Ringkjøbing Landbobank’s report for the first quarter of 2022
Nasdaq Copenhagen
London Stock Exchange
Euronext Dublin
Other stakeholders
27 April 2022
Ringkjøbing Landbobank’s report for the first quarter of 2022
The bank delivers core earnings of DKK 463 million and profit before tax of DKK 449 million in the first quarter of the year. The profit before tax is equivalent to a 20.7% p.a. return on equity.
Core earnings
| (DKK million) | Q1 2022 | Q1 2021 | 2021 | 2020 | 2019 | 2018 |
| Total core income | 674 | 600 | 2,433 | 2,179 | 2,116 | 2,001 |
| Total expenses and depreciation | 210 | 203 | 817 | 788 | 805 | 866 |
| Core earnings before impairment charges for loans | 464 | 397 | 1,616 | 1,391 | 1,311 | 1,135 |
| Impairment charges for loans etc. | -1 | -29 | -68 | -223 | -100 | -43 |
| Core earnings | 463 | 368 | 1,548 | 1,168 | 1,211 | 1,092 |
| Result for the portfolio etc. | -9 | -10 | +7 | -9 | +49 | +77 |
| Special costs | 5 | 4 | 17 | 15 | 15 | 217 |
| Profit before tax | 449 | 354 | 1,538 | 1,144 | 1,245 | 952 |
Highlights of the first quarter of 2022
- The profit before tax is DKK 449 million, equivalent to a 20.7% p.a. return on equity
- Core income increases by 12% to DKK 674 million
- The rate of costs decreases to 31.2% in the quarter
- No direct exposure to Russia and Ukraine but a management estimate of DKK 108 million
- A large increase in new customers and a high level of activity result in 17% growth in the bank’s loans compared to the end of March 2021 and 5% growth in the first quarter of 2022
- Entering into a strategic partnership with SEB in private banking
- The expected results for 2022 are maintained
Yours sincerely
Ringkjøbing Landbobank
John Fisker
Please see the complete quarterly report for the 1st quarter of 2022 in the attached pdf.
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