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Ringkjøbing Landbobank’s quarterly report for the first three quarters of 2023
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Ringkjøbing Landbobank’s quarterly report for the first three quarters of 2023
The bank delivers core earnings of DKK 2,078 million and net profit of DKK 1,541 million for the first three quarters of the year. The net profit is equivalent to a 21% p.a. return on equity.
Core earnings
| (DKK million) | Q1-Q3 2023 | Q1-Q3 2022 | 2022 | 2021 | 2020 | 2019 |
| Total core income | 2,785 | 2,062 | 2,862 | 2,433 | 2,179 | 2,116 |
| Total expenses and depreciation | 708 | 654 | 891 | 817 | 788 | 805 |
| Core earnings before impairment charges for loans | 2,077 | 1,408 | 1,971 | 1,616 | 1,391 | 1,311 |
| Impairment charges for loans etc. | -1 | -2 | -2 | -68 | -223 | -100 |
| Core earnings | 2,076 | 1,406 | 1,969 | 1,548 | 1,168 | 1,211 |
| Result for the portfolio etc. | -36 | -80 | -69 | +7 | -9 | +49 |
| Amortisation and write-downs on intangible assets | 15 | 15 | 20 | 17 | 15 | 15 |
| Tax | 484 | 275 | 385 | 309 | 224 | 267 |
| Net profit | 1,541 | 1,036 | 1,495 | 1,229 | 920 | 978 |
Highlights of the first three quarters of 2023
- The net profit is DKK 1,541 million, equivalent to a 21% p.a. return on equity
- Core income increases by 35% to DKK 2,785 million
- Costs increase by 8%, and the cost/income ratio decreases to 25.4%
- Credit quality remains high, resulting in impairment charges of only DKK 1 million
- Continued highly satisfactory increase in customer numbers despite a marginal decrease in loans in the third quarter of 2023
- 10% increase in deposits and 3% increase in loans compared to the end of September 2022
- The bank’s brands remain highly ranked in the annual Voxmeter Image survey where the Ringkjøbing Landbobank brand takes first place.
- The upwardly adjusted expectations of results for 2023 are maintained
Yours sincerely
Ringkjøbing Landbobank
John Fisker
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