Ringkj?bing Landbobank’s interim report for the first half of 2024
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Nasdaq Copenhagen
Euronext Dublin
London Stock Exchange
Other stakeholders
7 August 2024
Ringkj?bing 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
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The net profit is DKK 1,181 million, equivalent to a 22% p.a. return on equity
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Earnings per share – measured on net profit – increase by 25%
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Core income increases by 14% to DKK 2,051 million
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Costs increase by 8%, and the cost/income ratio decreases to 24.8%
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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
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Highly satisfactory increase in customer numbers and growth of 5% in loans, 6% in deposits and 18% in funds in custody accounts etc.
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Employee wellbeing and satisfaction at their highest levels ever
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The expected result for 2024 is upwardly adjusted to the DKK 2,000-2,350 million range
Yours sincerely
Ringkj?bing Landbobank
John Fisker
CEO
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