Ringkjøbing Landbobank’s report for the first quarter of 2021

With core earnings of DKK 368 million and profit before tax of DKK 354 million, the bank delivers a good start to 2021. The profit before tax is equivalent to a return of 17.4% p.a. on equity.

Core earnings

(DKK million)
Q1
2021
Q1
2020
2020
2019
2018
2017
2016
Total core income
600
541
2,179
2,116
2,001
1,917
1,861
Total expenses and depreciation
203
198
788
805
866
845
815
Core earnings before impairment charges for loans
397
343
1,391
1,311
1,135
1,072
1,046
Impairment charges for loans etc.
-29
-75
-223
-100
-43
-70
-211
Core earnings
368
268
1,168
1,211
1,092
1,002
835
Result for portfolio etc.
-10
-70
-9
49
77
84
78
Special costs
4
4
15
15
217
22
22
Profit before tax
354
194
1,144
1,245
952
1,064
891

Highlights of the first quarter of 2021

  • The profit before tax is DKK 354 million, equivalent to a return of 17.4% p.a. on equity
  • Core income increases by 11% to DKK 600 million following a high level of activity
  • Expenses increase by 3% to DKK 203 million
  • The rate of costs decreases to 34% in the quarter
  • A big increase in new customers and a high level of activity result in growth of 3% in the bank’s loans, both compared to the end of March 2020 and in the first quarter of 2021
  • Image in top 3 and customer satisfaction remains high

Quarterly report Q1 2021