Ringkjøbing Landbobank A/S: Ringkjøbing Landbobank's quarterly report for the first quarter of 2024

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