Ringkjøbing Landbobank’s annual report for 2023

Ringkjoebing Landbobank A/S

31/01/2024 06:07

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Nasdaq Copenhagen
London Stock Exchange
Euronext Dublin
Other stakeholders

31 January 2024

Ringkjøbing Landbobank’s annual report for 2023

The bank’s board of directors and general management today approved the
annual report for 2023.

War, interest rate increases, and a slowdown of the economy were issues that
marked 2023. However, the bank’s customers have adapted in the most
distinguished way, so the credit quality in the lending portfolio remains
high. The bank’s growth combined with a higher interest rate level has thus
ensured a strong net result of DKK 2,155 million, which ensures that we can
continue to help our customers and continue growth.

Core earnings

 (DKK million)                                      2023   2022   2021   2020   2019   
 Total core income                                  3,828  2,862  2,433  2,179  2,116  
 Total expenses and depreciation                    963    891    817    788    805    
 Core earnings before impairment charges for loans  2,865  1,971  1,616  1,391  1,311  
 Impairment charges for loans etc.                  -1     -2     -68    -223   -100   
 Core earnings                                      2,864  1,969  1,548  1,168  1,211  
 Result for the portfolio etc.                      -7     -69    +7     -9     +49    
 Special costs                                      20     20     17     15     15     
 Profit before tax                                  2,837  1,880  1,538  1,144  1,245  
 Profit after tax                                   2,155  1,495  1,229  920    978    



2023 – highlights
* Net profit for the year is DKK 2,155 million, equivalent to a 22% return on
equity
* Earnings per share (EPS) - measured on core earnings and net profit for the
year - increase by 50% and 48% respectively
* Core income increases by 34% to DKK 3,828 million
* Costs increase by 8%, and the cost/income ratio decreases to 25.2%
* Strong credit quality results in impairment charges of only DKK 1 million
and coincides with an increase in management estimates to DKK 950 million
* Highly satisfactory increase in new customers and growth of 5% in loans, 8%
in deposits and 11% in custody account holdings
* The pay-out ratio increases from 65 to 84, achieved through dividend of DKK
10 and doubling of the share buyback programme to DKK 1,525 million
* Positive expectations for 2024 with expected net profit for the year in the
range DKK 1.8-2.2 billion.


Yours faithfully

Ringkjøbing Landbobank

John Fisker
CEO


Attachments
*     RILBA-2023-12-31-en
(https://ml-eu.globenewswire.com/Resource/Download/a43b3f83-d30a-4f78-92fe-dc44c2c5fced)
  
*     Annual report 2023
(https://ml-eu.globenewswire.com/Resource/Download/8a8d7b57-a2c6-4a91-b388-bd9cdb8437d3)
  
*     Front page for the company announcement 2023
(https://ml-eu.globenewswire.com/Resource/Download/22db1f54-d0bd-431a-8168-8b3e6fb72715)