Last checked at 20 Aug 2014 08:26
Sydbank A/S / Half-yearly Results 20.08.2014 08:26 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, 2014-08-20 08:26 CEST (GLOBE NEWSWIRE) -- Company Announcement No 11/2014, 20 August 2014 Sydbank's Interim Report - First Half 2014 Sydbank's plan to increase profitability is beginning to show results CEO Karen Froesig comments on the interim financial statements: '- The reasonable trend continues: Sydbank's loans and advances are on therise, income is growing in a highly competitive market and impairment chargeshave fallen by 36%.' '- The plan to improve profitability in Sydbank is beginning to show results.At the same time we have some of the market's most satisfied clients. We will continue to proceed asplanned to achieve lasting improvements in performance by increasing income byDKK 200m, by lowering costs by DKK 200m and by remaining focused on creditquality.' Half-year results - highlights -- Total income has risen by 3% to DKK 2,283m compared to the first six months of 2013. Deposits as well as loans and advances have gone up in 1H 2014. -- Sydbank continues to see an influx of new clients, both as regards retail clients, private banking clients and corporate clients. -- During 1H 2014 loans and advances have gone up by 1.6% in a market where competition for clients is very intense. -- Impairment charges for loans and advances have declined by 36%. -- Costs (core earnings) have increased as a result of the acquisition of DiBa Bank. -- Profit before tax equals a return of 12% p.a. on average shareholders' equity. Progress was particularly remarkable in Q2 when Sydbank recorded its bestquarterly result in terms of core earnings in the last six years, namely DKK370m. Impairment charges of DKK 111m for the quarter are at their lowest levelsince the start of the financial crisis in Q3 2008. Revised outlook for 2014 Sydbank continues to project rising core income and trading income. A continuedrise in costs (core earnings) is anticipated - partly as a result of theacquisition of DiBa Bank, and partly as a consequence of the activitiesimplemented. Expectations for impairment charges are lowered to DKK 700-800mwhere the previously announced expectation was DKK 950-1,100m. Integration andrestructuring costs are still forecast to total around DKK 75m. Further information: Joern Adam Moeller, Chief Investor Relations Officer, tel +45 74 37 24 56Press: Mikkel Friis-Thomsen, Head of Communications, tel +45 29 12 36 64 Karen Froesig, CEO, and Bjarne Larsen, Deputy Group Chief Executive, will reviewthe Report today at 10.30 (CET) at a telewebcast for analysts, investors andjournalists. The telewebcast will be in Danish and may be attended viawww.sydbank.dk/audiocast. Attendees, please call by 10.25 (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: 5069 7751# Click on, or paste the following link into your web browser, to view theassociated documents https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=483690 News Source: NASDAQ OMX 20.08.2014 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: IRTIDM: 0G6USequence Number: 2193Time of Receipt: Aug 20, 2014 08:26:13 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.