Sydbank records highest profit ever

Sydbank achieved its highest profit in history with over 3.3 billion DKK last year, attributed primarily to increased interest income. CEO Karen Frøsig noted a substantial improvement in profitability from 2022, when the profit was 1.9 billion DKK. The rise in energy prices following Russia’s invasion led to global inflation and higher central bank interest rates. Sydbank’s expectations at 2023’s start were surpassed due to further rate hikes by the Nationalbank, which significantly boosted net interest income by 82% to 4.5 billion DKK. Shareholders will benefit from 86% of the profits distributed as dividends and a 1.2 billion DKK share buy-back program. Though the bank anticipates a lower profit of up to 2.9 billion DKK for 2024, this forecast is subject to financial market trends and macroeconomic conditions.