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Ringkjøbing Landbobank’s interim report for the first half of 2020

Written by Customer Service on . Posted in Public Companies.

                                                                Nasdaq Copenhagen
London Stock Exchange
Other stakeholders5 August 2020Ringkjøbing Landbobank’s interim report for the first half of 2020The financial results for the half-year are affected by the corona crisis. We are pleased, in this context, that the bank’s business model is robust, with a low rate of costs and a strong capital base.Core earningsHighlights of the first half of 2020Our main focus during the corona crisis has been to help our customers and business partners 
– and of course to safeguard the working conditions of our employeesIncome increases by 1% and expenses fall by 4%, reducing the bank’s rate of costs to 36.8%The management estimate for impairment charges in the second quarter of 2020 has increased by DKK 198 million after impairment charges of DKK 66 million for operations in the quarter and large reversals, particularly in the agricultural segment11% fall in core earnings to DKK 530 million22% fall in profit before tax to DKK 481 millionContinued big increase in customers and 2% growth in loansStrong capital position with common equity tier 1 capital ratio of 18.1% and MREL capital ratio of 30.0%AttachmentInterim Report 2020 – EN

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