Ringkjøbing Landbobank’s interim report 2016 - Upward adjustment of expectations for the full year

The profit before tax was DKK 327 million, representing a return of 21% p.a. on equity at the beginning of the period, which is considered highly satisfactory. The bank's core earnings increased by 3% to a total of DKK 314 million, which is above budget for the first half-year.

| Source: Ringkjøbing Landbobank A/S Ringkjøbing Landbobank A/S

 

(Million DKK) 1st half
2016		 1st half
2015
2015
2014
2013
2012
Total core income 488 482 954 907 844 823
Total costs and depreciations -150 -149 -306 -298 -273 -265
Core earnings before impairments 338 333 648 609 571 558
Impairment charges for loans etc. -24 -29 -60 -87 -120 -157
Core earnings 314 304 588 522 451 401
Result for portfolio etc. +13 +15 0 +65 +21 +47
Profit before tax 327 319 588 587 472 448

   

The half-year - highlights:

  • Upward adjustment of expectations for core earnings to the range DKK 525 - 600 million
  • The profit before tax was DKK 327 million, equivalent to a return of 21% p.a. on equity at the beginning of the period
  • 3% increase in core earnings to DKK 314 million, which is above budget for the half-year
  • The rate of costs for the half-year was 30.7%, which is still the lowest in Denmark
  • DKK 5 million decrease in impairment charges to DKK 24 million, the equivalent of 0.2% p.a.
  • 18% increase in the bank’s loans and 4% increase in deposits
  • Continued highly satisfactory increase in customer numbers in both the branch network and the niche concepts

Please do not hesitate to contact the bank’s management if you have any questions.

 

Yours sincerely,
Ringkjøbing Landbobank
 
 
John Fisker        Jørn Nielsen

 

Attachments

Interim report 1 half 2016.pdf