SYDBANK – INTERIM REPORT – FIRST HALF 2021 3/46 Board chairman Lars Mikkelgaard-Jensen on Sydbank’s capital position: - We acted very responsibly by cancelling the announced dividend distribution to our shareholders last year. I hope and expect that the authorities will allow the cancelled distribution to be effected later this year. Outlook for 2021 Growth is projected in the Danish economy in 2021 and is expected to exceed the negative growth in 2020. Total income is expected to rise sharply as a result of the acquisition of Alm. Brand Bank and measures implemented as regards deposits and fees. Costs (core earnings) are projected to increase as a result of the acquisition of Alm. Brand Bank. Impairment charges for 2021 are forecast to represent a net reversal in the region of DKK 250m. Non-recurring costs are expected to be in the range of DKK 100-150m. The item consists of costs related to “A stronger bank”, costs to establish a bank/insurance partnership as well as costs related to the integration of Alm. Brand Bank. Profit after tax is expected to be in the range of DKK 1,150-1,350m. The outlook is subject to uncertainty and depends among other things on financial market developments and macroeconomic factors.
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