Sydbank A/S to revise its expectations upwards as regards profit for 2024.

AL Sydbank A/S

12/06/2024 10:33

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 Company Announcement No 23/2024  Peberlyk 4 6200 Aabenraa, Denmark   Tel +45 74 37 37 37   Sydbank A/S CVR No DK 12626509, Aabenraa sydbank.dk  
 12 June 2024                                                                                                                                    

Dear Sirs

Sydbank A/S to revise its expectations upwards as regards profit for 2024.

Profit after tax now expected to be in the range of DKK 2,800-3,100m.

Expectations are revised upwards to a profit after tax in the range of DKK
2,800-3,100m. When the interim report for Q1 2024 was published on 1 May 2024
profit for the year after tax was expected to be in the range of DKK
2,500-2,900m.

The upward revision is based on the fact that the development in the core
income has been more favourable than anticipated and moreover the robustness
of the Danish economy remains impressive considering the interest rate level.

The profit forecast assumes that Danmarks Nationalbank will lower the rate of
interest on certificates of deposit by a further 0.5% in 2024.

The interim report for 1H 2024 will be published according to plan on 21
August 2024.

The outlook for 2024 is subject to uncertainty and depends on financial market
developments and macroeconomic factors.

Yours sincerely
        
Karen Frøsig        Jørn Adam Møller
CEO        Deputy Group Chief Executive

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

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