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

Ringkjoebing Landbobank A/S

24/04/2024 06:30

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Nasdaq Copenhagen
London Stock Exchange
Euronext Dublin
Other stakeholders

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 2024  Q1 2023  2023   2022   2021   2020   
 Total core income                                  1,040    849      3,828  2,862  2,433  2,179  
 Total expenses and depreciation                    247      227      963    891    817    788    
 Core earnings before impairment charges for loans  793      622      2,865  1,971  1,616  1,391  
 Impairment charges for loans etc.                  0        -1       -1     -2     -68    -223   
 Core earnings                                      793      621      2,864  1,969  1,548  1,168  
 Result for the portfolio etc.                      +23      -21      -7     -69    +7     -9     
 Amortisation and write-downs on intangible assets  5        5        20     20     17     15     
 Tax                                                195      140      682    385    309    224    
 Net profit                                         616      455      2,155  1,495  1,229  920    



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



Attachments
*     Quarterly report Q1 2024
(https://ml-eu.globenewswire.com/Resource/Download/be9ab0f9-4895-459e-892d-0eee6c40d7a2)
  
*     RILBA-2024-03-31-en
(https://ml-eu.globenewswire.com/Resource/Download/c5e847ea-50b2-4cf3-821c-904dcd648ede)