Ringkjøbing Landbobank’s interim report for the first half of 2019

Distributed by Globe Newswire
7th August 2019

Nasdaq Copenhagen
London Stock Exchange
Other stakeholders

7 August 2019

Ringkjøbing Landbobank’s interim report for the first half of 2019

High level of activity and increase in customer numbers positively affect profit in an otherwise challenging banking market.

Financial results develop satisfactorily with a 4% increase in core income and a 7% fall in total expenses. Profit before tax increases by 16% to DKK 619 million.

Core earnings – pro forma

(DKK million)	H1 2019	H1 2018	2018	2017	2016
Total core income	1,048	1,011	2,001	1,917	1,861
Total expenses and depreciation	405	435	866	845	815
Core earnings before impairment charges for loans	643	576	1,135	1,072	1,046
Impairment charges for loans etc.	-49	+2	-43	-70	-211
Core earnings	594	578	1,092	1,002	835
Result for the portfolio etc.	+33	+93	+77	+84	+78
Special costs	8	137	217	22	22
Profit before tax	619	534	952	1,064	891

Highlights of the first half-year of 2019

The financial statements show an increase of 4% in core income to DKK 1,048 million
Expenses fall by 7% to DKK 405 million and the rate of costs is 38.6
Core earnings are DKK 594 million after impairment charges of DKK 49 million
The return on equity before tax is 17.2% p.a.
Continued big net increase in customers and 8% growth in loans to DKK 34.5 billion
The merger of Ringkjøbing Landbobank and Nordjyske Bank is progressing well
The entire organisation is very busy with refinancing of mortgages and the inflow of new customers

Yours sincerely

Ringkjøbing Landbobank

John Fisker

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