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Ringkjøbing Landbobank’s quarterly report for the first quarter of 2024

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

Nasdaq Copenhagen
London Stock Exchange
Euronext Dublin
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24 April 2024


Ringkjøbing Landbobank’s quarterly report for the first quarter of 2024

The bank’s board of directors and general management today approved the quarterly report for the first quarter of 2024.

The bank delivers core earnings of DKK 793 million and net profit of DKK 616 million in the first quarter of the year. The net profit is equivalent to a 24% p.a. return on equity.


Core earnings

(DKK million)Q1 2024Q1 20232023202220212020
Total core income1,0408493,8282,8622,4332,179
Total expenses and depreciation247227963891817788
Core earnings before impairment charges for loans7936222,8651,9711,6161,391
Impairment charges for loans etc.0-1-1-2-68-223
Core earnings7936212,8641,9691,5481,168
Result for the portfolio etc.+23-21-7-69+7-9
Amortisation and write-downs on intangible assets5520201715
Tax195140682385309224
Net profit6164552,1551,4951,229920


Highlights of the first quarter of 2024

  • The net profit is DKK 616 million, equivalent to a 24% p.a. return on equity
  • Earnings per share – measured on net profit – increase by 40%
  • Core income increases by 22% to DKK 1,040 million
  • Costs increase by 8%, and the cost/income ratio decreases to 23.7%
  • Credit quality remains high and impairment charges are DKK 0 million
  • Highly satisfactory increase in customer numbers and growth of 5% in loans, 8% in deposits and 15% in custody account holdings
  • The bank’s brands are again ranked at the top of Voxmeter’s image survey
  • The expected results for 2024 are maintained

Yours sincerely

Ringkjøbing Landbobank

John Fisker
CEO

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