Today’s news / Sydbank Achieves Growth in Quarterly Results
Karen Frøsig is still the CEO of Sydbank for a couple of months, before she is succeeded by Mark Luscombe. (Archive photo). Photo: Mathias Svold/Ritzau Scanpix

Sydbank Achieves Growth in Quarterly Results

Sydbank’s Wednesday report shows increases in most areas, with the pre-tax profit rising from 980 million to 1138 million kroner, and the net result going up to 864 million kroner. The bank’s lending grew by 3.4 billion kroner, a 5% hike, yielding more interest income despite minimal write-downs, which stood at 8 million in Q1. CEO Karen Frøsig, who will soon be succeeded by Mark Luscombe, remarks on a strong start to the year with continued earning improvements despite a dip in net interest income. Sydbank’s full-year forecast remains unchanged, projecting a post-tax result of 2500-2900 million kroner, slightly down from last year’s 3.3 billion, factoring in a predicted total interest rate drop of 0.75%. The bank is among Denmark’s most significant and is categorized as systemically important.