Ringkjøbing Landbobank’s interim report for the first half of 2023
Ringkjøbing Landbobank’s interim report for the first half of 2023
The bank delivers core earnings of DKK 1,324 million and net profit of DKK 980 million in the first half of 2023. The net profit is equivalent to a 21% p.a. return on equity.
Core earnings
| (DKK million) | H1 2023 | H1 2022 | 2022 | 2021 | 2020 | 2019 |
| Total core income | 1,796 | 1,358 | 2,862 | 2,433 | 2,179 | 2,116 |
| Total expenses and depreciation | 471 | 436 | 891 | 817 | 788 | 805 |
| Core earnings before impairment charges for loans | 1,325 | 922 | 1,971 | 1,616 | 1,391 | 1,311 |
| Impairment charges for loans etc. | -1 | -2 | -2 | -68 | -223 | -100 |
| Core earnings | 1,324 | 920 | 1,969 | 1,548 | 1,168 | 1,211 |
| Result for the portfolio etc. | -28 | -19 | -69 | +7 | -9 | +49 |
| Amortisation and write-downs on intangible assets | 10 | 10 | 20 | 17 | 15 | 15 |
| Tax | 306 | 184 | 385 | 309 | 224 | 267 |
| Net profit | 980 | 707 | 1,495 | 1,229 | 920 | 978 |
Highlights of the first half of 2023
- The net profit is DKK 980 million, equivalent to a 21% p.a. return on equity
- Core income increases by 32% to DKK 1,796 million
- Costs increase by 8%, and the cost/income ratio decreases to 26.2%
- Credit quality remains high, resulting in impairment charges of only DKK 1 million
- The bank continues to experience a highly satisfactory increase in customer numbers, which is underlined by increases in deposits and loans of 10% and 7% respectively compared to the end of June 2022
- A new DKK 385 million share buy-back programme will be initiated on 3 August 2023
- MSCI upgrades the bank’s ESG rating to AA
- The upwardly adjusted expectations for results for 2023 are maintained but specified to be at the upper end of the announced ranges
Yours sincerely
Ringkjøbing Landbobank
John Fisker
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