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Ringkjøbing Landbobank’s report for the first quarter of 2022

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Ringkjøbing Landbobank A/S
Ringkjøbing Landbobank A/S

Nasdaq Copenhagen
London Stock Exchange
Euronext Dublin
Other stakeholders

27 April 2022

Ringkjøbing Landbobank’s report for the first quarter of 2022

The bank delivers core earnings of DKK 463 million and profit before tax of DKK 449 million in the first quarter of the year. The profit before tax is equivalent to a 20.7% p.a. return on equity.

Core earnings

(DKK million)

Q1 2022

Q1 2021

2021

2020

2019

2018

Total core income

674

600

2,433

2,179

2,116

2,001

Total expenses and depreciation

210

203

817

788

805

866

Core earnings before impairment charges for loans

464

397

1,616

1,391

1,311

1,135

Impairment charges for loans etc.

-1

-29

-68

-223

-100

-43

Core earnings

463

368

1,548

1,168

1,211

1,092

Result for the portfolio etc.

-9

-10

+7

-9

+49

+77

Special costs

5

4

17

15

15

217

Profit before tax

449

354

1,538

1,144

1,245

952

Highlights of the first quarter of 2022

  • The profit before tax is DKK 449 million, equivalent to a 20.7% p.a. return on equity

  • Core income increases by 12% to DKK 674 million

  • The rate of costs decreases to 31.2% in the quarter

  • No direct exposure to Russia and Ukraine but a management estimate of DKK 108 million

  • A large increase in new customers and a high level of activity result in 17% growth in the bank’s loans compared to the end of March 2021 and 5% growth in the first quarter of 2022

  • Entering into a strategic partnership with SEB in private banking

  • The expected results for 2022 are maintained

Yours sincerely

Ringkjøbing Landbobank

John Fisker

Please see the complete quarterly report for the 1st quarter of 2022 in the attached pdf.

Attachment


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