Ringkjøbing Landbobank’s quarterly report for the first three quarters of 2019

Nasdaq Copenhagen
London Stock Exchange
Other stakeholders23 October 2019Ringkjøbing Landbobank’s quarterly report for the first three quarters of 2019High level of activity and increase in customer numbers positively affect profit.A 6% increase in core income and an 8% fall in total expenses represent highly satisfactory financial results. Profit before tax increases by 28% to DKK 960 million.Core earnings – pro forma
Highlights of the first three quarters of 2019The financial statements show an increase of 6% in core income to DKK 1,586 millionExpenses are down by 8% to DKK 593 million with a 37.4% rate of costsCore earnings are DKK 918 million after impairment charges of DKK 75 millionThe return on equity before tax is 17.5% per annumContinued big net increase in customers and 8% growth in loans to DKK 34.8 billionThe entire organisation is very busy with refinancing of mortgages and the influx of new customersThe target for the MREL capital ratio has been increased to 25%Tier 2 capital and non-preferred senior capital totalling DKK 1.1 billion was issued in the third quarter and the MREL capital ratio stood at 27.6% at the end of the quarterUpward adjustment of expectations for profit before tax to the range of DKK 1,125-1,275 million
Yours sincerelyRingkjøbing Landbobank
John Fisker
AttachmentQ3 rapport – UK