18th Feb 2015 07:27
Sydbank A/S / Annual Financial Report 18.02.2015 08:27 Dissemination of a Regulatory Announcement, transmitted byDGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.--------------------------------------------------------------------------- Aabenraa, Denmark, 2015-02-18 08:27 CET (GLOBE NEWSWIRE) --A good performance enabling Sydbank to pay a historically high dividend CEO Karen Froesig comments on the financial statements: - Sydbank has delivered its best results since 2007 and it is gratifying to seethat Sydbank's plan to improve profitability is working. - The sound and stable development continues; Sydbank's loans and advances haveincreased by almost 3% in a highly competitive market. 2014 highlights -- -- Core income has risen by 6% to DKK 4,319m compared with 2013 duein part to the acquisition of DiBa Bank. -- Sydbank continues to see an influx of new clients - both retail clients, private banking clients and corporate clients. -- Loans and advances have gone up by 2.9% in a declining and highly competitive market. -- Impairment charges for loans and advances constitute DKK 707m. This is at the positive end of expectations. -- Costs (core earnings) have increased by 4% as a result of the integration of DiBa Bank. -- Return on shareholders' equity represents 9.8% after tax. -- Profit for the period amounts to DKK 1,052m - the best annual result since 2007. Possibility of historically high dividend Anders Thoustrup, Chairman of Sydbank's Board of Directors, says: - In 2014 Sydbank determined new capital targets that are sufficiently prudentand that enable a satisfactory return on shareholders' equity. In other wordsSydbank is well-positioned to face the competition in the banking market in thefuture. - I am very pleased that we are able to pay half of the year's profit asdividend to Sydbank's shareholders. Q4 2014 Developments in Q4 were characterised by stable core income and a continuedrise in loans and advances. At the same time financial market jitters resultedin a loss in trading income of DKK 9m. The profit for Q4 2014 amounted to DKK224m compared to minus DKK 282m in Q4 2013. Outlook for 2015 Very limited positive economic growth is projected in 2015. Based on the levelof interest rates at the beginning of 2015, core income is expected to riseslightly due in part to a slight increase in bank loans and advances resultingfrom the measures implemented and despite continued fierce competition. Thelonger the current upward pressure on DKK and by extension the negativeinterest rate environment last, the greater the uncertainty of the projection. Trading income is projected to remain unchanged or rise slightly relative toincome for 2014 but is very dependent on developments in the financial markets.In spite of the general pay rises agreed for the financial sector of 1.75% anda payroll tax increase of 0.80%, costs (core earnings) are expected to remainunchanged. Lower impairment charges are forecast for 2015. The uncertaintysurrounding price developments in the agricultural sector may however affectimpairment charges. Additional information Joern Adam Moeller, Chief Investor Relations Officer, tel +45 74 37 24 56 Mikkel Friis-Thomsen, Head of Communications, tel +45 29 12 36 64 Karen Froesig, CEO, Bjarne Larsen, Deputy Group Chief Executive, and Joern AdamMoeller, Chief Investor Relations Officer, will present the 2014 Annual Reporttoday at 10.00 (CET) at a teleconferece. The teleconference will be held inDanish and may be attended via www.sydbank.dk/audiocast. Attendees, please call by 09.55 (CET). Danish attendees are invited to call 7025 23 00 or 70 25 67 00. International attendees are invited to call +44 208817 93 11. Please quote the following code: 9460 3040# Click on, or paste the following link into your web browser, to view theassociated documents https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=503011https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=503010 News Source: NASDAQ OMX 18.02.2015 The DGAP Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: EnglishCompany: Sydbank A/S DenmarkPhone: Fax: E-mail: Internet: ISIN: DK0010311471Category Code: ACSTIDM: 0G6USequence Number: 2529Time of Receipt: Feb 18, 2015 08:27:02 End of Announcement DGAP News-Service ---------------------------------------------------------------------------UK-Regulatory-announcement transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.
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