Expectations for profit in 2023

23rd Jan 2023 08:15

Expectations for profit in 2023

Company Announcement 01/2023	Peberlyk 46200 Aabenraa, DenmarkTel +45 70 10 78 79Fax +45 74 37 35 36Sydbank A/SCVR No DK 12626509, Aabenraasydbank.dk
23 January 2023

Dear Sirs

Expectations for profit in 2023

Sydbank expects profit after tax in the range of DKK 1,900-2,200m.

The expectations for profit in 2023 are based on the following:

Negative growth is projected for the Danish economyCore income is expected to be higher than in 2022Costs (core earnings) are projected to be higher than in 2022Impairment charges are forecast to represent a minor expenseNon-recurring costs are expected to be in the range of DKK 50-60m

The outlook is subject to uncertainty and depends on financial market developments and macroeconomic factors which can affect the level of impairment charges.

Sydbank’s Annual Report for 2022 will be released on 1 March 2023 as planned.

Yours sincerelyKaren Frøsig Jørn Adam MøllerCEO Group Executive Vice President

Additional informationJørn 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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SM 01 UK

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