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For the first time the quarterly report from Ringkjøbing Landbobank

For the first time the quarterly report from Ringkjøbing Landbobank

Nasdaq Copenhagen
Euronext Dublin
London Stock Exchange
Other stakeholders

October 23, 2024

Ringkjøbing Landbobank’s quarterly report for the first three quarters of 2024

The Bank’s Board of Directors and Management today approved the quarterly report for the first three quarters of 2024.

With a net profit of DKK 1.77 billion for the first three quarters of 2024, the bank puts the expected results for a net profit for 2024 at the upper limit of DKK 2,000 to 2,350 million.

Core profit

(million DKK) Q1-Q3 2024 Q1-Q3 2023 2023 2022 2021 2020
Total core income 3,067 2,785 3,828 2,862 2,433 2,179
Total expenses and depreciation 761 708 963 891 817 788
Core profit before impairment losses 2,306 2,077 2,865 1,971 1,616 1,391
Impairment expenses for loans, etc. +2 -1 -1 -2 -68 -223
Core profit 2,308 2,076 2,864 1,969 1,548 1,168
Result for the portfolio etc. +56 -36 -7 -69 +7 -9
Amortization, etc. on intangible assets 15 15 20 20 17 15
Tax 579 484 682 385 309 224
Net profit 1,770 1,541 2,155 1,495 1,229 920

Highlights of the first three quarters of 2024

  • The net profit is DKK 1,770 million, which corresponds to a return on equity of 22% per year
  • Earnings per share – measured against net profit – increase by 20% to DKK 69
  • Core income increases by 10% to DKK 3,067 million
  • Costs increase by 8% and the cost-income ratio falls to 24.8%.
  • In the first three quarters of 2024, the bank recorded impairments of DKK 2 million in earnings due to good credit quality, while in the first nine months of 2024, management’s overall estimates increased by DKK 52 million
  • Very pleasing increase in customer numbers and growth of 9% in loans, 4% in deposits and 14% in portfolio holdings
  • The bank’s brands remain in a top spot in the annual Voxmeter Image survey, with the Ringkjøbing Landbobank brand taking first place.
  • The expected result for 2024 is expected to be at the upper end of the upwardly adjusted range of DKK 2,000 to 2,350 million

Best regards

Ringkjøbing Landbobank

John Fisker
CEO