Denmark's Sydbank A/S (SYANY, SYDB.CO) reported Wednesday lower profit in its first quarter with weak total income. Further, the company issued fiscal 2025 outlook.
For fiscal 2025, profit after tax is expected to be in the range of 2.20 billion Danish kroner to 2.60 billion kroner. The company recorded profit of 2.76 billion kroner in fiscal 2024.
Moderate growth is projected for the Danish economy in the year.
In its first quarter, profit dropped to 645 million kroner from last year's 861 million kroner. Earnings per share declined to 12.3 kroner from 15.5 kroner a year ago.
Core earnings before impairment was 883 million kroner, down from 1.11 billion kroner a year ago.
Total income fell to 1.76 billion kroner from 1.94 billion kroner last year. Core income was 1.70 billion kroner, 8% lower than 1.85 billion kroner a year earlier.
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