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Ringkjøbing Landbobank’s report for the first quarter of 2021

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Ringkjøbing Landbobank A/S
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Nasdaq Copenhagen
London Stock Exchange
Other stakeholders

28 April 2021

Ringkjøbing Landbobank’s report for the first quarter of 2021

With core earnings of DKK 368 million and profit before tax of DKK 354 million, the bank delivers a good start to 2021. The profit before tax is equivalent to a return of 17.4% p.a. on equity.


Core earnings

(DKK million)

Q1
2021

Q1
2020


2020

2019

2018

2017

2016

Total core income

600

541

2,179

2,116

2,001

1,917

1,861

Total expenses and depreciation

203

198

788

805

866

845

815

Core earnings before impairment charges for loans

397

343

1,391

1,311

1,135

1,072

1,046

Impairment charges for loans etc.

-29

-75

-223

-100

-43

-70

-211

Core earnings

368

268

1,168

1,211

1,092

1,002

835

Result for the portfolio etc.

-10

-70

-9

+49

+77

+84

+78

Special costs

4

4

15

15

217

22

22

Profit before tax

354

194

1,144

1,245

952

1,064

891


Highlights of the first quarter of 2021

  • The profit before tax is DKK 354 million, equivalent to a return of 17.4% p.a. on equity

  • Core income increases by 11% to DKK 600 million following a high level of activity

  • Expenses increase by 3% to DKK 203 million

  • The rate of costs decreases to 34% in the quarter

  • A big increase in new customers and a high level of activity result in growth of 3% in the bank’s loans, both compared to the end of March 2020 and in the first quarter of 2021

  • Image in top 3 and customer satisfaction remains high

Yours sincerely

Ringkjøbing Landbobank

John Fisker

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