Ringkjøbing Landbobank’s interim report for the first half of 2024

Written by Customer Service on . Posted in Public Companies.

Nasdaq Copenhagen
Euronext Dublin
London Stock Exchange
Other stakeholders

7 August 2024

Ringkjøbing Landbobank’s interim report for the first half of 2024

The bank’s board of directors and general management have today approved the interim report for the first half of 2024.

Due to a continued good credit quality and a loss and impairment level that has developed better than originally budgeted for 2024 and that is expected to continue for the rest of the year, the bank is upwardly adjusting the expectations for net profit for 2024 to the DKK 2,000-2,350 million range.

Core earnings

(DKK million) H1 2024 H1 2023 2023 2022 2021 2020
Total core income 2,051 1.796 3,828 2,862 2,433 2,179
Total expenses and depreciation 508 471 963 891 817 788
Core earnings before impairment charges for loans 1,543 1,325 2,865 1,971 1,616 1,391
Impairment charges for loans etc. +1 -1 -1 -2 -68 -223
Core earnings 1,544 1,324 2,864 1,969 1,548 1,168
Result for the portfolio etc. +30 -28 -7 -69 +7 -9
Amortisation and write-downs on intangible assets 10 10 20 20 17 15
Tax 383 306 682 385 309 224
Net profit 1,181 980 2,155 1,495 1,229 920

Highlights of the first half of 2024

  • The net profit is DKK 1,181 million, equivalent to a 22% p.a. return on equity
  • Earnings per share – measured on net profit – increase by 25%
  • Core income increases by 14% to DKK 2,051 million
  • Costs increase by 8%, and the cost/income ratio decreases to 24.8%
  • In the second quarter of 2024, the bank carried impairment charges of DKK 1 million to income based on strong credit quality while, in the first half of 2024, the total account for impairment charges increased by DKK 39 million 
  • Highly satisfactory increase in customer numbers and growth of 5% in loans, 6% in deposits and 18% in funds in custody accounts etc.
  • Employee wellbeing and satisfaction at their highest levels ever
  • The expected result for 2024 is upwardly adjusted to the DKK 2,000-2,350 million range

Yours sincerely

Ringkjøbing Landbobank

John Fisker
CEO

Attachments

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.