Ringkjøbing Landbobank’s report for the first quarter of 2017 - Best quarterly result ever

Profit before tax increased by 24% to DKK 198 million, equivalent to a return of 23% p.a. on equity at the beginning of the period, which is considered highly satisfactory. Core earnings showed an increase of 9% to DKK 171 million and are thus above budget for the first quarter of the year.

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

 

(DKK million) Q1
2017		 Q1
2016		  
2016		  
2015		  
2014		  
2013
Total core income 251 239 983 954 907 844
Total expenses and depreciation -75 -71 -318 -306 -298 -273
Core earnings before impairment charges for loans 176 168 665 648 609 571
Impairment charges for loans etc. -5 -11 -48 -60 -87 -120
Core earnings 171 157 617 588 522 451
Result for the portfolio etc. +27 +2 +44 0 +65 +21
Profit before tax 198 159 661 588 587 472

 

The quarter - highlights

  • Profit before tax was DKK 198 million, the equivalent of a return of 23% p.a. on equity at the beginning of the period
  • Core earnings were DKK 171 million, which is above budget for the quarter
  • The rate of costs for the quarter was 29.9%, which is still the lowest in Denmark
  • Decrease in impairment charges to DKK 5 million, the equivalent of 0.1% p.a.
  • Increase in the bank’s loans of 7% and an increase in deposits of 10%
  • Continued highly satisfactory increases 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 Q1 2017.pdf