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Sydbank A/S releases its profit for Q1 2022 and revises upwards its expectations for profit for the year for 2022

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Sydbank A/S
Sydbank A/S











Company Announcement No 16/2022

Peberlyk 4
6200 Aabenraa
Denmark



Tel +45 70 10 78 79
Fax +45 74 37 35 36



Sydbank A/S
CVR No DK 12626509, Aabenraa
sydbank.dk





25 April 2022

Dear Sirs

Sydbank A/S releases its profit for Q1 2022 and revises upwards its expectations for profit for the year for 2022

As a result of a highly satisfactory start to 2022 with strong growth in bank loans and advances of DKK 4.6bn to DKK 71.6bn as well as a high level of activity, the expectation for profit for the year is revised upwards to be in the range of DKK 1,350-1,550m. In connection with the release of the 2021 Annual Report on 2 March 2022, we announced that we expected a profit after tax in the range of DKK 1,150-1,450m for 2022.

Income statement

DKKm

Q1
2022

Q1
2021

Index
22/21

Full year
2021

Core income

1,200

1,105

109

4,436

Trading income

100

73

137

291

Total income

1,300

1,178

110

4,727

Costs, core earnings

799

833

96

3,177

Core earnings before impairment

501

345

145

1,550

Impairment of loans and advances etc

(61)

(81)

75

(415)

Core earnings

562

426

132

1,965

Investment portfolio earnings

(29)

(21)

138

(21)

Profit before non-recurring items

533

405

132

1,944

Non-recurring items, net

37

(32)

-

(180)

Profit before tax

570

373

153

1,764

Tax

125

82

152

353

Profit for the period

445

291

153

1,411

Core income

DKKm

Q1
2022

Q1
2021

Index
22/21

Full year
2021

Net interest etc

492

434

113

1,776

Mortgage credit

183

176

104

693

Payment services

51

47

109

203

Remortgaging and loan fees

61

53

115

169

Commission and brokerage

130

134

97

470

Commission etc investment funds and pooled pension plans

82

83



99



340

Asset management

89

89

100

380

Custody account fees

33

25

132

115

Other operating income

79

64

123

290

Total

1,200

1,105

109

4,436

Impairment of loans and advances etc
As a result of the trend in customers’ financial circumstances, a net reversal of impairment charges of DKK 61m was recorded in Q1 2022. Impairment charges for 2022 are still expected to be at a low level. The management estimates from year-end 2021 remained unchanged at end-Q1 2022. This applies to the provision of DKK 325m related to covid-19 as well as to the provision of DKK 60m related to pig farming.

Non-recurring items, net
Non-recurring items in Q1 2022 total a net income of DKK 37m.

The item includes costs of DKK 12m related to the development of housing loan processes and DKK 2m related to the development of the bank/insurance partnership. In addition DKK 51m has been recognised as income as regards extraordinary realised capital gains from the lending portfolio acquired from Alm. Brand Bank.

Sydbank’s Interim Report – Q1 2022 will be released on 4 May 2022 as planned.

Additional information
Jørn Adam Møller, Deputy Group Chief Executive, tel +45 74 37 20 30
Susanne Ingemann Faber, Press Manager, tel +45 26 29 11 29

Attachment


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