Ringkjøbing Landbobank’s quarterly report, 1st-3rd quarter of 2016 - Clarification of expectations for the full year

Profit before tax increased by 11% to DKK 497 million, equivalent to a return of 21% p.a. on equity, which is considered highly satisfactory. The bank's core earnings increased by 4% to a total of DKK 461 million, which is above budget for the first three quarters of the year.

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

 

(Million DKK) 1st-3rd qtr.
2016		 1st-3rd qtr.
2015
2015
2014
2013
2012
Total core income 721 710 954 907 844 823
Total costs and depreciations -224 -221 -306 -298 -273 -265
Core earnings before impairments 497 489 648 609 571 558
Impairment charges for loans etc. -36 -44 -60 -87 -120 -157
Core earnings 461 445 588 522 451 401
Result for portfolio etc. +36 +1 0 +65 +21 +47
Profit before tax 497 446 588 587 472 448

  

Three quarters - highlights:

  • Clarification of expectations for core earnings for the year given around the upper end of the previously announced range of DKK 525 - 600 million
  • The profit before tax was DKK 497 million, equivalent to a return of 21% p.a. on equity
  • 4% increase in core earnings to DKK 461 million, which is above budget for the period
  • The rate of costs for the period was 31.1%, which is still the lowest in Denmark
  • Decrease in impairment charges to DKK 36 million, the equivalent of 0.2% p.a.
  • 12% increase in the bank’s loans and 21% 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

Quarterly report Q3 2016.pdf