Ringkjøbing Landbobank A/S Page 0
Financial review
Q U A R T E R L Y R E P O R T F O R
T H E F I R S T Q U A R T E R O F 2 0 2 5
Ringkjøbing Landbobank A/S Page 1
Contents
Page
2 Quarterly report highlights
2 Key figures and ratios
3
11 Core earnings
12 Quarterly overviews
14 Management statement
15 Statements of income and comprehensive income
16 Balance sheet
18 Statement of changes in equity
19 Statement of capital
20 Notes
32 Key figures
33
Disclaimer:
This document is a translation of an original document in Danish. The original Danish text shall be the
governing text for all purposes and in case of any discrepancy the Danish wording shall be applicable.
Ringkjøbing Landbobank A/S Page 2
Quarterly report highlights
• The net profit of DKK 616 million is unchanged compared to last year and equivalent to a 22% p.a. return on equity
• Earnings per share (net profit) increase by 5% to DKK 24.5 in the quarter
• Core income increases by 2% to DKK 1,056 million
• Costs increase by 5%, and the cost/income ratio is 24.5%
• Continued strong credit quality means that impairment charges of DKK 24 million were carried to income in the quarter
• Highly satisfactory increase in customer numbers and growth of 10% in loans and 8% in deposits
• The Ringkjøbing Landbobank brand remains in first place in the annual Voxmeter image survey
• Decision to launch a new share buyback programme for DKK 1 billion
• The expectations for net profit for 2025 are maintained unchanged in the range DKK 1.8 - 2.2 billion
Key figures for the bank (DKK million)
Q1 2025
Q1 2024
2024
2023
2022
2021
Total core income
1,056
1,040
4,068
3,828
2,862
2,433
Total expenses and depreciation
259
247
1,044
963
891
817
Core earnings before impairment charges for loans
797
793
3,024
2,865
1,971
1,616
Impairment charges for loans etc.
+24
0
+3
-1
-2
-68
Core earnings
821
793
3,027
2,864
1,969
1,548
Result for the portfolio etc.
-6
+23
+62
-7
-69
+7
Amortisation and write-downs on intangible assets
5
5
20
20
20
17
Tax
194
195
768
682
385
309
Net profit
616
616
2,301
2,155
1,495
1,229
Equity
11,009
10,460
11,034
10,451
9,295
8,723
Deposits including pooled schemes
56,926
52,824
56,652
52,626
48,700
43,740
Loans
56,444
51,417
55,837
50,881
48,342
41,179
Balance sheet total
79,381
73,438
78,633
73,520
68,980
60,357
Guarantees
7,543
6,533
7,198
6,465
7,570
10,270
Financial ratios for the bank (percent)
Net profit/average equity
22.3
23.6
21.4
21.8
16.6
14.6
Cost/income ratio
24.5
23.7
25.7
25.2
31.1
33.6
Common equity tier 1 capital ratio
15.0
15.3
16.6
18.9
17.4
17.6
Total capital ratio
18.2
19.2
19.8
23.0
21.6
22.3
MREL capital ratio
28.5
27.1
28.8
28.9
28.9
27.8
Key figures per DKK 1 share (DKK)
Core earnings
32.6
30.0
118.5
107.1
71.5
54.4
Net profit
24.5
23.3
90.3
80.6
54.3
43.2
Book value
437.4
395.6
433.1
391.0
337.3
306.8
Share price, end of period
1,227.0
1,209.0
1,204.0
991.5
948.0
878.0
Key figures and ratios
Ringkjøbing Landbobank A/S Page 3
Core earnings
Core income
Interest
Net interest income was DKK 638 million in the first
quarter of 2025, compared to DKK 691 million in the first
quarter of 2024 and DKK 656 million in the fourth quarter
of 2024.
Net interest income
(DKK million)
Q1 2025
Q1 2024
2024
Net interest income
638
691
2,702
Since peaking in October 2023, the interest margin has
been under constant pressure. The declining interest rate
level put pressure on the interest margin and continuing
keen competition for loans resulted in pressure on the
lending margin.
To mitigate the pressure on the interest margin, the bank
portfolio thus increased by 9.8% over the past year. The
increase in the first quarter of 2025 was 1.1%. The
increase in loans in the past year is related mainly to the
niches and less to retail.
The bank considers the growth in loans satisfactory and
continues to see good opportunities for growth.
Fee, commission and foreign exchange income
Overall, fee, commission and foreign exchange income
amounted to DKK 327 million in the first three months of
2025, compared to DKK 282 million in the same period in
2024, equivalent to an increase of 16%.
Net fee, commission and foreign exchange income
(DKK million)
Q1 2025
Q1 2024
2024
Securities trading
55
59
189
Asset management and custody
accounts
66
55
239
Payment handling
39
31
132
Loan fees
21
16
72
Guarantee and mortgage credit
commission etc.
72
68
276
Pension and insurance commission
27
20
86
Other fees and commission
12
10
33
Foreign exchange income
35
23
87
Total
327
282
1,114
other
asset management.
Assets in custody accounts etc.
(DKK million)
31 Mar.
2025
31 Mar.
2024
31 Dec.
2024
Custody account holdings
87,539
94,775
93,026
Deposits in pooled schemes
7,005
6,311
7,126
Letpension/PFA Pension
6,027
5,150
5,998
Total
100,571
106,236
106,150
Total income from these three items amounted to DKK
156 million in the first quarter of 2025, compared to DKK
137 million in 2024, an increase of 14%.
Income from payment handling was DKK 39 million in the
first quarter of 2025 compared to DKK 31 million in 2024,
an increase of 26% related to the continued increase in
customer numbers and the return of the fee level to
normal.
Income from loan fees was DKK 21 million in the first
quarter of the year compared to DKK 16 million in 2024
and attributable to a higher level of trading activity for
properties.
quarter of 2025, compared to DKK 68 million the year
before.
the increase in income from this source from DKK 20
million in the first quarter of 2024 to DKK 27 million in
2025, an increase of 38%.
Sector shares and other operating income
Total earnings from banking sector shares amounted to
DKK 90 million in the first three months of the year,
compared to DKK 67 million in 2024. The earnings derive
BankInvest. A general revaluation of the BankInvest
shares was carried out following a guideline issued by the
Danish FSA, which specifies that true and fair values
must be used when redistributing shares in co-owned
asset management companies. As a result, DKK 34
million was extraordinarily carried to income in the
quarter. The remaining earnings in the quarter are
attributable as in the past to the usual ongoing earnings
in the sector companies.
Sector shares and other operating income
(DKK million)
Q1 2025
Q1 2024
2024
Sector shares
90
67
244
Other operating income
0
0
7
Core income
Total core income in the first quarter of the year
increased from DKK 1,040 million in 2024 to DKK 1,056
million in 2025.
Ringkjøbing Landbobank A/S Page 4
Expenses, depreciation and write-downs
Total expenses including depreciation and write-downs
on tangible assets amounted to DKK 259 million in the
first quarter of 2025, compared to a total of DKK 247
million in 2024, an increase of 5%.
Expenses, depreciation and write-downs
(DKK million)
Q1 2025
Q1 2024
2024
Staff and management expenses
153
146
603
IT and other administration expenses
102
94
405
Depreciation and write-downs,
tangible assets
4
4
25
Other operating expenses
0
3
11
Total
259
247
1,044
The cost increase reflects higher staff costs, higher IT
expenses and higher administration expenses.
An increase of approximately 4% in total expenses is
expected for the full year 2025, as in 2024.
The cost/income ratio was 24.5% in the first quarter of
2025, compared to 23.7% in 2024.
A low cost/income ratio combined with good credit
This combination provides a high free cash flow and a
strong revenue shield.
Impairment charges for loans etc.
impairment charges in the first quarter of 2025 was
satisfactory and better than expected. The bank thus
realised net income of DKK 24 million from this item in
the first quarter of 2025. This follows a period of 12
quarters in which the expenditure for losses and
impairment charges was around zero in each quarter.
Impairment charges for loans etc.
(DKK million)
Q1 2025
Q1 2024
2024
Impairment charges for loans etc.
+24
0
+3
In the first quarter of 2025, the bank received and
isk classification of
the individual loans. At 31 December 2024, 76.0% of the
Group 2 institutions.
The bank still assesses the credit quality of its loan
portfolio as good, and the highest credit quality increased
from 76.0% to 76.5% in the quarter. In addition, the bank
was able to reduce the individual impairment charges for
customers in the first quarter of 2025, from DKK 863
million at the end of 2024 to DKK 849 million at the end of
the first quarter of 2025. Actual losses in the first quarter
of 2025 were also very modest, and the net item is
positive.
Overall, a very strong labour market continues to support
business customers.
However, the bank is very aware of the considerably
higher global economic risks arising during the first
quarter of 2025, principally as a result of the aggressive
US statements regarding the introduction of significant
tomers with any
considerable direct sales to the US is very modest.
Ringkjøbing Landbobank A/S Page 5
The geopolitical tension, however, increases the risk of a
setback to the economy at large. The bank has made
considerable management estimates to counter these
risks. The total management estimate increased by DKK
11 million in the first quarter of 2025 and thus amounted
to DKK 990 million at the end of March 2025, equivalent
Loans with suspended interest amounted to DKK 185
million at the end of the first quarter of 2025 compared to
DKK 183 million at the end of 2024.
Core earnings
Core earnings for the first quarter of 2025 were DKK 821
increase of 4%.
Core earnings
(DKK million)
Q1 2025
Q1 2024
2024
Total core income
1,056
1,040
4,068
Total expenses and depreciation
259
247
1,044
Core earnings before impairment
charges
797
793
3,024
Impairment charges for loans etc.
+24
0
+3
Core earnings
821
793
3,027
Earnings per share
they develop.
Core earnings per DKK 1 share were DKK 32.6 in the first
quarter of 2025 compared to DKK 30.0 in 2024, and net
profit also per DKK 1 share was DKK 24.5 in the first
quarter of 2025 compared to DKK 23.3 in 2024. The latter
is equivalent to an increase of 5% compared to the first
quarter of 2024.
share buyback programmes had a positive effect on the
key figures.
Result for the portfolio etc.
The result for the portfolio etc. including portfolio funding
costs was negative by DKK 6 million net for the first three
months of the year, compared to a positive result of DKK
23 million net for the first three months of 2024.
Result for the portfolio etc.
(DKK million)
Q1 2025
Q1 2024
2024
Result for the portfolio etc.
-6
+23
+62
The negative result for the portfolio in 2025 is primarily
attributable to an increase in the long-term mortgage
interest rates in March 2025, which caused a decline in
-term mortgage
bonds.
Ringkjøbing Landbobank A/S Page 6
Amortisation and write-downs on intangible assets
The bank treats amortisation and write-downs on
intangible assets as a special item, since expensing them
enhances the quality of equity and helps to reduce the
deduction when computing total capital.
Amortisation and write-downs on intangible assets
amounted to DKK 5 million in the first quarter of 2025,
unchanged relative to 2024.
Amortisation and write-downs on intangible assets
(DKK million)
Q1 2025
Q1 2024
2024
Amortisation and write-downs
on intangible assets
5
5
20
Profit before and after tax
The profit before tax was DKK 810 million, equivalent to a
29.4% p.a. return on average equity.
The profit after tax was DKK 616 million, equivalent to a
24.5% p.a. return on average equity.
The effective tax rate was 24.0% in the first quarter of
2025, compared to 24.1% in the first quarter of 2024.
Core earnings - alternative performance measure
The bank uses the alternative performance measure
is used as a measure of
performance for both external and internal financial
reporting because deemed to better reflect the actual
banking operations.
Overall, core earnings contains the same items as the
but the calculation method and degree of specification
are different.
Core earnings shows
adjusted for temporary fluctuations following from the
(the securities portfolio less sector shares etc.). The
profit before tax is divided into two main elements: core
earnings and result for the portfolio.
The result for the trading portfolio is composed of value
adjustments for the portfolio plus the actual return in the
form of interest and dividends from the portfolio and less
the calculated funding costs for the portfolio.
Core earnings is shown on page 11 and comments
provided on the preceding pages.
The income statement
Net interest income
Net interest income was DKK 637 million in the first
quarter of 2025 compared to DKK 688 million in 2024.
Net interest income
(DKK million)
Q1 2025
Q1 2024
2024
Interest income
857
957
3,784
Interest expenses
220
269
1,092
Total net interest income
637
688
2,692
The development reflects the pressure on the interest
margin caused by the declining interest rate level and the
pressure on the lending margin resulting from the
continuing keen competition for loans.
To mitigate the pressure on the interest margin, the bank
portfolio thus increased by 9.8% over the past year. The
increase in the first quarter of 2025 was 1.1%. The
increase in loans is related mainly to the niches and less
to retail.
described on page 8.
Dividends from shares etc.
Dividend income from shares etc. totalled DKK 6 million
in the first quarter of the year, which is slightly higher than
in 2024.
Dividends from shares etc.
(DKK million)
Q1 2025
Q1 2024
2024
Dividends from shares etc.
6
4
119
Dividends in the quarter derive from both sector shares
etc. and other shareholdings.
Fee and commission income and fee and commission
expenses
Net fee and commission income was DKK 292 million in
the first quarter of 2025 compared to DKK 259 million in
2024, an increase of 12%.
Net fee and commission income
(DKK million)
Q1 2025
Q1 2024
2024
Fee and commission income
318
284
1,134
Fee and commission expenses
26
25
107
Total net fee and commission
income
292
259
1,027
Please see the comments below and note 3 to the
income statement for a specification of net fee and
commission income.
Ringkjøbing Landbobank A/S Page 7
in the first quarter of 2025 compared to 2024 as a result
continued focus on the private banking segment and
other asset management.
Total net income from the two items thus increased by
DKK 6 million, from DKK 115 million in the first quarter of
2024 to DKK 121 million in 2025.
from DKK 68 million in 2024 to DKK 72 million in 2025.
was DKK 66 million net compared to DKK 50 million net
from this source in 2024. The increase is driven by the
continued increase in customer numbers, a return to
focus on pension advice.
There was an increase of DKK 4 million in income from
the level of trading activities was higher.
was marginally higher by DKK 2 million compared to
2024.
Value adjustments
The value adjustments in the first quarter of 2025
resulted in income totalling DKK 114 million compared to
income totalling DKK 112 million in 2024.
This development is specified as follows:
Value adjustments
(DKK million)
Q1 2025
Q1 2024
2024
Other loans and receivables
-4
-2
4
Bonds
-13
12
76
Shares etc.
93
76
142
Investment properties
0
0
6
Foreign exchange
35
23
87
Derivative financial instruments
-7
-4
11
Issued bonds etc.
10
10
-33
Debt to credit institutions
0
-3
-8
Total value adjustments
114
112
285
portfolio of shares and foreign exchange income in
particular contributed to the positive value adjustments
for the quarter.
Staff and administration expenses
Total staff and administration expenses increased by 6%
in the first quarter of 2025, from DKK 241 million in 2024
to DKK 255 million in 2025.
Staff and administration expenses
(DKK million)
Q1 2025
Q1 2024
2024
Staff and management expenses
153
146
603
Other administration expenses
102
94
405
Total staff and administration
expenses
255
240
1,008
Expenses for staff and management totalled DKK 153
million in the first quarter of 2025 compared to DKK 146
million in 2024, an increase of 4%. The average number of
full-time employees (FTEs) increased from 665 in the first
quarter of 2024 to 674 in the first quarter of 2025.
Other administration expenses totalled DKK 102 million in
the first quarter of 2025 compared to DKK 94 million in
2024, an increase of 8%.
Amortisation, depreciation and write-downs on
intangible and tangible assets
Amortisation, depreciation and write-downs totalled DKK
9 million in the first quarter of 2025 compared to a total
of DKK 8 million in 2024.
Amortisation, depreciation and write-downs on intangible and
tangible assets
(DKK million)
Q1 2025
Q1 2024
2024
Intangible assets
5
5
20
Tangible assets
4
3
25
Total amortisation, depreciation
and write-downs on intangible
and tangible assets
9
8
45
Impairment charges for loans and other receivables etc.
The item represented DKK 0 million in the first quarter of
2024, compared to income of DKK 24 million in 2025. The
development in the item was thus satisfactory and better
than expected.
Impairment charges for loans and other receivables etc.
(DKK million)
Q1 2025
Q1 2024
2024
Impairment charges for loans and
other receivables etc.
+24
0
+3
The bank still assesses the quality of its loan portfolio as
good.
For further details on the development in impairment
charges for loans etc., see page 4 of the management's
review and notes 11 and 26 to the quarterly report.
Ringkjøbing Landbobank A/S Page 8
Balance sheet etc.
Balance sheet items and contingent liabilities
million at the end of March 2025, compared to DKK
73,438 million the year before.
Loans in the period March 2024 to March 2025 increased
from DKK 51,417 million to DKK 56,444 million, an
increase of 9.8%. In the first three months of the year,
loans increased by DKK 607 million, equivalent to 1.1%.
Deposits including pooled schemes increased by 7.8%,
from DKK 52,824 million at the end of March 2024 to DKK
56,926 million at the end of March 2025. The increase in
was DKK 274 million, equivalent to 0.5%.
liabilities including guarantees
amounted to DKK 7,543 million at the end of March 2025,
compared to DKK 6,533 million at the end of March 2024
and DKK 7,198 million at the end of December 2024.
Credit intermediation
In addition to the traditional bank loans shown on its
balance sheet, the bank also arranges mortgage loans on
behalf of both Totalkredit and DLR Kredit.
compared to March 2024 and by 1.3% in the first three
months of the year.
The development is shown in the following summary:
Total credit intermediation
(DKK million)
31 Mar.
2025
31 Mar.
2024
31 Dec.
2024
Loans etc.
56,444
51,417
55,837
Mortgage credit Totalkredit
49,511
46,912
48,554
Mortgage credit DLR Kredit
and others
9,263
9,569
9,321
Total
115,218
107,898
113,712
Securities and market risk
The bank measures its portfolio of securities at fair value.
the end of March 2025, with DKK 68 million in listed
shares and investment fund certificates and DKK 1,475
million in sector shares etc., mainly in the companies DLR
Kredit, BI Holding and PRAS.
The bond portfolio amounted to DKK 6,193 million on 31
March 2025, of which the majority consisted of AAA-
rated Danish mortgage credit bonds.
The total interest rate risk impact on profit of a one
percentage point change in interest level was
March 2025.
rate risk, listed shares etc. and foreign currency remains
at a moderate level, and this policy will continue.
Liquidity
-term funding
liabilities total DKK 1.8 billion, comprising debt to credit
institutions and issued bonds with term to maturity of
less than 12 months. This is balanced by short-term
liquidity management deposits in the central bank of
Denmark, Danmarks Nationalbank, receivables from
credit institutions with term to maturity of less than 12
months and listed securities totalling DKK 12.0 billion.
This means the total excess cover is DKK 10.2 billion.
The bank strengthened its liquidity in the first quarter of
the year. Agreements on new issues of tier 2 capital, non-
preferred senior capital and preferred senior capital
equivalent to a total of DKK 1,555 million were thus
entered into in the first quarter of the year. See also
In terms of liquidity, the bank must comply with the
statutory requirement of at least 100% for both the
liquidity ratios LCR and NSFR.
NSFR 119%. The bank thus met the statutory requirement
for both ratios by a good margin.
Capital structure
Parts of the CRR3 capital adequacy rules entered into
force with effect from the beginning of 2025. The
regulation contains changed weighting principles for
exposures to real estate and new rules on calculating
risk-weighted items in relation to operational risks.
The overall effect of the new rules is an unchanged level
of risk-weighted assets.
11,034 million. The profit for the period must be added to
own shares bought must be subtracted. After this, equity
at the end of March 2025 was DKK 11,009 million.
Ringkjøbing Landbobank A/S Page 9
Core earnings
Ongoing earnings contribute 57% to the computation of
the common equity tier 1. A new DKK 1 billion share
buyback programme has already been deducted from the
common equity tier 1 in the first quarter of 2025.
Following approval by the Danish FSA, the board of
directors decided today to launch the new programme
when the current DKK 500 million share buyback
programme has been completed. The capital ratios will
thus improve gradually in step with the recognition of
ongoing earnings, but with the biggest effect in the fourth
quarter of 2025.
were 18.2% and 15.0% respectively at the end of March
2025.
Capital ratios
31 Mar.
2025
31 Mar.
2024
31 Dec.
2024
Common equity tier 1 capital ratio
15.0
15.3
16.6
Tier 1 capital ratio
15.0
15.3
16.6
Total capital ratio
18.2
19.2
19.8
MREL subordination ratio
27.8
26.0
27.7
MREL capital ratio
28.5
27.1
28.8
Adjusted for the part of the share buyback programmes
tier 1 capital ratio would have been as shown in the table:
The individual solvency requirement at the end of March
2025 was calculated as 8.9%.
At the end of March 2025, the countercyclical capital
buffer for exposures to customers located in Denmark
buffer was 2.1% at the end of March 2025, calculated as
an exposure-weighted average of the specific buffer rates
in the home countries of the customers to whom the
bank is exposed. The capital conservation buffer of 2.5%
and a sector-specific systemic buffer of 0.9% for
exposures to real estate companies at the end of March
2025 should be added to this.
thus 14.4% at the end of the first quarter of 2025.
Compared with the actual total capital of DKK 10.1 billion,
the capital buffer at the end of March 2025 was thus DKK
2.0 billion, equivalent to 3.8 percentage points.
For further information, see the summary below.
Individual solvency requirement, total capital requirement and
excess cover
(%)
31 Mar.
2025
31 Mar.
2024
31 Dec.
2024
Individual solvency requirement
8.9
8.8
8.9
Capital conservation buffer
2.5
2.5
2.5
Countercyclical buffer
2.1
2.5
2.3
Sector-specific systemic buffer
0.9
0.0
0.7
total capital
14.4
13.8
14.4
Excess cover in percentage
points relative to individual
solvency requirement
9.3
10.4
10.9
Excess cover in percentage
points relative to total
requirement for total capital
3.8
5.4
5.4
In December 2024, the bank received an updated MREL
requirement of 18.9% from the Danish FSA, applicable
from the beginning of 2025. The Danish FSA at the same
time notified the bank of a subordination requirement of
23.7%.
The subordination requirement must be met, as a
minimum, with non-preferred senior capital, while the
difference between the MREL requirement plus the
combined capital buffer requirements and the
subordination requirement can be met with preferred
senior capital.
Both the MREL requirement and the subordination
requirement must always be met.
To meet the MREL requirement, the bank has issued non-
preferred senior capital over time. At the end of March
2025, non-preferred senior capital equivalent to a total of
DKK 5.3 billion and preferred senior capital equivalent to
a total of DKK 1.1 billion had been issued. The preferred
senior capital complies with the eligibility provisions and
can be used to cover the difference between the MREL
requirement plus the combined capital buffer
requirements and the subordination requirement.
In the first three months of the year, the bank entered into
agreements on new issues of non-preferred senior capital
equivalent to DKK 798 million, preferred senior capital
equivalent to DKK 516 million and tier 2 capital equivalent
to DKK 241 million. However, the last-mentioned was not
disbursed until the beginning of April 2025.
For further information on capital, please see page 19 of
this quarterly report.
The bank operates with four different capital targets. The
capital targets specify that the common equity tier 1
capital ratio must be at least 13.5%, the total capital ratio
at least 17.0%, the MREL subordination ratio for covering
the subordination requirement at least 25.5% and the
Adjusted tier 1 capital ratio
31 Mar.
2025
31 Mar.
2024
31 Dec.
2024
31 Dec.
2023
31 Dec.
2022
31 Dec.
2021
31 Dec.
2020
Common equity tier 1 capital ratio
15.0
15.3
16.6
18.9
17.4
17.6
17.5
Effect of share buyback programme
2.4
2.7
1.1
0.1
0.1
0.2
-
Effect of deduction for expected
distribution
0.5
0.8
-
-
-
-
-
Adjusted common equity tier 1
17.9
18.8
17.7
19.0
17.5
17.8
17.5
Ringkjøbing Landbobank A/S Page 10
MREL capital ratio for covering the MREL requirement at
least 26.0%, including the capital buffers.
All capital targets must be met at the end of the year. The
capital ratios may fluctuate during the year.
The bank expects not to need refinancing of non-
preferred senior capital and tier 2 capital in the rest of
2025.
Share buyback programmes and capital reduction
again renewed its previous authorisation of the board of
directors to permit the bank, in accordance with the
applicable law, to acquire its own shares to a total
pital.
The share buyback programme totalling DKK 500 million
which was already in progress is proceeding as planned.
On 31 March 2025, a total of 229,100 shares had been
bought back under the programme which the overview
below shows.
The general meeting further decided to cancel the
1,315,042 of the bank's own shares that were bought
during 2024 and in early 2025. The capital reduction is
expected to be finalised in May 2025.
thus DKK 25,162,597 in nom. DKK 1 shares: see below.
Share capital/
Number of
shares
Beginning of 2025
26,706,739
Expected finalisation of capital reduction in May
2025
-1,315,042
Number of shares after the capital reduction
25,391,697
Bought under the DKK 500 million share
buyback programme at the end of March 2025
-229,100
Actual number of shares on 31 March 2025
25,162,597
Following approval by the Danish FSA, the board of
directors today decided to launch a new share buyback
programme for DKK 1 billion when the current DKK 500
million share buyback programme has been completed.
The Supervisory Diamond
Diamond. The Supervisory Diamond contains four
different benchmarks and associated limit values which
Danish banks are expected to observe.
The Supervisory Diamond benchmarks and limit values
Benchmark
Limit
value
Q1
2025
Q1
2024
2024
2023
Liquidity benchmark
>100%
160.8%
183.2%
153.9%
224.9%
Large exposures
<175%
136.2%
130.6%
125.2%
116.9%
Growth in loans
<20%
10.1%
5.0%
10.1%
5.0%
Real estate exposure
<25%
18.7%
21.1%
18.2%
21.1%
As shown above, Ringkjøbing Landbobank meets all four
current limit values by a good margin.
Financial rating and ESG rating
The bank is rated by the international credit rating agency
-term bank
deposits and the long-term issuer rating.
In the environmental, social and governance (ESG) area,
-
on 26 July 2024.
Danish FSA inspection
Using a risk-based approach, the Danish FSA carried out
an ordinary inspection of the bank in the fourth quarter of
2024.
A large number of areas were reviewed during the
inspection and the bank received two orders for the board
of directors.
In its review of exposures, the FSA generally agreed with
thus pleased that its strong credit quality was confirmed.
Image survey
Voxmeter published its annual image and reputation
survey in March 2025. The survey is by far the biggest in
Denmark and based on more than 39,000 respondents.
The Ringkjøbing Landbobank brand again takes first
place.
Expected results for 2025
On 22 January 2025, the bank announced its initial
expectations for 2025, which are net profit in the range
DKK 1.8 - 2.2 billion.
On the basis of the profit for the first quarter of 2025, the
bank maintains its previously announced expectations for
2025.
Accounting policies
The accounting policies are unchanged relative to those
in the submitted and audited 2024 annual report.
Ringkjøbing Landbobank A/S Page 11
Core earnings
Note
no.
Q1
2025
DKK 1,000
Q1
2024
DKK 1,000
Full year
2024
DKK 1,000
Net interest income
638,064
690,874
2,701,744
3
Net fee and commission income excluding securities trading
236,720
199,864
837,562
Income from sector shares etc.
90,271
66,842
244,406
3
Foreign exchange income
35,300
22,610
87,213
Other operating income
327
203
7,305
Total core income excluding securities trading
1,000,682
980,393
3,878,230
3
Securities trading
54,975
59,464
189,277
Total core income
1,055,657
1,039,857
4,067,507
5,6
Staff and administration expenses
254,817
240,392
1,008,206
Depreciation and write-downs on tangible assets
3,807
3,205
24,970
Other operating expenses
0
2,891
10,618
Total expenses etc.
258,624
246,488
1,043,794
Core earnings before impairment charges for loans
797,033
793,369
3,023,713
7
Impairment charges for loans and other receivables etc.
+24,253
-192
+2,801
Core earnings
821,286
793,177
3,026,514
Result for the portfolio etc.
-6,443
+23,096
+62,128
Amortisation and write-downs on intangible assets
4,877
4,877
19,509
Profit before tax
809,966
811,396
3,069,133
8
Tax
194,418
195,480
768,287
Net profit
615,548
615,916
2,300,846
Ringkjøbing Landbobank A/S Page 12
Quarterly overviews
The following pages contain quarterly overviews including core earnings, net profit, balance sheet items and contingent liabilities, and statement of capital.
Core earnings
(DKK million)
Q1
2025
Q4
2024
Q3
2024
Q2
2024
Q1
2024
Q4
2023
Q3
2023
Q2
2023
Q1
2023
Q4
2022
Q3
2022
Q2
2022
Q1
2022
Q4
2021
Q3
2021
Q2
2021
Q1
2021
Net interest income
638
656
678
677
691
717
686
652
561
511
410
390
366
355
336
327
325
Net fees and commission excluding
securities trading
237
218
212
208
200
207
193
193
185
190
199
196
199
182
170
166
159
Income from sector shares etc.
90
58
58
61
67
60
47
45
41
46
38
41
44
47
49
43
40
Foreign exchange income
35
23
20
21
23
20
18
19
20
17
18
16
15
15
14
13
16
Other operating income
1
0
4
3
0
1
5
0
0
1
0
0
1
0
0
1
4
Core income excluding securities trading
1,001
955
972
970
981
1,005
949
909
807
765
665
643
625
599
569
550
544
Securities trading
55
46
44
41
59
38
40
38
42
34
40
41
49
52
34
29
56
Total core income
1,056
1,001
1,016
1,011
1,040
1,043
989
947
849
799
705
684
674
651
603
579
600
Staff and administration expenses
255
275
237
255
241
248
231
238
222
229
214
221
207
206
191
195
198
Depreciation and write-downs, tangible
assets
4
5
14
3
3
5
3
3
3
5
3
4
1
9
3
4
3
Other operating expenses
0
3
2
3
3
2
3
3
2
2
2
1
2
2
2
2
2
Total expenses etc.
259
283
253
261
247
255
237
244
227
236
219
226
210
217
196
201
203
Core earnings before impairment charges
797
718
763
750
793
788
752
703
622
563
486
458
464
434
407
378
397
Impairment charges for loans etc.
+24
+1
+1
+1
0
0
0
0
-1
0
0
-1
-1
-7
-13
-19
-29
Core earnings
821
719
764
751
793
788
752
703
621
563
486
457
463
427
394
359
368
Result for the portfolio etc.
-6
+6
+26
+7
+23
+29
-8
-7
-21
+11
-61
-10
-9
+11
-1
+7
-10
Amortisation and write-downs, intangible
assets
5
5
5
5
5
5
5
5
5
5
5
5
5
5
4
4
4
Profit before tax
810
720
785
753
811
812
739
691
595
569
420
442
449
433
389
362
354
Tax
194
189
196
188
195
198
178
166
140
110
91
94
90
79
87
71
72
Net profit
616
531
589
565
616
614
561
525
455
459
329
348
359
354
302
291
282
Ringkjøbing Landbobank A/S Page 13
Quarterly overviews
Balance sheet items and contingent liabilities
(DKK million)
End of
Q1
2025
End of
Q4
2024
End of
Q3
2024
End of
Q2
2024
End of
Q1
2024
End of
Q4
2023
End of
Q3
2023
End of
Q2
2023
End of
Q1
2023
End of
Q4
2022
End of
Q3
2022
End of
Q2
2022
End of
Q1
2022
End of
Q4
2021
End of
Q3
2021
End of
Q2
2021
End of
Q1
2021
Loans
56,444
55,837
53,887
52,535
51,417
50,881
49,590
49,996
48,842
48,342
48,052
46,681
43,352
41,179
38,849
37,268
37,210
Deposits including
pooled schemes
56,926
56,652
54,238
53,818
52,824
52,626
52,216
50,799
48,786
48,700
47,637
46,144
42,599
43,740
41,475
41,376
41,766
Equity
11,009
11,034
10,825
10,593
10,460
10,451
10,042
9,647
9,310
9,295
9,009
8,864
8,671
8,723
8,563
8,333
8,132
Balance sheet total
79,381
78,633
75,531
75,616
73,438
73,520
73,254
71,012
69,649
68,980
67,463
65,226
60,157
60,357
57,562
57,123
56,845
Contingent liabilities
7,543
7,198
6,941
7,090
6,533
6,465
6,780
7,216
6,993
7,570
8,998
11,244
12,432
10,270
10,886
11,811
10,370
Statement of capital
(DKK million)
Common equity tier 1
8,298
9,134
8,113
7,917
7,610
9,225
8,391
8,408
7,951
8,154
7,532
7,720
7,471
7,632
7,255
7,274
7,122
Tier 1 capital
8,298
9,134
8,113
7,917
7,610
9,225
8,391
8,408
7,951
8,154
7,532
7,720
7,471
7,632
7,255
7,274
7,122
Total capital
10,062
10,888
9,783
9,849
9,533
11,188
10,314
9,847
9,894
10,107
9,499
9,730
9,476
9,635
8,743
8,763
8,614
MREL subordinated
capital
15,391
15,295
13,606
13,670
12,932
-
-
-
-
-
-
-
-
-
-
-
-
MREL capital
15,779
15,892
14,202
14,231
13,454
14,097
13,202
13,113
13,411
13,533
12,937
13,183
12,445
12,033
11,167
11,596
10,837
Total risk exposure
55,396
55,123
52,150
50,968
49,648
48,733
47,706
47,627
47,043
46,855
47,326
46,940
44,880
43,285
41,729
41,063
42,271
(Percent)
Common equity tier 1
capital ratio
15.0
16.6
15.6
15.5
15.3
18.9
17.6
17.7
16.9
17.4
15.9
16.4
16.6
17.6
17.4
17.7
16.8
Tier 1 capital ratio
15.0
16.6
15.6
15.5
15.3
18.9
17.6
17.7
16.9
17.4
15.9
16.4
16.6
17.6
17.4
17.7
16.8
Total capital ratio
18.2
19.8
18.8
19.3
19.2
23.0
21.6
20.7
21.0
21.6
20.1
20.7
21.1
22.3
21.0
21.3
20.4
MREL subordination
ratio
27.8
27.7
26.1
26.8
26.0
-
-
-
-
-
-
-
-
-
-
-
-
MREL capital ratio
28.5
28.8
27.2
28.0
27.1
28.9
27.7
27.5
28.5
28.9
27.3
28.1
27.7
27.8
26.8
28.2
25.6
Ringkjøbing Landbobank A/S Page 14
Management statement
The board of directors and the general management have today discussed and approved the quarterly report of Ringkjøbing
Landbobank A/S for the period 1 January to 31 March 2025.
The quarterly report is drawn up in accordance with statutory requirements, including the provisions of the Danish Financial
Business Act and other Danish disclosure requirements for listed financial companies. We consider the chosen accounting
policies to be appropriate and the estimates made responsible, so that the quarterly report provides a true and fair view of
period
1 January
uncertainties which can affect the bank.
out
procedures corresponding to those required for a review and have thereby checked that the conditions for ongoing
recognition of the profit for the period in the common equity tier 1 capital have been met.
Ringkøbing, 30 April 2025
General management:
John Fisker
CEO
Claus Andersen
General Manager
Jørn Nielsen
General Manager
Carl Pedersen
General Manager
Board of directors:
Martin Krogh Pedersen
Chair
Jacob Møller
Deputy Chair
Morten Jensen
Deputy Chair
Jon Steingrim Johnsen
Anne Kaptain
Karsten Madsen
Lone Rejkjær Söllmann
Lene Weldum
Lisa Munkholm
Employee representative
Nanna G. Snogdal
Employee representative
Martin Wilche
Employee representative
Finn Aaen
Employee representative
Ringkjøbing Landbobank A/S Page 15
Statements of income and comprehensive income
Note
no.
Q1
2025
DKK 1,000
Q1
2024
DKK 1,000
Full year
2024
DKK 1,000
1
Interest income
856,642
957,226
3,783,746
2
Interest expenses
219,443
269,285
1,091,746
Net interest income
637,199
687,941
2,692,000
Dividends from shares etc.
6,431
3,674
118,788
3
Fee and commission income
318,251
283,766
1,133,604
3
Fee and commission expenses
26,556
24,438
106,765
Net interest and fee income
935,325
950,943
3,837,627
4
Value adjustments
+113,562
+111,807
+284,706
Other operating income
327
203
7,305
5,6
Staff and administration expenses
254,817
240,932
1,008,206
Amortisation, depreciation and write-downs on intangible and
tangible assets
8,684
8,082
44,479
Other operating expenses
0
2,891
10,618
7,11
Impairment charges for loans and other receivables etc.
+24,253
-192
+2,801
Results from investments in associated companies and
subsidiaries
0
0
-3
Profit before tax
809,966
811,396
3,069,133
8
Tax
194,418
195,480
768,287
Net profit
615,548
615,916
2,300,846
Other comprehensive income
0
0
0
Total comprehensive income for the period
615,548
615,916
2,300,846
Ringkjøbing Landbobank A/S Page 16
Balance sheet
Note
no.
31 March
2025
DKK 1,000
31 March
2024
DKK 1,000
31 December
2024
DKK 1,000
Assets
Cash in hand and demand deposits with central banks
5,287,006
4,611,839
5,844,446
9
Receivables from credit institutions and central banks
422,549
286,482
251,577
10,11,12
Total loans and other receivables at amortised cost
56,443,558
51,416,741
55,837,006
13
Bonds at fair value
6,193,114
7,295,748
6,015,535
14
Shares etc.
1,542,640
1,485,124
1,534,566
Investments in associated companies
465
485
465
Investments in subsidiaries
12,080
12,063
12,080
15
Assets linked to pooled schemes
7,004,631
6,311,359
7,126,019
16
Intangible assets
987,775
1,007,284
992,652
Total land and buildings
209,300
210,951
210,972
Investment properties
829
3,667
829
Domicile properties
189,332
192,900
189,470
Domicile properties (leasing)
19,139
14,384
20,673
Other tangible assets
16,740
15,690
16,949
Current tax assets
523,454
0
77,732
Deferred tax assets
11,924
15,883
19,492
Temporary assets
100
100
100
Other assets
705,791
749,592
674,037
Prepayments
19,527
18,636
19,558
Total assets
79,380,654
73,437,977
78,633,186
Ringkjøbing Landbobank A/S Page 17
Balance sheet
Note
no.
31 March
2025
DKK 1,000
31 March
2024
DKK 1,000
31 December
2024
DKK 1,000
Liabilities and equity
17
Debt to credit institutions and central banks
2,298,601
1,909,530
2,287,890
Total deposits and other debt
56,926,406
52,823,747
56,651,758
18
Deposits and other debt
49,921,775
46,512,388
49,525,739
15
Deposits in pooled schemes
7,004,631
6,311,359
7,126,019
19
Issued bonds at amortised cost
6,496,136
5,179,662
5,718,268
Preferred senior capital
1,247,761
1,884,310
1,383,980
Non-preferred senior capital
5,248,375
3,295,352
4,334,288
Current tax liabilities
0
71,396
0
Other liabilities
806,013
867,573
1,085,016
Deferred income
167
152
126
Total debt
66,527,323
60,852,060
65,743,058
11
Provisions for losses on guarantees
24,657
59,169
35,553
11
Other provisions for liabilities
23,457
27,023
24,696
Total provisions for liabilities
48,114
86,192
60,429
Tier 2 capital
1,796,163
2,040,160
1,795,609
20
Total subordinated debt
1,796,163
2,040,160
1,795,609
21
Share capital
26,707
27,491
26,707
Net revaluation reserve under the equity method
472
475
472
Retained earnings
10,981,875
10,431,599
10,711,317
Proposed dividend etc.
-
-
295,774
Total shareholders’ equity
11,009,054
10,459,565
11,034,270
Total liabilities and equity
79,380,654
73,437,977
78,633,186
22
Own shares
23
Contingent liabilities etc.
24
Assets provided as security
Credit risk
25
Loans and guarantees in percent, by sector and industry
26
Loans, guarantees and unutilised credit facilities and credit undertakings by credit quality and IFRS 9 stages
(before impairment and provisions), and impairment charges by stages
27
Miscellaneous information
Ringkjøbing Landbobank A/S Page 18
Statement of changes in equity
DKK 1,000
Share
capital
Net revaluation
reserve under the
equity method
Retained
earnings
Proposed
dividend
etc.
Total
shareholders’
equity
At 31 March 2025:
Shareholders’ equity at the end of the previous
financial year
26,707
472
10,711,317
295,774
11,034,270
Comprehensive income
Net profit for the period
615,548
615,548
Total comprehensive income
0
0
615,548
0
615,548
Transactions with shareholders
Dividend etc. paid
-295,774
-295,774
Dividend received on own shares
16,145
16,145
Purchase of own shares
-719,755
-719,755
Sale of own shares
346,172
346,172
Other equity transactions (employee shares)
12,448
12,450
Total transactions with shareholders
0
0
-344,990
-295,774
-640,764
Shareholders’ equity on the balance sheet date
26,707
472
10,981,875
0
11,009,054
At 31 March 2024:
Shareholders’ equity at the end of the previous
financial year
27,491
475
10,146,325
276,913
10,451,204
Comprehensive income
Net profit for the period
615,916
615,916
Total comprehensive income
0
0
615,916
0
615,916
Transactions with shareholders
Dividend etc. paid
-276,913
-276,913
Dividend received on own shares
9,193
9,193
Purchase of own shares
-686,892
-686,892
Sale of own shares
339,863
339,863
Other equity transactions (employee shares)
7,194
7,194
Total transactions with shareholders
0
0
-330,642
-276,913
-607,555
Shareholders’ equity on the balance sheet date
27,491
475
10,431,599
0
10,459,565
At 31 December 2024:
Shareholders’ equity at the end of the previous
financial year
27,491
475
10,146,325
276,913
10,451,204
Comprehensive income
Net profit for the year
-3
2,005,075
295,774
2,300,846
Total comprehensive income
0
-3
2,005,075
295,774
2,300,846
Transactions with shareholders
Reduction of share capital
-784
784
0
Dividend etc. paid
-276,913
-276,913
Dividend received on own shares
9,193
9,193
Purchase of own shares
-2,469,960
-2,469,960
Sale of own shares
986,656
986,656
Other equity transactions (employee shares)
33,244
33,244
Total transactions with shareholders
-784
0
-1,440,083
-276,913
-1,717,780
Shareholders’ equity on the balance sheet date
26,707
472
10,711,317
295,774
11,034,270
Ringkjøbing Landbobank A/S Page 19
Statement of capital
31 March
2025
DKK 1,000
31 March
2024
DKK 1,000
31 December
2024
DKK 1,000
Credit risk
50,028,921
42,491,462
47,080,974
Market risk
1,168,273
1,615,611
1,469,899
Operational risk
4,198,979
5,541,119
6,572,588
Total risk exposure
55,396,173
49,648,192
55,123,461
11,009,054
10,459,565
11,034,270
Proposed dividend etc.
-
-
-295,774
Deduction for expected distributions
-264,686
-400,346
-
Addition for IFRS 9 transitional arrangements
-
191,441
214,562
Deduction for insufficient coverage of non-performing exposures
-44,031
-56,481
-20,477
Deduction for the sum of equity investments etc. above 10%
-105,581
-280,991
-137,773
Deduction for prudent valuation
-15,203
-15,783
-15,237
Deduction for intangible assets
-987,775
-1,007,284
-992,652
Deferred tax on intangible assets
10,848
14,673
11,804
Deferred tax on tangible assets etc.
-22,772
-30,556
-31,296
Deduction of amount of share buyback programme
-3,025,000
-1,533,000
-2,025,000
Actual utilisation of amount of share buyback programme
1,790,682
309,521
1,434,685
Deduction for trading limit for own shares
-15,000
-15,000
-15,000
Actual utilisation of the trading limit for own shares
0
0
36
Deduction for indirect ownership of own shares
-32,119
-25,607
-27,718
Common equity tier 1
8,298,417
7,610,152
9,134,430
Tier 1 capital
8,298,417
7,610,152
9,134,430
Tier 2 capital
1,796,163
2,041,418
1,795,609
Deduction for the sum of equity investments etc. above 10%
-33,038
-118,715
-42,073
Total capital
10,061,542
9,532,855
10,887,966
Non-preferred senior capital
5,329,230
3,399,388
4,407,393
MREL subordinated capital
15,390,772
12,932,243
15,295,359
Recognised contractual senior capital
387,928
522,085
596,796
MREL capital
15,778,700
13,454,328
15,892,155
Common equity tier 1 capital ratio (%)
15.0
15.3
16.6
Tier 1 capital ratio (%)
15.0
15.3
16.6
Total capital ratio (%)
18.2
19.2
19.8
MREL subordination ratio (%)
27.8
26.0
27.7
MREL capital ratio (%)
28.5
27.1
28.8
Pillar I capital requirements
4,431,694
3,971,885
4,409,877
Subordination requirement (%) fixed by the Danish FSA
23.7
22.8
22.8
Excess cover in %-points relative to the subordination requirement
4.1
3.2
4.9
MREL requirement (%) fixed by the Danish FSA
18.9
18.9
18.9
Excess cover in %-points relative to MREL requirement
9.6
8.2
9.9
MREL requirement (%) fixed by the Danish FSA including buffers
24.4
23.9
24.4
Excess cover in %-points relative to MREL requirement incl. buffers
4.1
3.2
4.4
Individual solvency requirement (%)
8.9
8.8
8.9
Capital conservation buffer (%)
2.5
2.5
2.5
Countercyclical buffer (%)
2.1
2.5
2.3
Sector-specific systemic buffer (%)
0.9
-
0.7
14.4
13.8
14.4
Excess cover in %-points relative to individual solvency requirement
9.3
10.4
10.9
Excess cover in %-points relative to total requirement for total capital
3.8
5.4
5.4
Ringkjøbing Landbobank A/S Page 20
Notes
Note
no.
Q1
2025
DKK 1,000
Q1
2024
DKK 1,000
Full year
2024
DKK 1,000
1
Interest income
Receivables from credit institutions and central banks
32,312
34,038
141,499
Loans and other receivables
777,426
859,112
3,391,881
Loans interest on the impaired part of loans
-12,806
-15,463
-57,641
Bonds
52,220
76,450
296,640
Total derivative financial instruments
7,490
3,089
9,559
of which currency contracts net
537
-2,304
-14,782
of which interest-rate contracts net
6,953
5,393
24,381
Other interest income
0
0
1,808
Total interest income
856,642
957,226
3,783,746
of which interest income from collateralised repurchase agreements/
reverse repo transactions booked
0
1,581
3,214
2
Interest expenses
Debt to credit institutions and central banks
6,420
4,040
20,409
Deposits and other debt
132,417
184,876
725,999
Issued bonds
59,254
50,468
226,966
Subordinated debt
20,941
29,666
111,568
Other interest expenses
411
235
6,804
Total interest expenses
219,443
269,285
1,091,746
3
Gross fee and commission income
Securities trading
58,852
63,491
204,350
Asset management and custody accounts
70,728
59,600
256,569
Payment handling
52,289
42,700
188,875
Loan fees
23,256
18,431
81,653
Guarantee commission and mortgage credit commission etc.
72,487
67,501
276,163
Pension and insurance commission
27,125
19,703
85,867
Other fees and commission
13,514
12,340
40,127
Total gross fee and commission income
318,251
283,766
1,133,604
Net fee and commission income
Securities trading
54,975
59,464
189,277
Asset management and custody accounts
65,834
55,442
238,645
Payment handling
38,660
30,541
131,773
Loan fees
20,827
16,415
72,135
Guarantee commission and mortgage credit commission etc.
72,487
67,501
276,163
Pension and insurance commission
27,125
19,703
85,868
Other fees and commission
11,787
10,262
32,978
Total net fee and commission income
291,695
259,328
1,026,839
Foreign exchange income
35,300
22,610
87,213
Total net fee, commission and foreign exchange income
326,995
281,938
1,114,052
Ringkjøbing Landbobank A/S Page 21
Notes
Note
no.
Q1
2025
DKK 1,000
Q1
2024
DKK 1,000
Full year
2024
DKK 1,000
4
Value adjustments
Other loans and receivables
-4,223
-2,116
3,980
Bonds
-13,328
11,831
76,410
Shares etc.
92,903
76,532
141,492
Investment properties
0
0
6,112
Foreign exchange
35,300
22,610
87,213
Total derivative financial instruments
-7,417
-4,094
10,945
of which currency contracts
-11,267
-9,349
23,282
of which interest-rate contracts
3,851
5,139
-12,204
of which share contracts
-1
116
-133
Assets linked to pooled schemes
-185,946
294,472
658,655
Deposits in pooled schemes
185,946
-294,472
-658,655
Issued bonds etc.
10,327
10,411
-33,476
Debt to credit institutions
0
-3,367
-7,970
Total value adjustments
113,562
111,807
284,706
The part of value adjustments relating to the fair value hedging accounts
below is distributed as follows:
Other loans and receivables
-4,136
-2,130
4,010
Bonds
-449
0
530
Currency contracts
-11,943
-10,079
25,451
Interest-rate contracts
6,201
5,165
11,454
Issued bonds etc.
10,327
10,411
-33,476
Debt to credit institutions
0
-3,367
-7,969
Total effect of hedging on profit
0
0
0
5
Staff and administration expenses
Total payments and fees to general management, board of directors and
6,257
5,697
29,905
General management
6,249
5,697
23,545
Board of directors
0
0
5,380
8
0
980
Total staff expenses
146,595
140,512
573,595
Salaries
113,114
108,680
441,654
Pensions
12,893
12,304
49,127
Social security expenses
1,252
1,821
5,737
Costs depending on number of staff
19,336
17,707
77,077
Other administration expenses
101,965
94,183
404,706
Total staff and administration expenses
254,817
240,392
1,008,206
6
Number of full-time employees
Average number of employees during the period converted into full-time
equivalents
674
665
664
Number of full-time employees at the end of the period
674
666
665
7
Impairment charges for loans and other receivables etc.
Net changes in impairment charges for loans and other receivables etc.
and provisions for losses on guarantees and unutilised credit facilities
+8,003
20,665
39,957
Actual realised net losses
+3,444
+5,000
14,883
Interest on the impaired part of loans
+12,806
+15,463
+57,641
Total impairment charges for loans and other receivables etc.
+24,253
192
+2,801
Ringkjøbing Landbobank A/S Page 22
Notes
Note
no.
Q1
2025
DKK 1,000
Q1
2024
DKK 1,000
Full year
2024
DKK 1,000
8
Tax
Tax calculated on income for the year
186,849
191,357
759,851
Adjustment of deferred tax
7,569
4,123
3,355
Adjustment of tax calculated for previous years
0
0
5,081
Total tax
194,418
195,480
768,287
Effective tax rate (%):
Tax rate currently paid by the bank
22.0
22.0
22.0
Factor increase (extra tax imposed on financial undertakings)
4.0
4.0
4.0
Non-taxable income and non-deductible costs*
-2.0
-1.9
-1.2
Adjustment regarding previous years etc.
0.0
0.0
0.2
Total effective tax rate
24.0
24.1
25.0
* Primarily value adjustment of and dividends from sector shares.
31 March
2025
31 March
2024
31 December
2024
DKK 1,000
DKK 1,000
DKK 1,000
9
Receivables from credit institutions and central banks
On demand
422,549
286,482
251,577
Total receivables from credit institutions and central banks
422,549
286,482
251,577
10
Loans and other receivables at amortised cost
On demand
10,254,298
7,659,924
11,233,326
Up to and including 3 months
3,459,048
4,307,635
2,129,418
More than 3 months and up to and including 1 year
9,962,011
9,050,127
11,372,041
More than 1 year and up to and including 5 years
15,357,863
13,033,900
13,705,681
More than 5 years
17,410,338
17,365,155
17,396,540
Total loans and other receivables at amortised cost
56,443,558
51,416,741
55,837,006
of which collateralised repurchase agreements/reverse repo transactions
0
172,996
0
Ringkjøbing Landbobank A/S Page 23
Notes
Note
no.
11
Impairment charges for loans and other receivables and provisions for losses on guarantees,
unutilised credit facilities and loan undertakings
Impairment charges and provisions – by stages
Stage 1
Stage 2
Stage 3
Total
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
At 31 March 2025
Loans and other receivables at amortised cost
473,445
1,111,648
733,337
2,318,430
Guarantees
6,248
7,495
10,914
24,657
Unutilised credit facilities and loan undertakings
12,020
11,437
0
23,457
Total impairment charges and provisions by stages
491,713
1,130,580
744,251
2,366,544
of which management estimates
313,296
480,995
196,102
990,393
At 31 March 2024
Loans and other receivables at amortised cost
387,245
1,087,260
794,547
2,269,052
Guarantees
6,343
14,463
38,363
59,169
Unutilised credit facilities and loan undertakings
13,163
13,860
0
27,023
Total impairment charges and provisions by stages
406,751
1,115,583
832,910
2,355,244
of which management estimates
260,911
500,397
193,610
954,918
At 31 December 2024
Loans and other receivables at amortised cost
445,648
1,155,597
713,052
2,314,297
Guarantees
5,991
8,977
20,585
35,533
Unutilised credit facilities and loan undertakings
11,749
12,947
0
24,696
Total impairment charges and provisions by stages
463,388
1,177,521
733,637
2,374,546
of which management estimates
294,313
505,614
179,507
979,434
31 March
2025
31 March
2024
31 December
2024
DKK 1,000
DKK 1,000
DKK 1,000
The above includes the following stage 3 impairment charges and provisions
taken over from Nordjyske Bank:
Cumulative stage 3 impairment charges and provisions at the end of the
previous financial year
73,637
100,852
100,852
Change during the period
-1,011
-7,086
-27,215
Total stage 3 impairment charges and provisions taken over
72,626
93,766
73,637
Ringkjøbing Landbobank A/S Page 24
Notes
Note
no.
11
Impairment charges for loans and other receivables and provisions for losses on guarantees,
unutilised credit facilities and loan undertakings – continued
Impairment charges and provisions
Impairment
charges etc.
taken to
income
statement
Stage 1
Stage 2
Stage 3
Total
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
At 31 March 2025
Impairment charges and provisions at the end
of the previous financial year
463,388
1,177,521
733,637
2,374,546
-
Impairment charges and provisions for new
exposures during the period, including new
accounts for existing customers
42,331
61,609
32,935
136,875
136,875
Reversed impairment charges and provisions
for repaid accounts
-40,192
-109,927
-34,716
-184,835
-184,835
Migration of impairment charges and
provisions at beginning of period to stage 1
115,193
-110,999
-4,194
0
-
Migration of impairment charges and
provisions at beginning of period to stage 2
-8,488
23,964
-15,476
0
-
Migration of impairment charges and
provisions at beginning of period to stage 3
-102
-12,961
13,063
0
-
Impairment charges and provisions during the
year resulting from credit risk change
-80,417
101,373
22,630
43,586
43,586
Previously written down, now definitively lost
-
-
-3,628
-3,628
-
Lost, not previously written down
-
-
-
-
1,003
Received on claims previously written off
-
-
-
-
-8,076
Interest on the impaired part of loans
-
-
-
-
-12,806
Total impairment charges and provisions
491,713
1,130,580
744,251
2,366,544
-24,253
of which regarding credit institutions etc.
1,413
0
0
1,413
548
At 31 March 2024
Impairment charges and provisions at the end
of the previous financial year
399,251
1,062,292
873,046
2,334,589
-
Impairment charges and provisions for new
exposures during the period, including new
accounts for existing customers
33,250
15,351
37,892
86,493
86,493
Reversed impairment charges and provisions
for repaid accounts
-30,181
-54,025
-40,391
-124,597
-124,597
Migration of impairment charges and
provisions at beginning of period to stage 1
109,651
-99,863
-9,788
0
-
Migration of impairment charges and
provisions at beginning of period to stage 2
-10,727
62,200
-51,473
0
-
Migration of impairment charges and
provisions at beginning of period to stage 3
-145
-12,827
12,972
0
-
Impairment charges and provisions during the
year resulting from credit risk change
-94,348
142,455
12,173
62,280
60,280
Previously written down, now definitively lost
-
-
-1,521
-1,521
-
Lost, not previously written down
-
-
-
-
608
Received on claims previously written off
-
-
-
-
-7,129
Interest on the impaired part of loans
-
-
-
-
-15,463
Total impairment charges and provisions
406,751
1,115,583
832,910
2,355,244
192
of which regarding credit institutions etc.
1,423
0
0
1,423
830
Ringkjøbing Landbobank A/S Page 25
Notes
Note
no.
11
Impairment charges for loans and other receivables and provisions for losses on guarantees,
unutilised credit facilities and loan undertakings – continued
Impairment charges and provisions – continued
Impairment
charges etc.
taken to
income
statement
Stage 1
Stage 2
Stage 3
Total
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
At 31 December 2024
Impairment charges and provisions at the end
of the previous financial year
399,251
1,062,292
873,046
2,334,589
-
Impairment charges and provisions for new
exposures during the period, including new
accounts for existing customers
139,743
76,184
65,140
281,067
281,067
Reversed impairment charges and provisions
for repaid accounts
-78,850
-209,515
-118,047
-406,412
-406,412
Migration of impairment charges and
provisions at beginning of period to stage 1
207,564
-187,450
-20,114
0
0
Migration of impairment charges and
provisions at beginning of period to stage 2
-30,746
130,014
-99,268
0
0
Migration of impairment charges and
provisions at beginning of period to stage 3
-1,865
-49,317
51,182
0
0
Impairment charges and provisions during the
year resulting from credit risk change
-171,709
355,313
34,792
218,396
218,396
Previously written down, now definitively lost
-
-
-53,094
-53,094
-
Lost, not previously written down
-
-
-
-
24,875
Received on claims previously written off
-
-
-
-
-63,086
Interest on the impaired part of loans
-
-
-
-
-57,641
Total impairment charges and provisions
463,388
1,177,521
733,637
2,374,546
-2,801
of which regarding credit institutions etc.
573
0
0
573
-20
31 March
2025
DKK 1,000
31 March
2024
DKK 1,000
31 December
2024
DKK 1,000
12
Suspended interest
Loans and other receivables with suspended interest on the balance sheet
date
184,879
73,503
182,799
13
Bonds at fair value
Mortgage credit bonds
4,343,826
5,750,146
4,134,116
Other bonds
1,849,288
1,545,602
1,881,419
Total bonds at fair value
6,193,114
7,295,748
6,015,535
Bonds at fair value by rating classes
Percent
Percent
Percent
Aaa/AAA
70
79
69
A1/A+
0
2
0
A2/A
5
1
5
A3/A-
1
3
1
Baa1/BBB+
1
1
1
Baa2/BBB
2
2
4
Ba1/BB+
0
1
-
Not rated
21
11
20
Total
100
100
100
. If
an issue has more than one rating, the lowest is used.
Ringkjøbing Landbobank A/S Page 26
Notes
Note
no.
31 March
2025
DKK 1,000
31 March
2024
DKK 1,000
31 December
2024
DKK 1,000
14
Shares etc.
Listed on Nasdaq Copenhagen
64,816
51,553
56,053
Investment fund certificates
2,965
19,206
1,755
Unlisted shares at fair value
8,985
11,339
12,002
Sector shares at fair value
1,465,874
1,403,026
1,464,756
Total shares etc.
1,542,640
1,485,124
1,534,566
15
Assets linked to pooled schemes
Cash deposits
21,598
18,308
172,766
Bonds:
Other bonds
1,525,009
1,525,795
1,521,856
Total bonds
1,525,009
1,525,795
1,521,856
Shares:
Other shares
374,978
438,484
378,223
Investment fund certificates
5,099,021
4,341,516
5,053,174
Total shares
5,473,999
4,780,000
5,431,397
Other items
-15,975
-12,744
0
Total assets linked to pooled schemes
7,004,631
6,311,359
7,126,019
16
Intangible assets
Goodwill
Cost at the end of the previous financial year
923,255
923,255
923,255
Total cost on the balance sheet date
923,255
923,255
923,255
Total goodwill on the balance sheet date
923,255
923,255
923,255
Customer relationships
Cost at the end of the previous financial year
195,088
195,088
195,088
Total cost on the balance sheet date
195,088
195,088
195,088
Amortisation at the end of the previous financial year
125,691
106,182
106,182
Amortisation for the period
4,877
4,877
19,509
Total amortisation on the balance sheet date
130,568
111,059
125,691
Total customer relationships on the balance sheet date
64,520
84,029
69,397
Total intangible assets on the balance sheet date
987,775
1,007,284
992,652
17
Debt to credit institutions and central banks
On demand
872,629
579,948
838,399
Up to and including 3 months
7,037
2,665
0
More than 3 months and up to and including 1 year
766,730
554,774
771,177
More than 1 year and up to and including 5 years
333,218
424,762
351,595
More than 5 years
318,987
347,381
326,719
Total debt to credit institutions and central banks
2,298,601
1,909,530
2,287,890
Ringkjøbing Landbobank A/S Page 27
Notes
Note
no.
31 March
2025
DKK 1,000
31 March
2024
DKK 1,000
31 December
2024
DKK 1,000
18
Deposits and other debt
On demand
35,455,109
32,077,947
35,249,399
Deposits and other debt with notice:
Up to and including 3 months
5,592,315
4,910,825
5,152,534
More than 3 months and up to and including 1 year
3,883,978
3,244,745
4,155,377
More than 1 year and up to and including 5 years
1,528,431
2,683,943
1,585,896
More than 5 years
3,461,942
3,594,928
3,382,533
Total deposits and other debt
49,921,775
46,512,388
49,525,739
of which deposits covered by the Guarantee Fund
53.8%
55.8%
54.6%
Distributed as follows:
On demand
35,403,459
32,510,295
35,508,509
With notice
5,311,007
5,160,640
5,857,294
Time deposits
3,701,454
3,577,967
2,755,455
Long-term deposit agreements
2,305,521
2,018,791
2,323,590
Special types of deposits
3,200,334
3,244,695
3,080,891
Total deposits and other debt
49,921,775
46,512,388
49,525,739
19
Issued bonds at amortised cost
Up to and including 3 months
0
0
649,976
More than 3 months and up to and including 1 year
149,345
1,385,491
149,442
More than 1 year and up to and including 5 years
5,368,249
2,950,434
3,694,098
More than 5 years
978,542
843,737
1,224,752
Total issued bonds at amortised cost
6,496,136
5,179,662
5,718,268
Distributed as follows:
Preferred senior capital
1,262,065
1,917,920
1,395,995
Adjustment to amortised cost and fair value adjustment
-14,304
-33,610
-12,015
Total preferred senior capital
1,247,761
1,884,310
1,383,980
Non-preferred senior capital
5,331,020
3,401,630
4,409,296
Adjustment to amortised cost and fair value adjustment
-82,645
-106,278
-75,008
Total non-preferred senior capital
5,248,375
3,295,352
4,334,288
Total issued bonds at amortised cost
6,496,136
5,179,662
5,718,268
20
Subordinated debt
Tier 2 capital:
Floating-rate loan, principal of EUR 100 million
-
745,835
-
Floating-rate loan, principal of DKK 300 million,
maturity date 13 June 2030
300,000
300,000
300,000
Floating-rate loan, principal of DKK 500 million,
maturity date 12 January 2032
500,000
500,000
500,000
Floating-rate loan, principal of DKK 500 million,
maturity date 1 September 2033
500,000
500,000
500,000
Floating-rate loan, principal of DKK 500 million,
maturity date 22 January 2035
500,000
-
500,000
Adjustment to amortised cost and fair value adjustment
-3,837
-5,675
-4,391
Total subordinated debt
1,796,163
2,040,160
1,795,609
Ringkjøbing Landbobank A/S Page 28
Notes
Note
no.
31 March
2025
DKK 1,000
31 March
2024
DKK 1,000
31 December
2024
DKK 1,000
21
Share capital
Number of DKK 1 shares
Beginning of period
26,706,739
27,491,339
27,491,339
Cancelled during the period
0
0
-784,600
End of period
26,706,739
27,491,339
26,706,739
of which reserved for subsequent cancellation
1,535,542
1,050,700
1,231,207
Total share capital
26,707
27,491
26,707
22
Own shares
Own shares included in the balance sheet at
0
0
0
Market value
1,884,110
1,270,296
1,482,409
Number of own shares:
Beginning of period
1,231,237
758,610
758,610
Purchased during the period
603,432
610,029
2,154,961
Sold during the period
-299,127
-317,939
-897,734
Cancelled during the period
0
0
-784,600
End of period
1,535,542
1,050,700
1,231,237
of which reserved for subsequent cancellation
1,535,542
1,050,700
1,231,207
Nominal value of holding of own shares, end of period
1,536
1,051
1,231
5.7
3.8
4.6
23
Contingent liabilities etc.
Contingent liabilities
Financial guarantees
3,693,941
2,580,906
3,379,319
Guarantees against losses on mortgage credit loans
1,282,607
1,756,595
1,305,931
Registration and refinancing guarantees
1,921,131
1,468,910
1,878,117
Sector guarantees
108,764
105,830
108,764
Other contingent liabilities
536,466
620,547
525,926
Total contingent liabilities
7,542,909
6,532,788
7,198,057
Other contractual obligations
Irrevocable credit undertakings etc.
146,394
319,963
133,700
Total other contractual obligations
146,394
319,963
133,700
24
Assets provided as security
First-mortgage loans are provided for renewable energy projects. The
loans are funded directly by KfW Bankengruppe, to which security in the
associated loans has been provided. Each reduction of the first-mortgage
loans is deducted directly from the funding at KfW Bankengruppe.
The balance sheet item is
679,817
774,808
703,497
Pledged to Danmarks Nationalbank as collateral for clearing etc.:
Balance in current account with Danmarks Nationalbank
35,531
17,674
35,531
Collateral under CSA agreements etc.
78,875
179,246
203,165
Ringkjøbing Landbobank A/S Page 29
Notes
Note
no.
25
Loans and guarantees by sector and industry
31 March 2025
31 March 2024
31 December 2024
DKK million
%
DKK million
%
DKK million
%
Public authorities
9.3
0.0
0.8
0.0
10.3
0.0
Business customers:
Agriculture, hunting and forestry
Cattle farming etc.
516.6
0.8
553.5
0.9
508.9
0.8
Pig farming etc.
654.6
1.0
647.8
1.1
606.6
1.0
Crop farming
2,613.2
4.1
2,483.4
4.3
2,513.4
4.0
Other agriculture, hunting and forestry
868.6
1.4
794.5
1.4
814.9
1.3
Fisheries
776.0
1.2
687.1
1.2
759.0
1.2
Industry and raw materials extraction
2,951.8
4.6
2,518.9
4.3
3,099.1
4.9
Energy supply
Renewable energy
4,531.4
7.1
3,155.4
5.4
4,354.5
6.9
Other energy supply
354.6
0.5
163.2
0.3
380.1
0.6
Building and construction*
1,035.0
1.6
2,695.8
4.7
2,709.1
4.3
Trade
2,303.5
3.6
2,370.6
4.1
2,483.2
3.9
Transport, hotels and restaurants
1,075.1
1.7
880.1
1.5
969.1
1.5
Information and communication
292.5
0.4
150.3
0.3
265.3
0.4
Finance and insurance*
8,937.0
14.0
7,354.6
12.7
8,039.9
12.8
Real estate
Real estate financing without prior creditors
8,713.6
13.6
8,209.7
14.2
7,428.8
11.8
Other real estate financing*
3,237.7
5.1
2,501.8
4.3
2,413.5
3.8
Other business customers*
3,177.4
5.0
3,742.6
6.5
4,062.7
6.5
Total business customers
42,038.6
65.7
38,909.3
67.2
41,407.9
65.7
32,935.3
51.5
33,126.5
57.2
32,616.8
51.8
Private individuals
21,913.9
34.3
18,980.3
32.8
21,581.2
34.3
Total
63,961.8
100.0
57,890.4
100.0
62,999.5
100.0
* Statistics Denmark introduced new industry codes at the beginning of 2025, which means that some business types have
changed industry category. The majority of the shifts from the end of 2024 to the end of the first quarter of 2025 in the marked
industries are attributable to this change.
Ringkjøbing Landbobank A/S Page 30
Notes
Note
no.
26
Loans, guarantees and unutilised credit facilities and credit undertakings by credit quality and IFRS 9
stages (before impairment and provisions), and impairment charges by stages
Stage 1
Stage 2
Stage 3
Credit-
impaired
on initial
recognition
Total
Total
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
%
At 31 March 2025
Credit quality*
High
68,756,401
89,082
0
0
68,845,483
76.5
Medium
11,688,458
2,254,312
0
0
13,942,770
15.5
Low
1,534,579
4,481,145
0
0
6,015,724
6.7
Credit-impaired
-
-
1,071,844
121,374
1,193,218
1.3
Total
81,979,438
6,824,539
1,071,844
121,374
89,997,195
100.0
Impairment charges etc.
Individual
849,472
35.9
Model-calculated
526,679
22.3
Management estimates
990,393
41.8
Total
491,713
1,130,580
671,625
72,626
2,366,544
100.0
At 31 March 2024
Credit quality*
High
62,573,886
66,098
0
0
62,639,984
74.9
Medium
11,689,223
2,608,228
0
0
14,297,451
17.1
Low
1,225,718
4,084,432
0
0
5,310,150
6.4
Credit-impaired
-
-
1,222,965
156,047
1,379,012
1.6
Total
75,488,827
6,758,758
1,222,965
156,047
83,626,597
100.0
Impairment charges etc.
Individual
881,364
37.4
Model-calculated
518,962
22.1
Management estimates
954,918
40.5
Total
406,751
1,115,583
739,144
93,766
2,355,244
100.0
At 31 December 2024
Credit quality*
High
66,791,856
81,918
0
0
66,873,774
76.0
Medium
11,739,933
2,461,460
0
0
14,201,393
16.1
Low
1,214,834
4,492,877
0
0
5,707,711
6.5
Credit-impaired
-
-
1,088,445
122,275
1,210,720
1.4
Total
79,746,623
7,036,255
1,088,445
122,275
87,993,598
100.0
Impairment charges etc.
Individual
862,743
36.3
Model-calculated
532,369
22.4
Management estimates
979,434
41.3
Total
463,388
1,177,521
660,000
73,637
2,374,546
100.0
but, as a rule,
high credit quality can be viewed as FSA rating classes 3 and 2a, medium credit quality as the best part of FSA rating class 2b,
while low credit quality covers the rest of FSA rating classes 2b and 2c as well as the customers with objective evidence of
impairment where losses are not expected in the most probable scenario. Exposures which are in stage 3 or credit-impaired on
initial recognition are those where losses are expected in the most probable scenario.
Ringkjøbing Landbobank A/S Page 31
Notes
Note
no.
27
Miscellaneous information
ng
Landbobank up to and including 2017, pro forma for 2018 (as if the merger had taken effect on 1 January 2018) and for the
merged bank from 2019.
31 March
2025
31 March
2024
31 December
2024
Basis of calculation, number of shares
25,171,197
26,440,639
25,475,532
Ringkjøbing Landbobank A/S Page 32
Key figures
Q1
2025
Q1
2024
Full year
2024
Summary of income statement (DKK million)
Net interest income
638
688
2,692
Dividends from shares etc.
6
4
119
Net fee and commission income
292
259
1,017
Net interest and fee income
936
951
3,828
Value adjustments
+114
+112
+284
Other operating income
0
0
7
Staff and administration expenses
255
241
1,008
Amortisation, depreciation and write-downs on intangible and tangible assets
9
8
44
Other operating expenses
0
3
11
Impairment charges for loans and receivables etc.
+24
0
+3
Profit before tax
810
811
3,069
Tax
194
195
768
Net profit
616
616
2,301
31 March
2025
31 March
2024
31 December
2024
Balance sheet key figures (DKK million)
Loans and other receivables at amortised cost
56,444
51,417
55,837
Deposits and other debt including pooled schemes
56,926
52,824
56,652
Subordinated debt
1,796
2,040
1,796
Equity
11,009
10,460
11,034
Balance sheet total
79,381
73,438
78,633
Ringkjøbing Landbobank A/S Page 33
Q1
2025
Q1
2024
Full year
2024
Capital ratios:
Tier 1 capital ratio
%
15.0
15.3
16.6
Total capital ratio
%
18.2
19.2
19.8
MREL subordination ratio
%
27.8
26.0
27.7
MREL capital ratio
%
28.5
27.1
28.8
Earnings:
Return on equity before tax
%
7.3
7.8
28.6
Return on equity after tax
%
5.6
5.9
21.4
Income/cost ratio
DKK
4.39
4.23
3.89
Cost/income ratio
%
24.5
23.7
25.7
Return on assets
%
0.8
0.8
2.9
Market risk:
Interest rate risk
%
0.5
0.9
0.8
Foreign exchange position
%
2.5
1.4
1.5
Foreign exchange risk
%
0.1
0.0
0.0
Liquidity risk:
Liquidity Coverage Ratio (LCR)
%
184.1
202.0
179.1
Net Stable Funding Ratio (NSFR)
%
118.8
118.2
118.9
Loans and impairments thereon relative to deposits
%
103.2
101.6
102.6
Credit risk:
5.1
4.9
5.1
Growth in loans
%
11.3
1.0
10.1
Total large exposures (<175%)
%
136.2
130.6
125.2
Cumulative impairment ratio
%
3.6
3.9
3.6
Impairment ratio
%
-0.04
0.00
-0.00
Proportion of receivables at reduced interest
%
0.3
0.1
0.3
Share return:
Earnings per share
1/3
DKK
2,372
2,317
8,814
Book value per share
1/2
DKK
43,737
39,559
43,313
Dividend per share
1
DKK
0
0
1,100
Market price relative to earnings per share
1/3
51.7
52.2
13.7
Market price relative to book value per share
1/2
2.8
3.1
2.8
1
Calculated on the basis of a denomination of DKK 100 per share.
2
Calculated on the basis of number of shares in circulation at the end of the period.
3
Calculated on the basis of the average number of shares. The average number of shares is calculated as a simple average of the shares at
the beginning and the end of the period.