Ringkjøbing Landbobank's announcement of the annual accounts for 2008

The bank's pre-tax profit for 2008 was DKK 319 million against DKK 455 million
last year, a decrease of 30%. The profit is equivalent to a 20% pre-tax return
on equity at the beginning of the year, which in the circumstances is
considered highly satisfactory. 

Core earnings before write-downs were DKK 497 million against last year's DKK
462 million, an increase of 8%. Write-downs of net DKK 77 million were made,
following which the bank's core earnings amounted to DKK 420 million, which is
in the middle of the range of DKK 375-450 that was reported at the beginning of
the year. 

The annual accounts - highlights
- Core earnings of DKK 420 million, in the middle of the range reported at the
beginning of the year 
- Pre-tax profit of DKK 319 million equates to 20% return on equity at the
beginning of the year 
- Core earnings before write-downs show 8% improvement to DKK 497 million
- Write-downs of DKK 77 million, equivalent to 0.47% of loans and guarantees -
0.41% reserved for later and 0.06% actually lost and written off 
- Rate of costs improved by 4% to 32.4, still the lowest in the country 
- Result for portfolio minus DKK 73 million - at current values
- Solvency ratio 16.3, equivalent to excess cover of 104%
- Core capital ratio 13.0
- Expected core earnings for 2009 in the range DKK 250-450 million