Company Announcement 01/2023	Peberlyk 4 6200 Aabenraa, Denmark Tel +45 70 10 78 79 Fax +45 74 37 35 36 Sydbank A/S CVR No DK 12626509, Aabenraa sydbank.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 economy
• Core income is expected to be higher than in 2022
• Costs (core earnings) are projected to be higher than in 2022
• Impairment charges are forecast to represent a minor expense
• Non-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 sincerely
Karen Frøsig        Jørn Adam Møller
CEO        Group Executive Vice President

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

Attachment

• SM 01 UK