Ringkjøbing Landbobank’s quarterly report for the first quarter of 2024
Nasdaq Copenhagen
London Stock Exchange
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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
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