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Danish Sydbank ups '09 outlook as Q3 tops forecast

Source: Reuters - Tue 27th Oct 2009

Denmark's Sydbank reported a bigger-than-expected rise in pretax profit for the third quarter on Tuesday and raised its core earnings guidance for 2009.

Pretax profit at the third-biggest Danish bank by market capitalisation rose to 326 million Danish crowns ($65.20million) in July-September from 102 million in the same quarter last year.

The result beat all estimates of from 180 million to 273 million crowns in a Reuters survey of seven analysts whose average expectation had been 220 million crowns.

Sydbank raised its full-year 2009 guidance was for core earnings before impairment charges to a range of 1.9 billion to 2.1 billion crowns from a previous projection of 1.8 billion to 2.0 billion.

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