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31 January 2024
Ringkjøbing Landbobank’s annual report for 2023
The bank’s board of directors and general management today approved the annual report for 2023.
War, interest rate increases, and a slowdown of the economy were issues that marked 2023. However, the bank’s customers have adapted in the most distinguished way, so the credit quality in the lending portfolio remains high. The bank’s growth combined with a higher interest rate level has thus ensured a strong net result of DKK 2,155 million, which ensures that we can continue to help our customers and continue growth.
Core earnings
(DKK million)
2023
2022
2021
2020
2019
Total core income
3,828
2,862
2,433
2,179
2,116
Total expenses and depreciation
963
891
817
788
805
Core earnings before impairment charges for loans
2,865
1,971
1,616
1,391
1,311
Impairment charges for loans etc.
-1
-2
-68
-223
-100
Core earnings
2,864
1,969
1,548
1,168
1,211
Result for the portfolio etc.
-7
-69
+7
-9
+49
Special costs
20
20
17
15
15
Profit before tax
2,837
1,880
1,538
1,144
1,245
Profit after tax
2,155
1,495
1,229
920
978
2023 – highlights
Net profit for the year is DKK 2,155 million, equivalent to a 22% return on equity
Earnings per share (EPS) - measured on core earnings and net profit for the year - increase by 50% and 48% respectively
Core income increases by 34% to DKK 3,828 million
Costs increase by 8%, and the cost/income ratio decreases to 25.2%
Strong credit quality results in impairment charges of only DKK 1 million and coincides with an increase in management estimates to DKK 950 million
Highly satisfactory increase in new customers and growth of 5% in loans, 8% in deposits and 11% in custody account holdings
The pay-out ratio increases from 65 to 84, achieved through dividend of DKK 10 and doubling of the share buyback programme to DKK 1,525 million
Positive expectations for 2024 with expected net profit for the year in the range DKK 1.8-2.2 billion.
Ringkjoebing Landbobank A/S (the Bank) is a Denmark-based regional bank. It is engaged in the provision of banking services for both private and corporate customers, including households, as well as small and medium-sized enterprises (SME) throughout Denmark. The Bank offers such services, as loans, mortgages, pension funds, private banking, investing, insurance, foreign exchange and services targeted towards young clients, among others. Additionally, the Bank operates an online banking facility, NetBank. The Bank also provides investment opportunities, primarily within the wind turbine sector. It is operational through its head office and 11 branches located in the Jutland region in Denmark.
RINGKJØBING LANDBOBANK A/S 
