Sydbank records historic half-year profit

Sydbank’s new CEO, Mark Luscombe, presented a strong first quarterly report with a post-tax profit of DKK 1.624 billion in the first half of the year. This result is an improvement of nine percent or DKK 132 million over the same period last year. Luscombe attributes this performance to increased core and total earnings compared to the record levels of the previous year. Since the start of the year, Sydbank has increased loans by DKK 4.7 billion, a six percent rise, without a corresponding increase in expected loan losses, which only grew by DKK 24 million. Sydbank, the third-largest bank in Denmark based on working capital, was established in 1970 from the merger of four local banks and has since expanded nationally, partly through acquisitions including Varde Bank, Bank Trelleborg, and Alm. Brand Bank.