Ringkjøbing Landbobank (RILBA) Q3 2024 earnings summary

Executive summary

• Net profit reached DKK 1,770 million for the first three quarters of 2024, up 15% year-over-year, with a 22% annualized return on equity.

• Core income increased by 10% to DKK 3,067 million, and earnings per share rose 20% to DKK 69.

• Loans grew by 9% and deposits by 4% compared to the same period last year, with strong customer growth.

• The bank expects full-year net profit at the upper end of the DKK 2,000–2,350 million range.

• The Ringkjøbing Landbobank brand ranked first in the annual Voxmeter Image survey.

Financial highlights

• Net interest income rose 8% to DKK 2,046 million; fee, commission, and FX income up 15% to DKK 828 million.

• Total expenses and depreciation increased 8% to DKK 761 million; cost/income ratio improved to 24.8%.

• Impairment charges for loans were a net income of DKK 2 million, reflecting strong credit quality.

• Profit before tax was DKK 2,349 million; effective tax rate was 24.7%.

• Balance sheet total reached DKK 75,531 million; equity stood at DKK 10,825 million.

Outlook and guidance

• Full-year 2024 net profit is expected at the upper end of the DKK 2.0–2.35 billion range, reflecting strong credit quality and better-than-budgeted impairment charges.

• Guidance remains subject to financial market and macroeconomic developments.