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

Ringkjoebing Landbobank A/S

07/08/2024 06:29

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240807:nGNE1q2VCC&default-theme=true


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
*     RILBA-2024-06-30-en
(https://ml-eu.globenewswire.com/Resource/Download/b8318af1-8d54-45b2-a124-9f26e64155a9)
  
*     Interim Report 2024
(https://ml-eu.globenewswire.com/Resource/Download/26475505-6d2d-4a21-abd6-cf8dd6ef0ac6)