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

Nasdaq Copenhagen
London Stock Exchange
Euronext Dublin
Other stakeholders

24 April 2024

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*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.

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*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. -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*

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*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
· RILBA-2024-03-31-en