Ringkjøbing Landbobank’s report for the first quarter of 2021
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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