Accounts
Quarterly report Q1 2023
The bank delivers core earnings of DKK 621 million and net profit of DKK 455 million in the first quarter of the year. The net profit is equivalent to a 20% p.a. return on equity.
Core earnings
| (DKK million) | Q1 2023 | Q1 2022 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|
| Total core income | 849 | 674 | 2,832 | 2,433 | 2,179 | 2,116 |
| Total expenses and depreciation | 227 | 210 | 891 | 817 | 788 | 805 |
| Core earnings before impairment charges for loans | 622 | 464 | 1,971 | 1,616 | 1,391 | 1,311 |
| Impairment charges for loans etc. | -1 | -1 | -2 | -68 | -223 | -100 |
| Core earnings | 621 | 463 | 1,969 | 1,548 | 1,168 | 1,211 |
| Result for the portfolio etc. | -21 | -9 | -69 | +7 | -9 | 49 |
| Amortisation and write-downs on intangible assets | 5 | 5 | 20 | 17 | 15 | 15 |
| Tax | 140 | 90 | 1,880 | 1,538 | 1,144 | 1,245 |
| Net profit | 455 | 359 | 1,495 | 1,229 | 920 | 978 |
Highlights of the first quarter of 2023
- The profit after tax is DKK 455 million, equivalent to a 20% p.a. return on equity
- Core income increases by 26% to DKK 849 million
- Costs increase by 8%, and the cost/income ratio decreases to 26.7%
- Credit quality remains high, resulting in impairment charges of DKK 1 million in the quarter, which coincide with a DKK 54 million increase in management estimates
- Continued highly satisfactory increase in customer numbers, which is underlined by increases in deposits and loans of 15% and 13% respectively compared to the end of March 2022
- The bank’s brands are both placed at the top in Voxmeter’s Image survey
- The upwardly adjusted expected results for 2023 are maintained
Accounts
Here are the accounts of Ringkjøbing Landbobank
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