shares	(3)	7
Costs	(2)	(2)
Total	87	121

The main positions continue to be Danish mortgage bonds hedged by derivatives. A substantial part of the hedge was changed from EUR to DKK in December 2012.

Efforts to reduce the CDO portfolio continued during the period. As a result the portfolio was reduced to DKK 67m at 31 March 2013 and is still expected to be sold before the end of the year.

Contributions to industry solutions

The most recent data from the Winding-Up and Restructuring Department of the Deposit Guarantee Fund has resulted in an additional drawing on the loss guarantee as regards the Financial Stability Company A/S corresponding to DKK 15m (2012: DKK 14m). The increase is attributable to Fjordbank Mors and Spar Lolland.

Profit for the period

Profit before tax amounts to DKK 184m. Less a calculated tax charge of DKK 47m, profit for the period stands at DKK 137m compared with DKK 255m in 2012.

INTERIM REPORT - Q1 2013

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Sydbank

Return

Profit for the period equals a return on average shareholders' equity of 5.4% p.a. compared with 10.5% p.a. in 2012. Earnings per share stands at DKK 1.9 compared with DKK 3.5 in 2012.

Q1 2013

Profit before tax for the quarter represents DKK 184m. Compared with Q4 2012 profit before tax reflects:

• A decline in core income of DKK 31m, due in part to two fewer interest days
• A rise in trading income of DKK 15m
• A rise in costs (core earnings) of DKK 86m, which corresponds to a slightly rising seasonal level
• A decrease in impairment charges for loans and advances of DKK 201m
• Investment portfolio earnings of DKK 87m (Q4 2012: DKK 132m)
• No non-recurring items (Q4 2012: a negative DKK 82m)
• A negative adjustment of DKK 15m concerning industry solutions (Q4 2012: a negative adjustment of DKK 3m).

Profit after tax amounts to DKK 137m.

Profit for the period (DKKm)	2013	2012
	Q1	Q4	Q3	Q2	Q1
Core income	1,036	1,067	1,021	1,070	1,071
Trading income	86	71	84	59	109
Total income	1,122	1,138	1,105	1,129	1,180
Costs, core earnings	661	575	605	652	650
Core earnings before impairment	461	563	500	477	530
Impairment of loans and advances etc	349	550	223	678	297
Core earnings	112	13	277	(201)	233
Investment portfolio earnings	87	132	139	5	121
Profit before non-recurring items and industry solutions	199	145	416	(196)	354
Non-recurring items, net	-	(82)	-	-	-
Contributions to industry solutions	15	3	5	(9)	14
Profit before tax	184	60	411	(187)	340
Tax	47	16	103	(47)	85
Profit for the period	137	44	308	(140)	255

Subsidiaries

Ejendomsselskabet has recorded an unchanged profit after tax of DKK 1m compared with 2012. The subsidiary bank Sydbank (Schweiz) AG in liquidation is expected to be finally deregistered before the end of 1H 2013.

Balance sheet

The Group's total assets made up DKK 155.4bn at 31 March 2013 against DKK 152.7bn at year-end 2012.

Assets (DKKbn)	31 Mar 2013	31 Mar 2012
Amounts owed by credit institutions etc	10.9	8.4
Loans and advances at fair value (reverse transactions)	5.8	6.1
Loans and advances at amortised cost (bank loans and advances)	67.9	68.2
Securities and holdings etc	41.0	39.6
Assets related to pooled plans	9.9	9.8
Other assets etc	19.9	20.6
Total	155.4	152.7

INTERIM REPORT - Q1 2013

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Sydbank

The Group's bank loans and advances make up DKK 67.9bn at end-Q1 2013 against DKK 68.2bn at year-end 2012 and DKK 67.7bn at end-March 2012. This development includes bank loans and advances of almost DKK 1.5bn taken over from Tønder Bank in early November 2012.

Shareholders' equity and liabilities (DKKbn)	31 Mar 2013	31 Mar 2012
Amounts owed to credit institutions etc	40.0	38.6
Deposits and other debt	66.7	65.7
Deposits in pooled plans	9.9	9.8
Bonds issued	3.8	4.0
Other liabilities etc	23.2	23.0
Provisions	0.2	0.2
Subordinated capital	1.4	1.4
Shareholders' equity	10.2	10.0
Total	155.4	152.7

The Group's deposits make up DKK 66.7bn – an increase of DKK 1.0bn compared with year-end 2012. Compared to 31 March 2012, deposits – including deposits of just over DKK 1.9bn taken over from Tønder Bank in early November 2012 – have risen by DKK 2.5bn from DKK 64.2bn.

Capital

At end-Q1 2013, shareholders' equity constitutes DKK 10,208m – an increase of DKK 175m since year-end 2012. The change comprises additions from profit for the period of DKK 137m as well as disposals deriving from distribution of DKK 7m and net sales of own shares of DKK 45m.

Risk-weighted assets (DKKbn)	31 Mar 2013	31 Mar 2012
Credit risk	55.4	53.9
Market risk	9.7	8.9
Operational risk	8.4	8.4
Total	73.5	71.2

Since year-end 2012, risk-weighted assets have increased by DKK 2.3bn to DKK 73.5bn. The increase consists of a rise in credit risk of DKK 1.5bn and a rise in market risk of DKK 0.8bn. The increase in credit risk is essentially attributable to corporate lending.

The development in gross exposures by rating category at 31 March 2012, 31 December 2012 and 31 March 2013 appears below.

INTERIM REPORT - Q1 2013

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Sydbank

Gross exposures consist of loans and advances, undrawn credit commitments, interest receivable, guarantees and counterparty risk on derivatives. The graph comprises exposures treated according to IRB. Exposures relating to clients in default are not included in the breakdown by rating category. Impairment charges for exposures have not been deducted from the exposures.

Gross exposures by rating category show a positive development and account for an increasing share of the three best rating categories. The tightened impairment rules have generated a rise in the number of clients with objective evidence of impairment (OEI). The Group assigns all exposures to clients with OEI to rating category 9 and consequently exposures in this rating category have risen. Migration has predominantly taken place from rating categories 5-8.

The Group's solvency ratio stands at 15.7%, of which 15.3 percentage points are ascribable to core capital including hybrid core capital, compared with 15.9% and 15.6 percentage points, respectively, at year-end 2012. The core Tier 1 capital ratio stands at 13.7% (31 Dec 2012: 13.8%). At 31 March 2013 the individual solvency need constitutes 8.8% against 8.9% at the beginning of the year.

Interest rate risk

At 31 March 2013, the Group's interest rate risk stands at minus DKK 192m. The Group's exchange rate risk continues to be very low and its equity position modest.

Liquidity

The Group's liquidity measured under the 10% statutory requirement constitutes 24.8% at 31 March 2013.

Moody's 12-month curve shows that the Group is able to withstand a situation in which access to capital markets is cut off for a period of 12 months.

INTERIM REPORT - Q1 2013

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Sydbank

Moody's 12-month liquidity curve

Rating

Moody's rating of Sydbank as of May 2012:
- Long-term debt: Baa 1
- Short-term debt: P-2
- Bank financial strength: C

with stable outlook.

Clients

Sydbank recorded a satisfactory influx of clients also in Q1 2013.

Outlook for 2013

The Group's expectations remain unchanged compared with the expectations announced in the 2012 Annual Report.

INTERIM REPORT - Q1 2013

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Sydbank

Income Statement – Sydbank Group

DKKm	Note	Q1 2013	Q1 2012	Full year 2012
Interest income	2	903	1,046	3,949
Interest expense	3	155	259	841
Net interest income		748	787	3,108
Dividends on shares		2	2	23
Fee and commission income	4	376	351	1,443
Fee and commission expense		59	49	213
Net interest and fee income		1,067	1,091	4,361
Market value adjustments	5	136	204	558
Other operating income		6	5	14
Staff costs and administrative expenses	6	613	618	2,379
Depreciation and impairment of property, plant and equipment		23	21	108
Other operating expenses		41	27	84
Impairment of loans and advances etc	8	349	297	1,748
Profit on holdings in associates and subsidiaries		1	3	10
Profit before tax		184	340	624
Tax	9	47	85	157
Profit for the period		137	255	467
EPS Basic (DKK) *		1.9	3.5	6.4
EPS Diluted (DKK) *		1.9	3.5	6.4
Proposed dividend per share (DKK)		-	-	-

• Calculated on the basis of average number of shares outstanding, see page 16.

Statement of Comprehensive Income – Sydbank Group

Profit for the period	137	255	467
Other comprehensive income
Items that may be reclassified to the income statement:
Translation of foreign entities	(2)	2	2
Hedge of net investment in foreign entities	2	(2)	(2)
Property revaluation	-	-	2
Other comprehensive income after tax	0	0	2
Comprehensive income for the period	137	255	469

INTERIM REPORT - Q1 2013

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Sydbank

Balance Sheet – Sydbank Group

DKKm	Note	31 Mar 2013	Full year 2012	31 Mar 2012
Assets
Cash and balances on demand at central banks		3,148	1,375	706
Amounts owed by credit institutions and central banks	10	7,780	7,006	7,307
Loans and advances at fair value		5,771	6,082	5,831
Loans and advances at amortised cost		67,873	68,163	67,727
Bonds at fair value		39,445	38,087	38,493
Shares etc		1,439	1,392	1,333
Holdings in associates etc		161	160	191
Assets related to pooled plans		9,930	9,799	8,880
Intangible assets		65	66	11
Total land and buildings		1,051	1,061	1,012
investment property		25	28	-
owner-occupied property		1,026	1,033	1,012
Other property, plant and equipment		75	89	77
Current tax assets		7	-	4
Deferred tax assets		9	9	5
Assets in temporary possession		9	9	1
Other assets	11	18,564	19,365	15,945
Prepayments		58	50	62
Total assets		155,385	152,713	147,585
Shareholders’ equity and liabilities
Amounts owed to credit institutions and central banks	12	40,034	38,592	35,115
Deposits and other debt	13	66,693	65,662	64,169
Deposits in pooled plans		9,935	9,804	8,885
Bonds issued at amortised cost		3,769	3,986	9,514
Current tax liabilities		34	16	56
Other liabilities	14	23,111	23,035	17,606
Deferred income		6	7	4
Total liabilities		143,582	141,102	135,349
Provisions	15	209	191	273
Subordinated capital	16	1,386	1,387	2,127
Shareholders’ equity:
Share capital		742	742	742
Revaluation reserves		97	97	95
Other reserves:
Reserves according to articles of association		425	425	425
Other reserves		2	2	26
Retained earnings		8,942	8,760	8,548
Proposed dividend		-	7	-
Total shareholders’ equity		10,208	10,033	9,836
Total shareholders’ equity and liabilities		155,385	152,713	147,585

INTERIM REPORT - Q1 2013

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Sydbank

Group Financial Highlights – Quarterly

	Q1 2013	Q4 2012	Q3 2012	Q2 2012	Q1 2012	Full year 2012
Income statement (DKKm)
Core income	1,036	1,067	1,021	1,070	1,071	4,229
Trading income	86	71	84	59	109	323
Total income	1,122	1,138	1,105	1,129	1,180	4,552
Costs, core earnings	661	575	605	652	650	2,482
Core earnings before impairment	461	563	500	477	530	2,070
Impairment of loans and advances etc	349	550	223	678	297	1,748
Core earnings	112	13	277	(201)	233	322
Investment portfolio earnings	87	132	139	5	121	397
Profit before non-recurring items and industry solutions	199	145	416	(196)	354	719
Non-recurring items, net	-	(82)	-	-	-	(82)
Contributions to industry solutions	15	3	5	(9)	14	13
Profit before tax	184	60	411	(187)	340	624
Tax	47	16	103	(47)	85	157
Profit for the period	137	44	308	(140)	255	467
Balance sheet highlights (DKKbn)
Loans and advances at amortised cost	67.9	68.2	67.2	66.7	67.7	68.2
Loans and advances at fair value	5.8	6.1	5.9	5.9	5.8	6.1
Deposits and other debt	66.7	65.7	63.8	65.4	64.2	65.7
Bonds issued at amortised cost	3.8	4.0	3.8	8.8	9.5	4.0
Subordinated capital	1.4	1.4	1.4	1.4	2.1	1.4
Shareholders' equity	10.2	10.0	10.0	9.7	9.8	10.0
Total assets	155.4	152.7	154.0	158.3	147.6	152.7
Financial ratios per share (DKK per share of DKK 10)
EPS Basic **	1.9	0.6	4.2	(1.9)	3.5	6.4
EPS Diluted **	1.9	0.6	4.2	(1.9)	3.5	6.4
Share price at end of period	119.1	99.7	109.4	95.0	101.5	99.7
Book value	139.3	137.6	136.9	132.6	134.5	137.6
Share price/book value	0.86	0.72	0.8	0.72	0.75	0.72
Average number of shares outstanding (in millions)	73.0	72.9	73.0	73.1	73.2	73.1
Dividend	-	-	-	-	-	-
Other financial ratios and key figures
Solvency ratio	15.7	15.9	15.3	14.6	15.4	15.9
Core capital ratio, incl hybrid core capital	15.3	15.6	15.3	14.6	15.2	15.6
Core Tier 1 capital ratio	13.7	13.8	13.6	13.0	13.5	13.8
Pre-tax profit as % of average shareholders' equity **	1.8	0.6	4.2	(1.9)	3.5	6.4
Post-tax profit as % of average shareholders' equity **	1.4	0.4	3.1	(1.4)	2.6	4.8
Costs (core earnings) as % of total income	58.9	54.5	54.8	57.8	55.1	54.5
Interest rate risk	1.7	1.8	1.1	0.3	1.8	1.8
Foreign exchange position	4.6	0.9	3.2	4.2	5.7	0.9
Foreign exchange risk	0.1	0.0	0.1	0.1	0.2	0.0
Loans and advances relative to deposits *	0.9	0.9	0.9	0.9	0.9	0.9
Loans and advances relative to shareholders' equity *	6.7	6.8	6.7	6.9	6.9	6.8
Growth in loans and advances for the period *	(0.4)	1.4	0.8	(1.5)	(1.6)	(1.0)
Excess cover relative to statutory liquidity requirements	147.6	127.4	135.3	151.8	184.7	127.4
Total large exposures	10.4	21.6	36.7	42.8	28.6	21.6
Accumulated impairment ratio	3.9	3.8	3.2	3.1	2.5	3.8
Impairment ratio for the period **	0.45	0.69	0.27	0.80	0.39	2.20
Number of full-time staff at end of period	2,106	2,132	2,095	2,128	2,132	2,132

Financial ratios are prepared according to "Recommendations & Financial Ratios 2010" published by the Danish Society of Financial Analysts.
* Financial ratios are calculated on the basis of loans and advances at amortised cost.
** Quarterly ratios have not been converted to a full-year basis.

INTERIM REPORT - Q1 2013

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Sydbank

Capital – Sydbank Group

DKKm	Share capital	Revaluation reserves	Reserves acc. to articles of association*	Reserve for net reval. acc. to equity method	Retained earnings	Proposed dividend etc	Total
Shareholders’ equity at 1 Jan 2013	742	97	425	2	8,760	7	10,033
Profit for the period	-	-	-	-	137	-	137
Other comprehensive income
Translation of foreign entities	-	-	-	-	(2)	-	(2)
Hedge of net investment in foreign entities	-	-	-	-	2	-	2
Total other comprehensive income	-	-	-	-	-	-	-
Comprehensive income for the period	-	-	-	-	137	-	137
Transactions with owners
Purchase of own shares	-	-	-	-	(469)	-	(469)
Sale of own shares	-	-	-	-	514	-	514
Adopted dividend etc	-	-	-	-	-	(7)	(7)
Dividend, own shares	-	-	-	-	-	-	-
Total transactions with owners	-	-	-	-	45	(7)	38
Shareholders’ equity at 31 Mar 2013	742	97	425	2	8,942	-	10,208
Shareholders’ equity at 1 Jan 2012	742	95	425	26	8,300	7	9,595
Profit for the period	-	-	-	-	255	-	255
Other comprehensive income
Translation of foreign entities	-	-	-	-	2	-	2
Hedge of net investment in foreign entities	-	-	-	-	(2)	-	(2)
Total other comprehensive income	-	-	-	-	-	-	-
Comprehensive income for the period	-	-	-	-	255	-	255
Transactions with owners
Purchase of own shares	-	-	-	-	(233)	-	(233)
Sale of own shares	-	-	-	-	226	-	226
Adopted dividend etc	-	-	-	-	-	(7)	(7)
Dividend, own shares	-	-	-	-	-	-	-
Total transactions with owners	-	-	-	-	(7)	(7)	(14)
Shareholders’ equity at 31 Mar 2012	742	95	425	26	8,548	-	9,836
The Sydbank share	Q1 2013	Full year 2012	Q1 2012
---	---	---	---
Share capital (DKK)	742,499,990	742,499,990	742,499,990
Shares issued (number)	74,249,999	74,249,999	74,249,999
Shares outstanding at end of period (number)	73,306,792	72,913,955	73,125,710
Average number of shares outstanding (number)	73,006,316	73,055,617	73,197,965

• Reserves according to the Articles of Association are identical to the restricted savings bank reserve in accordance with Article 4 of the Articles of Association.

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

INTERIM REPORT – Q1 2013

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Sydbank

Capital – Sydbank Group

DKKm	31 Mar 2013	31 Dec 2012	31 Mar 2012
Solvency
Solvency ratio	15.7	15.9	15.4
Core capital ratio, incl hybrid core capital	15.3	15.6	15.2
Core Tier 1 capital ratio	13.7	13.8	13.5
Capital base after deductions
Shareholders’ equity	10,208	10,033	9,836
Revaluation reserves	(96)	(97)	(95)
Proposed dividend	-	(7)	-
Intangible assets and capitalised tax assets	(74)	(75)	(16)
Core Tier 1 capital	10,038	9,854	9,725
Hybrid core capital	1,386	1,387	1,383
50% of holdings in associates	-	-	(3)
50% of holdings > 10%	(150)	(161)	(135)
Core capital (incl hybrid core capital) after deductions	11,274	11,080	10,970
Subordinated loan capital	-	-	186
Revaluation reserves	96	97	95
Difference between expected loss and accounting impairment charges	294	289	-
Capital base before deductions	11,664	11,466	11,251
50% of holdings in associates	-	-	(3)
50% of holdings > 10%	(150)	(161)	(135)
Capital base after deductions	11,514	11,305	11,113
Credit risk	55,430	53,906	51,715
Market risk	9,737	8,877	12,120
Operational risk	8,341	8,387	8,373
Risk-weighted assets	73,508	71,170	72,208
Capital requirement under Pillar I	5,881	5,694	5,777

INTERIM REPORT – Q1 2013

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Sydbank

Cash Flow Statement – Sydbank Group

	Q1	Full year	Q1
DKKm	2013	2012	2012
Operating activities
Pre-tax profit for the period	184	624	340
Taxes paid	(36)	(228)	(21)
Adjustment for non-cash operating items	335	1,816	332
Cash flows from working capital	2,102	(440)	(3,523)
Cash flows from operating activities	2,585	1,772	(2,872)
Investing activities
Purchase and sale of holdings in associates	0	5	4
Purchase and sale of property, plant and equipment	(5)	(208)	(10)
Cash flows from investing activities	(5)	(203)	(6)
Financing activities
Purchase and sale of own holdings	45	(25)	(7)
Dividend etc	(7)	(7)	(7)
Raising of subordinated capital	(1)	(738)	2
Issue of bonds	(217)	(3,514)	2,015
Cash flows from financing activities	(180)	(4,284)	2,003
Cash flows for the period	2,400	(2,715)	(875)
Cash and cash equivalents at 1 Jan	2,605	5,320	5,320
Cash flows for the period	2,400	(2,715)	(875)
Total cash and cash equivalents at end of period	5,005	2,605	4,445

INTERIM REPORT - Q1 2013

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Sydbank

Segment Statements – Sydbank Group

DKKm	Banking	Asset Management	Sydbank Markets	Treasury	Other	Total
Business segments – Q1 2013
Core income	971	42	23	-	-	1,036
Trading income	-	-	86	-	-	86
Total income	971	42	109	-	-	1,122
Costs, core earnings	599	16	34	-	12	661
Impairment of loans and advances etc	349	-	-	-	-	349
Core earnings	23	26	75	-	(12)	112
Investment portfolio earnings	(3)	-	-	90	-	87
Profit before non-recurring items and industry solutions	20	26	75	90	(12)	199
Non-recurring items, net	-	-	-	-	-	-
Contributions to industry solutions	-	-	-	-	15	15
Profit before tax	20	26	75	90	(27)	184
DKKm	Banking	Asset Management	Sydbank Markets	Treasury	Other	Total
---	---	---	---	---	---	---
Business segments – Q1 2012
Core income	1,008	42	21	-	-	1,071
Trading income	-	-	109	-	-	109
Total income	1,008	42	130	-	-	1,180
Costs, core earnings	588	13	35	-	14	650
Impairment of loans and advances etc	297	-	-	-	-	297
Core earnings	123	29	95	-	(14)	233
Investment portfolio earnings	7	-	-	114	-	121
Profit before non-recurring items and industry solutions	130	29	95	114	(14)	354
Non-recurring items, net	-	-	-	-	-	-
Contributions to industry solutions	-	-	-	-	14	14
Profit before tax	130	29	95	114	(28)	340

INTERIM REPORT – Q1 2013

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Sydbank

Notes – Sydbank Group

Note 1

Accounting policies

The Interim Report has been prepared in compliance 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 measurement principles are in compliance with IFRS.

As from 1 January 2013 the Group has implemented IFRS 13, the amendments to IFRS 1 and 7, the amendments to IAS 1 and 19 as well as improvements to IFRS (2009-2011).

IFRS 13 has replaced the guidance on fair value measurement that was previously part of the individual IFRSs with a single fair value definition and extensive guidance on its use. The standard influences the Group’s note disclosures.

None of the implemented amendments have had any impact on recognition or measurement.

Apart from the above the accounting policies are consistent with those adopted in the 2012 Annual Report, to which reference is made.

The 2012 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 2012.

The Group’s significant risks and the external elements which may affect the Group are described in greater detail in the 2012 Annual Report.

INTERIM REPORT – Q1 2013
20 / 30

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Sydbank

Notes – Sydbank Group

DKKm	Q1 2013	Q1 2012	Full year 2012
Note 2
Interest income
Reverse transactions with credit institutions and central banks	(1)	(1)	2
Amounts owed by credit institutions and central banks	5	18	49
Reverse loans and advances	3	12	20
Loans and advances and other amounts owed	773	819	3,203
Bonds	137	206	722
Derivatives	(14)	(9)	(49)
Other interest income	0	1	2
Total	903	1,046	3,949
Note 3
Interest expense
Repo transactions with credit institutions and central banks	(3)	5	37
Credit institutions and central banks	23	47	109
Repo deposits	0	25	0
Deposits and other debt	106	113	484
Bonds issued	22	56	172
Subordinated capital	7	13	38
Other interest expense	0	0	1
Total	155	259	841
Note 4
Fee and commission income
Securities trading and custody accounts	214	188	770
Payment services	57	55	229
Loan fees	22	30	113
Guarantee commission	26	25	114
Other fees and commission	57	53	217
Total	376	351	1,443
Note 5
Market value adjustments
Other loans and advances and amounts owed at fair value	0	1	0
Bonds	76	91	548
Shares etc	35	37	88
Investment property	0	-	0
Foreign exchange	33	38	172
Derivatives	(8)	37	(250)
Assets related to pooled plans	163	222	505
Deposits in pooled plans	(163)	(222)	(505)
Other assets/liabilities	0	0	0
Total	136	204	558

INTERIM REPORT – Q1 2013

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Sydbank

Notes – Sydbank Group

DKKm	Q1 2013	Q1 2012	Full year 2012
Note 6
Staff costs and administrative expenses
Salaries and remuneration to:
Group Executive Management	3	3	11
Board of Directors	1	1	4
Shareholders' Committee	1	1	2
Total	5	5	17
Staff costs
Wages and salaries	296	296	1,154
Pensions	30	32	125
Social security contributions	4	4	17
Payroll tax etc	30	28	93
Total	360	360	1,389
Other administrative expenses
IT	135	131	564
Rent etc	30	32	156
Marketing and entertainment expenses	15	17	83
Other costs	68	73	170
Total	248	253	973
Total	613	618	2,379
Note 7
Staff
Average number of staff (full-time equivalent)	2,150	2,182	2,166

INTERIM REPORT – Q1 2013

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Sydbank

Notes – Sydbank Group

	Q1	Q1	Full year
DKKm	2013	2012	2012
Note 8
Impairment of loans and advances recognised in the income statement
Impairment and provisions	349	308	1,387
Write-offs	10	19	433
Recovered from debt previously written off	10	30	72
Impairment of loans and advances etc	349	297	1,748
Impairment and provisions at end of period
Individual impairment and provisions	3,099	1,924	2,834
Collective impairment and provisions	181	169	184
Impairment and provisions at end of period	3,280	2,093	3,018
Individual impairment of loans and advances and provisions for guarantees
Impairment and provisions at 1 Jan	2,834	1,669	1,669
Exchange rate adjustment	0	0	0
Impairment and provisions during the period	377	318	1,441
Other movements	-	-	-
Write-offs covered by impairment and provisions	112	63	276
Impairment and provisions at end of period	3,099	1,924	2,834
Individual impairment of loans and advances	3,027	1,896	2,769
Individual provisions for guarantees	72	28	65
Impairment and provisions at end of period	3,099	1,924	2,834
Collective impairment of loans and advances and provisions for guarantees
Impairment and provisions at 1 Jan	184	167	167
Impairment and provisions during the period	(3)	2	17
Impairment and provisions at end of period	181	169	184
Sum of loans and advances and amounts owed
subject to collective impairment and provisions	10,254	13,986	6,369
Collective impairment and provisions	181	169	184
Loans and advances and amounts owed after collective impairment and provisions	10,073	13,817	6,185
Individual impairment of loans and advances subject to objective evidence of impairment
Balance before impairment of individually assessed loans and advances	5,713	3,591	5,388
Impairment of individually assessed loans and advances	3,027	1,896	2,769
Balance after impairment of individually assessed loans and advances	2,686	1,695	2,619
Accrued interest concerning individually and collectively impaired loans and advances represents	181	220	682
Note 9
Effective tax rate
Current tax rate of Sydbank	25.0	25.0	25.0
Permanent differences	-	-	0.7
Adjustment of prior year tax charges	0.6	-	(0.5)
Effective tax rate	25.6	25.0	25.2

INTERIM REPORT - Q1 2013

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Sydbank

Notes – Sydbank Group

DKKm	31 Mar 2013	31 Dec 2012	31 Mar 2012
Note 10
Amounts owed by credit institutions and central banks
Amounts owed at notice by central banks	149	0	2,000
Amounts owed by credit institutions	7,631	7,006	5,307
Total	7,780	7,006	7,307
Of which reverse transactions	6,109	5,582	1,510
Note 11
Other assets
Positive market value of derivatives etc	14,801	15,794	12,996
Sundry debtors	499	263	304
Interest and commission receivable	389	434	464
Cash collateral provided, CSA agreements	2,874	2,874	2,176
Other assets	1	0	5
Total	18,564	19,365	15,945
Note 12
Amounts owed to credit institutions and central banks
Amounts owed to central banks	149	99	843
Amounts owed to credit institutions	39,885	34,493	34,272
Total	40,034	38,592	35,115
Of which repo transactions	23,449	22,723	17,241
Note 13
Deposits and other debt
On demand	47,799	48,534	42,631
At notice	529	538	434
Time deposits	12,303	10,389	15,939
Special categories of deposits	6,062	6,201	5,165
Repo transactions	-	-	-
Total	66,693	65,662	64,169
Note 14
Other liabilities
Negative market value of derivatives etc	14,900	15,949	13,098
Sundry creditors	1,438	1,493	1,388
Negative portfolio, reverse transactions	5,796	4,772	2,374
Interest and commission etc	106	67	146
Cash collateral received, CSA agreements	871	754	600
Other liabilities	0	0	0
Total	23,111	23,035	17,606

INTERIM REPORT – Q1 2013

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Sydbank

Notes – Sydbank Group

DKKm	31 Mar 2013	31 Dec 2012	31 Mar 2012

Note 15

Provisions

Provisions for pensions and similar obligations 4 4 3
Provisions for deferred tax 102 102 202
Provisions for guarantees 72 65 28
Other provisions * 31 20 40

Total 209 191 273

• Other provisions mainly concern provisions for onerous contracts and legal actions.

Note 16

Subordinated capital

Interest rate	Note	Nominal (m)		Maturity
Redeemed loans				-	-	744
Total subordinated loan capital				-	-	744
1.31 (floating)	1)	Bond loan	EUR 100	Perpetual	742	743
1.94 (floating)	2)	Bond loan	EUR 75	Perpetual	559	559
6.36 (fixed)	3)	Bond loan	DKK 85	Perpetual	85	85
Total hybrid core capital				1,386	1,387	1,383
				1,386	1,387	2,127

1) Optional redemption from 25 April 2017 after which the interest rate will be fixed at 2.10% above 3-month EURIBOR.
2) Optional redemption from 24 November 2014 after which the interest rate will remain unchanged.
3) Optional redemption from 14 May 2017 after which the interest rate will be fixed at 1.75% above 3-month CIBOR.

Note 17

Contingent liabilities and other obligating agreements

Contingent liabilities

Financial guarantees	2,886	2,996	3,164
Mortgage finance guarantees	1,837	1,697	1,719
Registration and remortgaging guarantees	1,905	2,600	2,234
Other contingent liabilities	1,345	1,413	1,226
Total	7,973	8,706	8,343

Other obligating agreements

Irrevocable credit commitments	406	350	293
Other liabilities	67	71	87
Total	473	421	380

INTERIM REPORT – Q1 2013

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Sydbank

Notes – Sydbank Group

Note 17 – continued

On 18 January 2013 the Danish Supreme Court gave its ruling in an action filed by a group of minority shareholders (“Foreningen af Minoritetsaktionærer i bankTrelleborg”) on behalf of three former shareholders of bankTrelleborg. Sydbank, which acquired bankTrelleborg in 2008, was ordered to pay damages due to an inadequate prospectus which was prepared in 2007 in connection with the conversion of sparTrelleborg to bankTrelleborg A/S. Thus the Supreme Court overruled the high court judgment which had ruled in favour of Sydbank.

This Supreme Court judgment is of significant importance to two class action claims filed against Sydbank on 21 January 2011 of which the Danish Eastern High Court accepted one and rejected the other as a class action. Both decisions have been brought before the Supreme Court.

The prospectus was prepared with the assistance of professional advisers and prospectus liability insurance had been taken out. Sydbank has reported a claim to the insurance company and has made reservations regarding claims for contribution to the professional advisers and to Fonden for bankTrelleborg which sold the shares of bankTrelleborg to Sydbank.

Against this background Sydbank's assessment of its legal position is that the Bank will be covered by the insurance claim and the claims for contribution mentioned to the extent that it is ordered to pay damages in the two class actions.

Moreover 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 18

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 debt. Repo transaction securities are treated as assets provided as collateral for liabilities.

In connection with reverse transactions, which involve purchasing securities to be resold at a later date, the Group is entitled to sell or deposit them as collateral for other loans. The securities are not recognised in the balance sheet and consideration paid is recognised as a receivable.

Assets received as collateral in connection with reverse transactions may be sold to a third party. In such cases a negative portfolio may arise as a result of the accounting rules. This is recognised under “Other liabilities”.

DKKm	31 Mar 2013	31 Dec 2012	31 Mar 2012
Assets sold as part of repo transactions
Bonds at fair value	23,418	22,816	17,172
Assets purchased as part of reverse transactions
Bonds at fair value	11,845	11,596	8,640

Note 19

Collateral

As of 31 March 2013 the Group had deposited as collateral securities at a market value of DKK 323m with Danish and foreign exchanges and clearing centres etc in connection with margin calls and securities settlements etc.

Note 20

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 2013. Reference is made to the Group’s 2012 Annual Report for a detailed description of related party transactions.

INTERIM REPORT – Q1 2013

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Sydbank

Notes – Sydbank Group

	Q1	Q1	Full year
DKKm	2013	2012	2012

Note 21

Reporting events occurring after the balance sheet date

After the expiry of Q1, no matters of significant impact on the financial position of the Sydbank Group have occurred.

Note 22

Large shareholders

Silchester International Investors LLP owns more than 10% of Sydbank's share capital.

Note 23

Core income

Interest margins etc	662	719	2,768
Mortgage credit	66	58	269
Payment services	38	37	170
Remortgaging and loan fees	23	30	113
Commission and brokerage	82	76	308
Commission etc investment funds and pooled pension plans	83	77	288
Asset management	42	40	163
Custody account fees	18	17	70
Other income	22	17	80
Total	1,036	1,071	4,229

Mortgage credit

Totalkredit cooperation	56	51	224
Totalkredit, set-off of loss	5	6	18
Totalkredit cooperation, net	51	45	206
DLR Kredit	15	12	59
Other mortgage credit income	0	1	4
Total	66	58	269

Note 24

Financial instruments recognised at fair value

Measurement of financial instruments is based on quoted prices from an active market, on generally accepted valuation models with observable market data or on available data that only to a limited extent are observable market data.

Measurement of financial instruments for which prices are quoted in an active market or which are based on generally accepted valuation models with observable market data is not subject to significant estimates.

INTERIM REPORT – Q1 2013

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Sydbank

Notes – Sydbank Group

Note 24 – continued

As regards financial instruments where measurement is based on available data that only to a limited extent are observable market data, measurement is subject to estimates. Such financial instruments appear from the column non-observable input below and include unlisted shares and certain bonds, including CDOs, for which there is no longer an active market.

A 10% change in the calculated market value of financial assets measured on the basis of non-observable input will affect profit before tax by DKK 123m.

| DKKm
31 Mar 2013 | Quoted
prices | Observable
input | Non-
observable
input | Total
fair value |
| --- | --- | --- | --- | --- |
| Financial assets | | | | |
| Amounts owed by credit institutions
and central banks | - | 6,109 | - | 6,109 |
| Loans and advances at fair value | - | 5,771 | - | 5,771 |
| Bonds at fair value | - | 39,378 | 67 | 39,445 |
| Shares etc | 244 | 34 | 1,161 | 1,439 |
| Assets related to pooled plans | 3,140 | 6,790 | - | 9,930 |
| Other assets | 63 | 15,120 | - | 15,183 |
| Total | 3,447 | 73,202 | 1,228 | 77,877 |
| Financial liabilities | | | | |
| Amounts owed to credit institutions and central banks | - | 23,449 | - | 23,449 |
| Deposits in pooled plans | - | 9,935 | - | 9,935 |
| Other liabilities | 107 | 20,589 | - | 20,696 |
| Total | 107 | 53,973 | - | 54,080 |
| DKKm | Q1 2013 |
| --- | --- |
| Assets measured on the basis of non-observable input | |
| Carrying amount at 1 Jan | 1,221 |
| Additions | 10 |
| Disposals | 23 |
| Market value adjustment | 20 |
| Value at end of period | 1,228 |
| Recognised in profit for the year | |
| --- | --- |
| Interest income | 10 |
| Dividend | 1 |
| Market value adjustment | 20 |
| Total | 31 |

INTERIM REPORT – Q1 2013

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Sydbank

Management Statement

Today we have reviewed and approved the Interim Report – Q1 2013 of Sydbank A/S.

The Interim Report – Q1 2013 has been prepared in compliance with IAS 34 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.

In our opinion the accounting policies applied are appropriate and the Interim Report gives a true and fair view of the Group's assets, shareholders' equity and liabilities and financial position at 31 March 2013 and of the results of the Group's operations and consolidated cash flows for the accounting period 1 January - 31 March 2013 as well as a description of the most significant risks and elements of uncertainty which may affect the Group.

Aabenraa, 1 May 2013

Group Executive Management

Karen Frøsig
(CEO)
Preben L. Hansen

Board of Directors

Anders Thoustrup
(Chairman)
Hanni Toosbuy Kasprzak
(Vice-Chairman)
Svend Erik Busk

Claus Christensen
Peder Damgaard
Harry Max Friedrichsen

Erik Bank Lauridsen
Torben Nielsen
Steen Tophøj

Jan Uldahl-Jensen
Margrethe Weber

INTERIM REPORT - Q1 2013
29 / 30

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Sydbank

Supplementary Information

Financial calendar

In 2013 the Group's preliminary announcement of financial statements will be released as follows:

• Interim Report – First Half 2013
  21 August 2013
• Interim Report – Q1-Q3 2013
  29 October 2013

Sydbank contacts

Karen Frøsig, CEO
Tel +45 74 37 20 00

Mogens Sandbæk, CFO
Tel +45 74 37 24 00

Niels Møllegaard, Group Executive Vice President
Tel +45 74 37 20 50

Address

Sydbank A/S
Peberlyk 4
DK-6200 Aabenraa
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 2012 Annual Report at sydbank.com.

INTERIM REPORT - Q1 2013