Interim report of Ringkjøbing Landbobank for the first semester

Nasdaq Copenhagen
London Stock Exchange
Euronext Dublin
Other stakeholders

August 3, 2022

Ringkjøbing Landbobank’s interim report for the first half of 2022

The bank generates a basic profit of DKK 920 million and a profit before tax of DKK 891 million in the first half of 2022. The profit before tax is equivalent to a return on equity of 20% per year.

Basic income

(millions of Danish kroner) H1
2022
H1
2021

2021

2020

2019

2018
Total basic income 1,358 1,179 2,433 2,179 2,116 2001
Total expenses and amortization 436 404 817 788 805 866
Basic earnings before loan impairment charges 922 775 1,616 1,391 1,311 1,135
Loan impairment charges, etc. -2 -48 -68 -223 -100 -43
Basic income 920 727 1,548 1,168 1,211 1,092
Result for wallet etc. -19 -3 +7 -9 +49 +77
Special charges ten 8 17 15 15 217
Profit before tax 891 716 1,538 1,144 1,245 952

Highlights of the first half of 2022

  • Profit before tax is DKK 891 million, which equates to a return on equity of 20% per year
  • Basic income increases by 15% to DKK 1,358 million
  • Expenses increase by 8%, and the expense ratio drops to 32.1% for the half-year
  • Growth in loans of 25% compared to the end of June 2021 attributable to the recovery of the client portfolios of BIL Danmark and SEB, the effects of the coronavirus and a still satisfactory increase in the clientele
  • The transfer of SEB customers went smoothly and is now complete
  • The bank’s long-term issuer rating at Moody’s has been upgraded to Aa3
  • The bank’s ESG rating at MSCI has been raised to A
  • The upwardly adjusted expected results for 2022 are maintained

Yours Cordially

Ringkjøbing Landbobank

John Fisker

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