Company Announcement No 04/2024
Sydbank’s 2023 Annual Report
All-time high profit and robust capital position
The Sydbank Group’s 2023 financial statements show a profit before tax of
Profit for the year represents
CEO
- It is positive that we succeeded in lifting profitability significantly in 2023 from an all-time high level in 2022. The improvement in profitability is attributable to a continued rise in total income and is mainly due to higher net interest income. Impairment charges represent a small income, which is a reflection of the solid credit quality of the lending portfolio. Together this means an increase of 76% in profit for the year. Profit is in the upper end of the expectations for profit for the year announced in
- The effect of the Danish central bank’s continuous interest rate hikes since
Board chairman Lars Mikkelgaard-Jensen comments:
- The Bank’s strong capital position and all-time high earnings allow us to distribute
Outlook for 2024
- Low 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 information
Jørn
Attachments
- SM 04 UK
- Annual Report 2023
Sydbank -2023-12-31-da- Credit Risk 2023
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