Ringkjøbing Landbobank’s report for the first half of 2021

The bank delivers core earnings of DKK 727 million and profit before tax of DKK 716 million in the first half of 2021. The profit before tax is equivalent to a return on equity of 17.4% p.a.

Core earnings

(DKK million)
H1
2021
H1
2020
2020
2019
2018
2017
2016
Total core income
1.179 1.061 2,179
2,116
2,001
1,917
1,861
Total expenses and depreciation
404 390 788
805
866
845
815
Core earnings before impairment charges for loans
775 671 1,391
1,311
1,135
1,072
1,046
Impairment charges for loans etc.
-48
-141
-223
-100
-43
-70
-211
Core earnings
727 530 1,168
1,211
1,092
1,002
835
Result for portfolio etc.
-3
-41
-9
49
77
84
78
Special costs
8 8 15
15
217
22
22
Profit before tax
716 481 1,144
1,245
952
1,064
891

Highlights of the first half of 2021

  • The profit before tax is DKK 716 million, equivalent to a return on equity of 17.4% p.a.
  • Core income increases by 11% to DKK 1,179 million following a high level of activity in the first half of the year
  • Expenses increase by 3% to DKK 404 million
  • The rate of costs decreases to 34% in the half-year
  • Continued increase in new customers results in growth of 6% in the bank’s loans compared to the end of June 2020
  • The expectations for profit before tax were upwardly adjusted to DKK 1,200-1,500 million in June
  • An extra share buy-back programme of DKK 242.5 million is planned to start on 1 October 2021
  • The purchase of BIL Danmark adds more clients and strengthens the bank’s position in private banking

Interim report for the first half of 2021