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FINANCIALS: Sydbank - Q3 results - Somewhat lacklustre

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Flat income and marginally higher impairment charges will not excite equity holders. Stable costs and high capital ratios should give some comfort to fixed income investors.

  • NII DKK1.1bn, flat on Q2 and marginally up on Q3 '23. Other income shows the same pattern. Total income DKK1.8bn. Generally good progress on loan volume growth is offset by lower lending rates.
  • Impairment charge is FKK63m in Q3, representing somewhat of a jump versus the DKK16mn reported in Q2. We will watch this closely going forward
  • CET1 increases to 18%, up 0.3% QoQ. Organic capital generation in 9M 24 has been 2%, mostly offset by share buybacks

 

 

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Flat income and marginally higher impairment charges will not excite equity holders. Stable costs and high capital ratios should give some comfort to fixed income investors.

  • NII DKK1.1bn, flat on Q2 and marginally up on Q3 '23. Other income shows the same pattern. Total income DKK1.8bn. Generally good progress on loan volume growth is offset by lower lending rates.
  • Impairment charge is FKK63m in Q3, representing somewhat of a jump versus the DKK16mn reported in Q2. We will watch this closely going forward
  • CET1 increases to 18%, up 0.3% QoQ. Organic capital generation in 9M 24 has been 2%, mostly offset by share buybacks