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FINANCIALS: Sydbank: Credit Neutral Figures, Eurobank Results Largely Done Now

FINANCIALS

Sydbank (SYDBDC: A3 pos) results are a very small beat with good credit figures. Guidance is upgraded slightly but consensus was already there. With spreads having outperformed into these results, these appear credit neutral.

  • Credit stats: loan losses are up from 1Q24 but in line with consensus and consider that the charge is just 1bp anyway. Non-performers are 1.3% of loans, 20bp better than Mar-24 and consensus had this ticking up 10bp, so a good beat. CET1 is up 30bp q/q but actually very slightly below consensus. So, overall good credit stats.
  • Revenues are slightly (1%) above consensus, costs are broadly in line which means pre-tax is a small (2%) beat.
  • Guidance is upgraded marginally to a net profit of DKK2.8-3.1bn (from 2.5-2.9bn) but consensus is already at DKK3.0bn, so the market was ahead of this upgrade and the bank sees fewer rate cuts for this year now (was 75bp, now 50bp).
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