Profit after tax for Q1 2020 represents DKK 55m

                                                                                                                                                                                       

Nasdaq Copenhagen A/S London Stock Exchange Bourse de Luxembourg Other stakeholders   Company Announcement No 14/2020	Peberlyk 4 6200 Aabenraa, Denmark   Tel [phone] Fax [phone]   Sydbank A/S CVR No DK 12626509, Aabenraa sydbank.dk
15 April 2020

Dear Sirs

Profit after tax for Q1 2020 represents DKK 55m

Referring to Company Announcement No 10 dated 17 March 2020 in which the Bank suspended its outlook for the annual result for 2020 due to covid-19 this is to publish the Bank’s profit for Q1 2020.

Profit for the first three months of 2020 is impacted by the negative effects of covid-19 but also by a positive development in the Group’s core income. In terms of performance the negative effects of covid-19 are mainly related to trading income, impairment of loans and advances etc and investment portfolio earnings.

Income statement

DKKm	Q1 2020	Q1 2019	Index	Q1 2020	Q4  2019	Index
Core income	960	900	107	960	926	104
Trading income	7	96	7	7	38	18
Total income	967	996	97	967	964	100
Costs, core earnings	718	719	100	718	703	102
Core earnings before impairment	249	277	90	249	261	95
Impairment of loans and advances etc	84	-14	-	84	-48	-
Core earnings	165	291	57	165	309	53
Investment portfolio earnings	-78	-14	-	-78	-14	-
Profit before non-recurring items	87	277	31	87	295	29
Non-recurring items, net	-17	-17	100	-17	-24	71
Profit before tax	70	260	27	70	271	26
Tax	15	55	27	15	76	20
Profit for the period	55	205	27	55	195	28

Core income