April 25, 2018 / 6:56 AM / 7 months ago

BRIEF-Sydbank Q1 Pre-Tax Profit Above Expectations At DKK 511 Million

April 25 (Reuters) - SYDBANK A/S:

* REG-SYDBANK’S INTERIM REPORT – Q1 2018

* Q1 2018 CORE INCOME OF DKK 1,053M IS ON A PAR WITH LEVEL IN SAME PERIOD IN 2017.

* LIMITED GROWTH IS PROJECTED FOR DANISH ECONOMY IN 2018

* IMPAIRMENT CHARGES FOR 2018 ARE FORECAST TO BE AT A LOW LEVEL.

* “UNCERTAINTY SURROUNDING PRICE DEVELOPMENTS IN AGRICULTURAL SECTOR MAY HOWEVER AFFECT IMPAIRMENT CHARGES.”

* 2018 TOTAL INCOME IS EXPECTED TO BE ON A PAR WITH INCOME GENERATED IN 2017

* COSTS (CORE EARNINGS) ARE PROJECTED TO RISE SLIGHTLY IN 2018.

* IMPAIRMENT CHARGES FOR 2018 ARE FORECAST TO BE AT A LOW LEVEL.

* 2018 PROFIT AFTER TAX IS EXPECTED TO BE IN RANGE OF DKK 1,340M-1,540M.

* 2018 NON-RECURRING ITEMS, NET, ARE EXPECTED TO REPRESENT AROUND DKK 35M.

* Q1 TOTAL CORE INCOME DKK 1.05 BILLION (REUTERS POLL DKK 1.10 BILLION)

* Q1 CORE EARNINGS DKK 418 MILLION (REUTERS POLL DKK 406 MILLION)

* Q1 PRE-TAX PROFIT DKK 511 MILLION (REUTERS POLL DKK 502 MILLION) Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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