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2018 Annual Report Sydbank Group Preface

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2018 Annual Report Sydbank Group Preface 2018 Annual Report Sydbank Group Preface Highest return on equity among SIFI banks in Denmark. All Blue growth objectives have been met Sydbank’s 2018 financial statements show a profit before tax growth in lending. The result achieved in 2018 ensures a high of DKK 1,420m compared with DKK 1,956m in 2017. The dividend per share as well as the possibility of launching a new decrease of DKK 536m is primarily attributable to a decline in share buyback programme of DKK 250m. After a total distribu- total income of DKK 311m and a drop in investment portfolio tion of DKK 840m, the Bank will continue to be well capitalised. earnings of DKK 309m. Profit before tax equals a return of 2018 highlights 12.5% p.a. on average equity. • A 7% decrease in total income Profit for the year after tax represents DKK 1,156m against • A 3% rise in costs (core earnings) DKK 1,531m in 2017, equal to a return on average equity of • A reversal of DKK 122m in impairment charges 10.2%. At the beginning of 2018 profit after tax was projected • A drop in core earnings of DKK 325m to DKK1,489m to be in the region of DKK 1,200-1,400m. • Negative investment portfolio earnings of DKK 127m • Bank loans and advances of DKK 61.0bn CEO Karen Frøsig comments on the year’s result: • Deposits of DKK 86.3bn - The banking environment has become significantly more chal- • A capital ratio of 22.4%, including a Common Equity Tier 1 lenging. As a result of the negative interest rate environment capital ratio of 17.3% combined with fierce competition in the sector, the Group’s net • A proposed dividend of DKK 9.36 per share. interest income continues to be under pressure and banks’ earnings power is being dragged down. Therefore it is posi- Outlook for 2019 tive that we are still able to generate a double-digit return on Limited growth is projected for the Danish economy in 2019. equity – the best among Danish SIFI banks in 2018. The result Total income is expected to be lower than the income generat- we have achieved is in no small part thanks to the efforts of ed in 2018. Sydbank’s many highly skilled employees. Costs (core earnings) are projected to rise slightly in 2019. At the same time it is highly satisfactory that the level of credit Impairment charges for 2019 are forecast to be at a low level. quality enables us to reverse impairment charges of more than The uncertainty surrounding price developments in the agricul- a hundred million in 2018. tural sector may however affect impairment charges. Karen Frøsig continues: Non-recurring costs are expected to represent around DKK Based on the results achieved during the strategy period that 75m. has just ended where all the specified targets were met, I am Profit after tax is expected to be in the range of DKK 800- looking forward to the strategy period that has just started 1,100m. where focus is on creating a stronger bank with the keywords “Customer first”, “More Sydbank” and “What works”. The outlook is subject to uncertainty and depends among other things on financial market developments and Chairman of Sydbank’s Board of Directors Torben Nielsen macroeconomic factors. elaborates: - We have generated a return on eq- uity of more than 10% in a highly competitive and challenging market for banks with little growth in lending. Sydbank does not wish to dilute cred- it quality in order to create 6 SYDBANK / 2018 Annual Report Contents Financial Review Highlights ............................................................................................................................................8 Group Financial Highlights ........................................................................................................10 Summary .......................................................................................................................................... 11 Performance in 2018 ....................................................................................................................14 Capital Management .................................................................................................................. 24 Investor Relations ......................................................................................................................... 26 Mission Statement and Business Goals ...............................................................................27 Organisation and Corporate Governance ........................................................................... 34 Social Responsibility – Corporate Citizenship ������������������������������������������������������������������40 Financial Statements Financial Statements – contents ............................................................................................ 45 Income Statement ........................................................................................................................ 46 Statement of Comprehensive Income ................................................................................. 46 Balance Sheet .................................................................................................................................47 Statement of Changes in Equity ............................................................................................ 48 Cash Flow Statement .................................................................................................................50 Notes ..................................................................................................................................................51 Statements and Reports Management Statement .........................................................................................................120 Auditors’ Reports ........................................................................................................................ 122 Management, Organisation etc Notice Convening the Annual General Meeting ............................................................126 Board of Directors .....................................................................................................................128 Group Executive Management............................................................................................. 134 Organisation ................................................................................................................................. 136 The 2018 Annual Report is available in Danish at sydbank.dk/regnskab and in English at sydbank.com. In case of doubt the Danish version will apply. 2018 Annual Report / SYDBANK 7 Highest return on equity among SIFI banks in Denmark. All Blue growth objectives have been met High dividend per share (DKK 9.36 per share) 50% 22% 578 DKKm 250 DKKm Dividend Share buyback Market shares 12% 6% Corporate (SME) Retail We build on relationships 116,000 13,000 Meetings with adviser Online meetings with adviser 8 SYDBANK / 2018 Annual Report Profit for the year 1,156 DKKm Return on equity 10.2 % Core income Costs (core earnings) 3,951 2,722 DKKm DKKm (-5%) (+3%) Impairment charges for Customer satisfaction loans and advances rd rd Corporate3 3Retail (122) (among the largest banks) DKKm Dividend of DKK 9.36 Bank loans and per share advances 50 61.0 % of profit for the year DKKbn 2018 Annual Report / SYDBANK Å rsrapport 2016 / SYDBANK9 Group Financial Highlights Index 2018 2017* 18/17 2016* 2015* 2014* Income statement (DKKm) Core income 3,951 4,167 95 4,198 4,329 4,319 Trading income 138 233 59 237 215 196 Total income 4,089 4,400 93 4,435 4,544 4,515 Costs, core earnings 2,722 2,637 103 2,590 2,675 2,619 Core earnings before impairment 1,367 1,763 78 1,845 1,869 1,896 Impairment of loans and advances etc (122) (51) - 87 316 707 Core earnings 1,489 1,814 82 1,758 1,553 1,189 Investment portfolio earnings (127) 182 - 104 (80) 76 Profit before non-recurring items 1,362 1,996 68 1,862 1,473 1,265 Non-recurring items, net 58 (40) - 7 0 64 Profit before tax 1,420 1,956 73 1,869 1,473 1,329 Tax 264 425 62 397 325 277 Profit for the year 1,156 1,531 76 1,472 1,148 1,052 Balance sheet highlights (DKKbn) Loans and advances at amortised cost 61.0 64.3 95 77.2 74.3 68.5 Loans and advances at fair value 6.5 5.2 125 6.1 10.2 6.9 Deposits and other debt 86.3 82.7 104 81.1 79.9 73.9 Bonds issued at amortised cost 3.7 3.7 100 3.7 3.7 3.7 Subordinated capital 1.9 1.9 100 2.1 2.1 1.4 Additional Tier 1 capital 0.8 - - - - - Shareholders’ equity 10.9 11.9 92 11.8 11.4 11.3 Total assets 140.5 138.5 101 146.7 142.7 152.3 Financial ratios per share (DKK per share of DKK 10) EPS 17.6 22.4 20.9 15.8 14.3 Share price at year-end 155.1 249.9 219.2 221.8 190.2 Book value 179.0 178.3 169.2 160.2 154.2 Share price/book value 0.87 1.40 1.30 1.38 1.23 Average number of shares outstanding (in millions) 64.8 68.4 70.4 72.5 73.3 Proposed dividend 9.36 11.31 10.46 11.12 7.08 Other financial ratios and key figures Common Equity Tier 1 capital ratio 17.3 17.3 16.1 14.5 13.9 Tier 1 capital ratio 19.0 17.7 17.4 15.9 15.5 Capital ratio 22.4 20.8 19.2 17.6 16.0 Pre-tax profit as % of average equity 12.5 16.8 16.6 13.3 12.4 Post-tax profit as % of average equity 10.2 13.1 13.1 10.2 9.6 Costs (core earnings) as % of total income 66.6 59.9 58.4 58.9 58.0 Return on assets (%) 0.83 1.07 1.02 0.78 0.70 Interest rate risk 1.3 0.8 1.6 2.8 0.0 Foreign exchange position 1.3 1.2 2.2 2.2 1.8 Foreign exchange risk 0.0 0.0 0.0 0.0 0.0 Liquidity, LCR (%) 184 176 166 144 - Loans and advances relative to deposits 0.6 0.6 0.8 0.8 0.8 Loans and advances relative to equity 5.6
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