Sydbank’s Interim Report – Q1 2024
01 Mayo 2024 - 1:26AM
Sydbank’s Interim Report – Q1 2024
Company Announcement No 14/20241 May 2024
Sydbank’s Interim Report – Q1 2024
Q1 2024 – highlights
- Profit for the period of DKK 861m equals a return on equity of
23.4% p.a. after tax
- Core income of DKK 1,849m is 13% higher compared to the same
period in 2023
- Trading income of DKK 89m against DKK 117m in the same period
in 2023
- Costs (core earnings) of DKK 831m against DKK 797m in the same
period in 2023
- Core earnings before impairment of DKK 1,107m are 16% higher
compared to the same period in 2023
- Impairment charges for loans and advances etc represent an
expense of DKK 8m
- Bank loans and advances have risen by DKK 3.4bn, equal to an
increase of 5% compared to year-end 2023
- The CET1 ratio stands at 17.4%, equal to a decline of 1.5pp
compared to year-end 2023
CEO Karen Frøsig comments on the profit:
- We have achieved a very strong start to the year. It is
positive that we were able to lift core income and total income in
the first quarter from their all-time high levels in Q3 and Q4 last
year. Earnings have risen despite a small decline in net interest
income because the decline is more than offset by a rise in other
core income elements. The profit for Q1 2024 is 17% higher than the
profit for the same period a year ago and equals a return of 23.4%
on shareholders’ equity, which is a highly satisfactory level.
Karen Frøsig comments on the developments in bank loans and
advances: - We are pleased to see the continued effects
of our strong value propositions to existing as well as new
customers, which have resulted in an increase in bank loans and
advances of DKK 3.4bn in Q1 – the highest level in recent
times.
Board chairman Lars Mikkelgaard-Jensen comments:
- It is good news that after initiating the share buyback of DKK
1,200m the Bank remains highly capitalised and resilient. It is
particularly important in times of geopolitical uncertainty, war in
Ukraine and unrest in the Middle East that Sydbank is well prepared
to navigate this uncertainty and support our customers.
Outlook for 2024
- Moderate growth is projected for the Danish economy.
- Profit after tax is expected to be in the range of DKK
2,500-2,900m.
- The profit forecast assumes that Danmarks Nationalbank will
lower the rate of interest on certificates of deposit by 0.75pp in
2024.
- The outlook is subject to uncertainty and depends on financial
market developments and macroeconomic factors which may affect eg
the level of impairment charges.
Additional informationJørn Adam Møller, Deputy
Group Chief Executive, tel +45 74 37 20 30Susanne Ingemann Faber,
Press Manager, tel +45 26 29 11 29
- SM 14 UK
- Interim Report Q1 2024
Sydbank AS (TG:TM2)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Sydbank AS (TG:TM2)
Gráfica de Acción Histórica
De May 2023 a May 2024