Sydbank — Report Publication Announcement 2014

Oct 28, 2014

News Details

UK Regulatory | 28 October 2014 09:42

Sydbank’s Interim Report – Q1-Q3 2014

Sydbank A/S / 3rd Quarter Results

28.10.2014 09:42

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The issuer is solely responsible for the content of this announcement.

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Aabenraa, Denmark, 2014-10-28 09:42 CET (GLOBE NEWSWIRE) --
Sydbank's Interim Report - Q1-Q3 2014

Sydbank's plan to increase profitability is generating results

CEO Karen Froesig comments on the interim financial statements:

-- -- Q3 performance shows that Sydbank's plan to increase profitability
is
working. Costs are falling, income is growing and at the same time
credit quality is improving. Consequently we will continue to proceed as
planned.
-- I am proud as well as happy and humble that again this year Sydbank has
the most satisfied customers among the major banks. Our efforts are
focused on building strong relationships and being available when our
customers need us to be. This is appreciated by our customers as seen in
the annual Aalund satisfaction survey of corporate clients and the
annual EPSI satisfaction survey of retail clients.

Q1-Q3 results - highlights

-- Core income has risen by 6% to DKK 3,225m compared to the first nine months
of 2013
-- Deposits as well as loans and advances have gone up during the period. In
2014 loans and advances have grown by 2% in a market where competition for
clients is very intense.
-- Sydbank continues to see an influx of new clients and customer satisfaction
remains very high, both as regards retail clients and corporate clients.
-- Impairment charges for loans and advances have declined by 43%.
-- Costs (core earnings) have increased as a result of the acquisition of DiBa
Bank.
-- Profit before tax equals a return of 13.1% p.a. on average shareholders'
equity.
-- Profit for the period amounts to DKK 828m compared with DKK 469m in 2013.
The result for the period is the best result since 2007.

Progress was particularly remarkable in Q3 when Sydbank recorded its best
quarterly result in more than six years, namely DKK 314m. Impairment charges
for the quarter of DKK 129m have been maintained at a low level.

Outlook for 2014

Sydbank continues to project rising core income and trading income. Costs (core
earnings) are still expected to increase as a result of the acquisition of DiBa
Bank. Impairment charges for loans and advances of around DKK 700-800m are
projected. Integration and restructuring costs are still forecast to total
around DKK 75m.

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News Source: NASDAQ OMX

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Language: English
Company: Sydbank A/S

                Dänemark

Phone:
Fax:
E-mail:
Internet:
ISIN: DK0010311471
Category Code: QRT
TIDM: 0G6U
Sequence Number: 2357
Time of Receipt: Oct 28, 2014 09:42:32

End of Announcement DGAP News-Service

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