Sydbank is prioritizing customer acquisition, as CEO Mark Luscombe expresses less concern over net interest income, which has decreased by over 400 million kroner in the past year.

Luscombe notes that interest income is largely determined by central bank policies, limiting Sydbank’s direct influence. He anticipates reduced fluctuations in this area in upcoming quarters, stating that interest rates are stabilizing. An interest rate cut may occur in December, but significant changes are not expected for the remainder of the year.

Instead, the director emphasizes aspects of the financial statements that the bank can better manage, specifically customer acquisition. Sydbank has successfully reversed a net loss of retail customers from the previous year.

By the end of the first half of the year, the bank had also gained private banking and corporate clients, alongside improvements in customer satisfaction.

Corporate clients represent a substantial portion of Sydbank’s portfolio, and Luscombe believes they have navigated the recent economic volatility effectively. However, retail customers appear more hesitant, with consumer confidence remaining negative and deposits continuing to increase. The housing market remains active, with credit mediation to retail customers reaching 1.1 billion kroner in the second quarter, driven by housing activity.

Sydbank is maintaining its financial outlook for 2025, without narrowing expectations. Luscombe attributes this to the ongoing global uncertainty, while expressing confidence in achieving the initially communicated targets for the year.