Sydbank unveils new strategy amid profit dip

Sydbank reported a small decline in profits, with DKK 2.4 billion earned in the first nine months, only one percent less than the same period in 2023. The third quarter saw a drop from DKK 917 million to DKK 772 million year-on-year. A three-year strategy called ‘Greater Sydbank’ aims to extend growth since 2014, focusing on efficiency, collaboration, digitalization, AI, and reputation. Chairman Lars Mikkelgaard-Jensen highlighted goals to maintain leadership as Denmark’s business bank and grow market share. Sydbank is also targeting an increase in satisfied private customers and wealth management funds. Return on equity stood at 21.7 percent, a top performance in the Nordic banking sector. The bank expects a return on equity above 15 percent in the coming strategy period and projects moderate growth for Denmark’s economy in 2024, with earnings predicted to be between DKK 2.8 and 3.1 billion.