Ring k j ø b i n g Landb o b ank A /S Page 0
I N T E R I M R E P O R T
F O R T H E F I R S T H A L F O F 2 0 2 5
Ring k j ø b i n g Landb o b ank A /S Page 1
Contents
Page
2 Interim report – highlights
2 Key figures and ratios
3 Core earnings
4 Quarterly overviews
6 Management’s review
16 Management statement
17 Statements of income and comprehensive income
18 Balance sheet
20 Statement of changes in equity
21 Statement of capital
22 Notes
34 Key figures
35 The Danish FSA’s official key figures/ratios etc. for Danish banks
Ring k j ø b i n g Landb o b ank A /S Page 2
Interim report highlights
• The net profit increases to DKK 1,191 million, equivalent to a 21% p.a. return on equity
• Earnings per share (net profit) increase by 6% to DKK 47.9 in the half-year
• Core income increases by 2% to DKK 2,090 million
• Costs increase by 5%, and the cost/income ratio is 25.6%
• Continued strong credit quality means that impairment charges of DKK 24 million were carried to income in the half-
year and that impairment charges in the second quarter of 2025 were DKK 0 million
• Highly satisfactory increase in customer numbers and growth of 9% in loans and 8% in deposits
• In the second quarter of 2025, the bank received the Financial Institution of the Year award for the 10th year in a row
• The expectations for net profit for 2025 are upwardly adjusted to the range DKK 2.0 - 2.35 billion
Key figures for the bank (DKK million)
H1 2025
H1 2024
2024
2023
2022
2021
Total core income
2,090
2,051
4,068
3,828
2,862
2,433
Total expenses and depreciation
534
508
1,044
963
891
817
Core earnings before impairment charges for loans
1,556
1,543
3,024
2,865
1,971
1,616
Impairment charges for loans etc.
+24
+1
+3
-1
-2
-68
Core earnings
1,580
1,544
3,027
2,864
1,969
1,548
Result for the portfolio etc.
-4
+30
+62
-7
-69
+7
Amortisation and write-downs on intangible assets
10
10
20
20
20
17
Tax
375
383
768
682
385
309
Net profit
1,191
1,181
2,301
2,155
1,495
1,229
Equity
11,210
10,593
11,034
10,451
9,295
8,723
Deposits including pooled schemes
58,323
53,818
56,652
52,626
48,700
43,740
Loans
57,306
52,535
55,837
50,881
48,342
41,179
Balance sheet total
81,065
75,616
78,633
73,520
68,980
60,357
Guarantees
8,093
7,090
7,198
6,465
7,570
10,270
Financial ratios for the bank (percent)
Net profit/average equity
21.4
22.4
21.4
21.8
16.6
14.6
Cost/income ratio
25.6
24.8
25.7
25.2
31.1
33.6
Common equity tier 1 capital ratio
15.2
15.5
16.6
18.9
17.4
17.6
Total capital ratio
18.1
19.3
19.8
23.0
21.6
22.3
MREL capital ratio
27.4
28.0
28.8
28.9
28.9
27.8
Key figures per DKK 1 share (DKK)
Core earnings
63.5
59.2
118.5
107.1
71.5
54.4
Net profit
47.9
45.3
90.3
80.6
54.3
43.2
Book value
450.6
406.2
433.1
391.0
337.3
306.8
Share price, end of period
1,388.0
1,166.0
1,204.0
991.5
948.0
878.0
Key figures and ratios
Ring k j ø b i n g Landb o b ank A /S Page 3
Core earnings
Note
no.
H1
2025
DKK 1,000
H1
2024
DKK 1,000
Full year
2024
DKK 1,000
Net interest income
1,281,019
1,368,130
2,701,744
3
Net fee and commission income
564,684
508,260
1,026,839
Income from sector shares etc.
176,017
127,712
244,406
3
Foreign exchange income
67,604
43,854
87,213
Other operating income
378
2,571
7,305
Total core income
2,089,702
2,050,527
4,067,507
5,6
Staff and administration expenses
525,813
495,864
1,008,206
Depreciation and write-downs on tangible assets
7,714
6,369
24,970
Other operating expenses
408
5,465
10,618
Total expenses etc.
533,935
507,698
1,043,794
Core earnings before impairment charges for loans
1,555,767
1,542,829
3,023,713
7
Impairment charges for loans and other receivables etc.
+24,473
+808
+2,801
Core earnings
1,580,240
1,543,637
3,026,514
Result for the portfolio etc.
-4,458
+30,414
+62,128
Amortisation and write-downs on intangible assets
9,754
9,754
19,509
Profit before tax
1,566,028
1,564,297
3,069,133
8
Tax
374,872
383,618
768,287
Net profit
1,191,156
1,180,679
2,300,846
Ring k j ø b i n g Landb o b ank A /S Page 4
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)
Q2
2025
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
643
638
656
678
677
691
717
686
652
561
511
410
390
366
355
336
327
325
Net fees and commission
273
292
264
256
249
259
245
233
231
227
224
239
237
248
234
204
195
215
Income from sector shares etc.
86
90
58
58
61
67
60
47
45
41
46
38
41
44
47
49
43
40
Foreign exchange income
32
36
23
20
21
23
20
18
19
20
17
18
16
15
15
14
13
16
Other operating income
0
0
0
4
3
0
1
5
0
0
1
0
0
1
0
0
1
4
Total core income
1,034
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
271
255
275
237
255
241
248
231
238
222
229
214
221
207
206
191
195
198
Depreciation and write-downs, tangible assets
4
4
5
14
3
3
5
3
3
3
5
3
4
1
9
3
4
3
Other operating expenses
0
0
3
2
3
3
2
3
3
2
2
2
1
2
2
2
2
2
Total expenses etc.
275
259
283
253
261
247
255
237
244
227
236
219
226
210
217
196
201
203
Core earnings before impairment charges
759
797
718
763
750
793
788
752
703
622
563
486
458
464
434
407
378
397
Impairment charges for loans etc.
0
+24
+1
+1
+1
0
0
0
0
-1
0
0
-1
-1
-7
-13
-19
-29
Core earnings
759
821
719
764
751
793
788
752
703
621
563
486
457
463
427
394
359
368
Result for the portfolio etc.
+2
-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
5
4
4
4
Profit before tax
756
810
720
785
753
811
812
739
691
595
569
420
442
449
433
389
362
354
Tax
181
194
189
196
188
195
198
178
166
140
110
91
94
90
79
87
71
72
Net profit
575
616
531
589
565
616
614
561
525
455
459
329
348
359
354
302
291
282
Ring k j ø b i n g Landb o b ank A /S Page 5
Quarterly overviews
Balance sheet items and contingent liabilities
(DKK million)
End of
Q2
2025
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
57,306
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
58,323
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
11,210
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
81,065
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
8,093
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
8,684
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
8,684
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
10,385
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
15,171
15,391
15,295
13,606
13,670
12,932
-
-
-
-
-
-
-
-
-
-
-
-
MREL capital
15,699
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
57,297
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
15.2
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
15.2
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
18.1
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
26.5
27.8
27.7
26.1
26.8
26.0
-
-
-
-
-
-
-
-
-
-
-
-
MREL capital ratio
27.4
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
Ring k j ø b i n g Landb o b ank A /S Page 6
Core earnings
Core income
Interest
Net interest income was DKK 1,281 million in the first half
of 2025, compared to DKK 1,368 million in the first half of
2024.
Net interest income
(DKK million)
H1
2025
H1
2024
2024
Net interest income
1,281
1,368
2,702
Since peaking in October 2023, the interest margin has
been under constant pressure. The declining interest rate
level and continuing keen competition for loans put
pressure on the interest margin.
Net interest income for the half-year was DKK 638 million
in the first quarter and DKK 643 million in the second
quarter of 2025. This is the first time since the fourth
quarter of 2023 that net interest income in a quarter has
neither flatlined nor actually decreased. The bank was
thus able to mitigate the pressure on its interest margin
by increasing its business volume. Loans increased by
1.5% and deposits by 2.5% in the second quarter of 2025
and, in the past year, the loan portfolio increased by 9.1%
and deposits by 8.4%. The increase in loans in the past
year is related to the niches. The bank considers the
growth in loans satisfactory and continues to see
opportunities for growth.
Fee, commission and foreign exchange income
Overall fee, commission and foreign exchange income
amounted to DKK 632 million in the first six months of
2025, compared to DKK 552 million in the same period in
2024, an increase of 15%.
Net fee, commission and foreign exchange income
(DKK million)
H1
2025
H1
2024
2024
Securities trading
101
100
189
Asset management and custody
accounts
129
117
239
Payment handling
80
64
132
Loan fees
42
34
72
Guarantee and mortgage credit
commission etc.
144
135
276
Pension and insurance commission
49
40
86
Other fees and commission
19
18
33
Foreign exchange income
68
44
87
Total
632
552
1,114
,
,
asset management.
Total income from these three items amounted to DKK
298 million in the first half of 2025, compared to DKK 261
million in 2024, an increase of 14%. Income in the first
half-year was negatively affected by instability on the
stock market in the second quarter of 2025. Customers
experienced declines in prices of their custody account
holdings.
Assets in custody accounts etc.
(DKK million)
30 June
2025
30 June
2024
31 Dec.
2024
Custody account holdings
90,191
97,228
93,026
Deposits in pooled schemes
7,156
6,594
7,126
Letpension/PFA Pension
6,245
5,413
5,998
Total
103,592
109,235
106,150
the first half of 2025 compared to DKK 64 million in 2024,
an increase of 25%. This relates to a normalisation of the
fee level and the continued increase in customer
numbers.
half of the year compared to DKK 34 million in 2024. The
positive trajectory on the housing market in the first
quarter of 2025 thus continued in the second quarter of
2025.
-
2025, compared to DKK 135 million the year before.
the increase in income from this source, from DKK 40
million in the first half of 2024 to DKK 49 million in 2025,
an increase of 24%.
Sector shares and other operating income
Earnings from banking sector shares totalled DKK 176
million in the first six months of the year, compared to
DKK 128 million in 2024. The earnings derive primarily
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. In the second quarter of 2025
DKK 31 million was extraordinarily carried to income. The
total amount extraordinarily carried to income in the first
half of 2025 was DKK 65 million.
The remaining earnings in the quarter are as in the past
attributable to the usual ongoing earnings in the sector
companies.
Sector shares and other operating income
(DKK million)
H1
2025
H1
2024
2024
Sector shares
176
128
244
Other operating income
0
3
7
Ring k j ø b i n g Landb o b ank A /S Page 7
Core income
Total core income in the first half-year increased from
DKK 2,051 million in 2024 to DKK 2,090 million in 2025.
Expenses, depreciation and write-downs
Total expenses including depreciation and write-downs
on tangible assets amounted to DKK 534 million in the
first half of 2025, compared to a total of DKK 508 million
in the first half of 2024, an increase of 5%.
Expenses, depreciation and write-downs
(DKK million)
H1
2025
H1
2024
2024
Staff and management expenses
315
301
603
IT and other administration expenses
211
195
405
Depreciation and write-downs,
tangible assets
8
6
25
Other operating expenses
0
6
11
Total
534
508
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 still
expected for the full year 2025, compared to 2024.
The cost/income ratio was 25.6% in the first half of 2025,
compared to 24.8% in the same period 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.
charges in the first half of 2025 was satisfactory and
better than expected. The item shows net income of DKK
24 million for the half-year. Losses and impairment
charges are thus around zero or positive for the
fourteenth consecutive quarter.
Impairment charges for loans etc.
(DKK million)
H1
2025
H1
2024
2024
Impairment charges for loans etc.
+24
+1
+3
These results were achieved without a simultaneous
charges. From the end of 2021 to the end of the second
charges thus increased from DKK 2,283 million to DKK
2,375 million.
This reflects that actual net losses have been very
modest for a long period. Actual losses in the first half of
the year remain very modest and, after offsetting against
amounts received on claims previously written off and
interest on impaired loans, the item contributes net
income of DKK 24 million.
The bank still assesses the credit quality of its loan
portfolio as good.
a very strong labour market with low unemployment and
a continued strong real estate market.
Ring k j ø b i n g Landb o b ank A /S Page 8
For business customers, the bank is of course very aware
of the global risk picture resulting from the increased
geopolitical risks including the tariffs agreed upon by
the USA and the EU
with any considerable direct trading with the US is very
modest.
However, the geopolitical tension increases the risk of a
setback to the economy at large. The bank has made
considerable management estimates to counter this risk.
The total management estimates increased by DKK 22
million in the first half of 2025 and thus amount to DKK
total impairments.
Loans with suspended interest amounted to DKK 169
million at the end of the first half of 2025 compared to
DKK 183 million at the end of 2024.
Core earnings
Core earnings for the first half of 2025 totalled DKK 1,580
million, an increase of 2%.
Core earnings
(DKK million)
H1
2025
H1
2024
2024
Total core income
2,090
2,051
4,068
Total expenses and depreciation
534
508
1,044
Core earnings before impairment
charges
1,556
1,543
3,024
Impairment charges for loans etc.
+24
+1
+3
Core earnings
1,580
1,544
3,027
Earnings per share
they develop.
Core earnings per DKK 1 share were DKK 63.5 for the first
half of 2025 compared to DKK 59.2 in 2024, and net profit
also per DKK 1 share was DKK 47.9 in the first half of
2025 compared to DKK 45.3 in 2024. The latter is
equivalent to an increase of 6%.
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 4 million net for the first six
months of the year, compared to a positive result of DKK
30 million net in the same period in 2024.
Result for the portfolio etc.
(DKK million)
H1
2025
H1
2024
2024
Result for the portfolio etc.
-4
+30
+62
The negative result for the portfolio in the first half of
2025 is primarily attributable to an increase in the long-
term mortgage interest rates in March 2025, which
-
term mortgage bonds.
Ring k j ø b i n g Landb o b ank A /S Page 9
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 10 million in the first half of 2025,
unchanged relative to 2024.
Amortisation and write-downs on intangible assets
(DKK million)
H1
2025
H1
2024
2024
Amortisation and write-downs
on intangible assets
10
10
20
Profit before and after tax
The profit before tax was DKK 1,566 million, equivalent to
a 28.2% p.a. return on average equity.
The profit after tax was DKK 1,191 million, equivalent to a
21.4% p.a. return on average equity.
The effective tax rate was 23.9% in the first half of 2025,
compared to 24.5% in the first half of 2024.
Core earnings - alternative performance measure
The bank uses the alternative performance measure
performance for both external and internal financial
reporting because they are deemed to better reflect the
actual banking operations.
Overall, core earnings contain the same items as the
traditional measure of performance,
but the calculation method and degree of specification
are different.
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 are shown on page 3 and comments
provided on the preceding pages.
Ring k j ø b i n g Landb o b ank A /S Page 10
The income statement
Net interest income
Net interest income totalled DKK 1,274 million in the first
half of 2025 compared to DKK 1,363 million in 2024.
Net interest income
(DKK million)
H1
2025
H1
2024
2024
Interest income
1,693
1,920
3,784
Interest expenses
419
557
1,092
Total net interest income
1,274
1,363
2,692
The development reflects the pressure on the interest
margin resulting from the declining interest rate level and
the pressure on the lending margin resulting from the
continuing keen competition for loans.
As shown on pages 6 and 12, the bank has been able to
increase its business volume, thereby mitigating the
pressure on its interest margin.
Dividends from shares etc.
Dividend income from shares etc. totalled DKK 137
million in the first half-year which is DKK 18 million higher
than in the first half of 2024.
Dividends from shares etc.
(DKK million)
H1
2025
H1
2024
2024
Dividends from shares etc.
137
119
119
Dividends in the half-year derive primarily from sector
shares etc.
Fee and commission income and fee and commission
expenses
Net fee and commission income was DKK 565 million in
the first half of 2025 compared to DKK 508 million in the
first half of 2024, an increase of 11%.
Net fee and commission income
(DKK million)
H1
2025
H1
2024
2024
Fee and commission income
616
559
1,134
Fee and commission expenses
-51
-51
-107
Total net fee and commission income
565
508
1,027
Please see the comments below and note 3 to the
income statement for a specification of net fee and
commission income.
in the first half of 2025 compared to 2024 as a result of a
continued focus on the private banking segment and
other asset management.
Total net income from the two items thus increased by
DKK 13 million, from DKK 217 million in the first half of
2024 to DKK 230 million in the first half of 2025.
-year -
from DKK 135 million in 2024 to DKK 144 million in 2025.
DKK 68 million net compared to DKK 58 million net from
this source in 2024. The increase is driven by the
normalisation of payment handling fees, the continued
focus on pension advisory services.
There was an increase of DKK 7 million in income from
the level of trading activities in the real estate market was
higher.
was marginally higher by DKK 1 million compared to
2024.
Value adjustments
The value adjustments in the first half of 2025 resulted in
income totalling DKK 109 million compared to income
totalling DKK 89 million in 2024.
This development is specified as follows:
Value adjustments
(DKK million)
H1
2025
H1
2024
2024
Other loans and receivables
-3
-2
4
Bonds
-3
15
76
Shares etc.
49
21
142
Investment properties
0
6
6
Foreign exchange
68
44
87
Derivative financial instruments
-14
7
11
Issued bonds etc.
12
6
-33
Debt to credit institutions
0
-8
-8
Total value adjustments
109
89
285
portfolio of shares and foreign exchange income in
particular contributed to the positive value adjustments
for the half-year.
Staff and administration expenses
Total staff and administration expenses increased by 6%
in the first half of 2025, from DKK 496 million in 2024 to
DKK 526 million in 2025.
Staff and administration expenses
(DKK million)
H1
2025
H1
2024
2024
Staff and management expenses
315
301
603
Other administration expenses
211
195
405
Total staff and administration
expenses
526
496
1,008
Expenses for staff and management totalled DKK 315
million in the first half of 2025 compared to DKK 301
Ring k j ø b i n g Landb o b ank A /S Page 11
million in 2024, an increase of 5%. The average number of
full-time employees (FTEs) increased from 663 in the first
half of 2024 to 679 in the first half of 2025.
Other administration expenses totalled DKK 211 million in
the first half of 2025 compared to DKK 195 million in
2024, an increase of 8%. The increase relates, among
other things, to higher IT expenses.
Amortisation, depreciation and write-downs on
intangible and tangible assets
Amortisation, depreciation and write-downs totalled DKK
18 million in the first half of 2025 compared to a total of
DKK 16 million in 2024.
Amortisation, depreciation and write-downs on intangible and
tangible assets
(DKK million)
H1
2025
H1
2024
2024
Intangible assets
10
10
20
Tangible assets
8
6
25
Total amortisation, depreciation and write-
downs on intangible and tangible assets
18
16
45
Impairment charges for loans and other receivables etc.
This item represented income of DKK 1 million in the first
half of 2024, while income in 2025 was DKK 24 million.
The development in the item in 2025 was satisfactory
and better than expected.
Impairment charges for loans and other receivables etc.
(DKK million)
H1
2025
H1
2024
2024
Impairment charges for loans and other
receivables etc.
+24
+1
+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 pages 7 and 8 of the
management's review and notes 11 and 26 to the interim
report.
Ring k j ø b i n g Landb o b ank A /S Page 12
Balance sheet etc.
Balance sheet items and contingent liabilities
million at the end of June 2025, compared to DKK 75,616
million at the same time in the year before.
Loans in the period June 2024 to June 2025 increased
from DKK 52,535 million to DKK 57,306 million, an
increase of 9.1%. In the first six months of the year loans
increased by DKK 1.5 billion, equivalent to 2.6% - with
1.1% in the first quarter of 2025 and 1.5% in the second
quarter of 2025.
Deposits including pooled schemes increased 8.4%, from
DKK 53,818 million at the end of June 2024 to DKK
58,323 million at the end of June 2025. In the first six
months of the year deposits increased by DKK 1.7 billion,
equivalent to 3.0% - with 0.5% in the first quarter of 2025
and 2.5% in the second quarter of 2025.
amounted to DKK 8,093 million at the end of June 2025,
compared to DKK 7,090 million at the end of June 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 June 2024 and by 3.1% in the first six
months of the year.
The development is shown in the following summary:
Total credit intermediation
(DKK million)
30 June
2025
30 June
2024
31 Dec.
2024
Loans etc.
57,306
52,535
55,837
Mortgage credit - Totalkredit
50,269
47,363
48,554
Mortgage credit - DLR Kredit
and others
9,615
9,536
9,321
Total
117,190
109,434
113,712
Securities and market risk
The bank measures its portfolio of securities at fair value.
the end of June 2025, with DKK 71 million in listed shares
and investment fund certificates and DKK 1,430 million in
sector shares etc., mainly in the companies DLR Kredit, BI
Holding and PRAS.
The bond portfolio amounted to DKK 7,383 million on 30
June 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 - was computed as
rate risk, listed shares etc. and foreign currency remains
at a moderate level, and this policy will continue.
Liquidity
-term funding
liabilities total DKK 2.6 billion, comprising debt to credit
institutions and issued bonds with term to maturity 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 less than 12 months
and listed securities totalling DKK 12.8 billion. This
means the total excess cover is DKK 10.2 billion.
The bank strengthened its liquidity in the first half-year.
Agreements on new issues of tier 2 capital, non-preferred
senior capital and preferred senior capital equivalent to a
total of DKK 1,949 million were thus entered into in the
first half of the yea
In terms of liquidity, the bank must comply with the
statutory requirement of at least 100% for both the
liquidity ratios LCR and NSFR.
120%. The bank thus met the statutory requirement for
both ratios by a good margin.
Capital structure
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%, including
the capital buffers, and the 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.
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 June 2025 was DKK 11,210 million.
When computing the common equity tier 1, ongoing
earnings contribute 57%. The DKK 1 billion share buyback
programme initiated at the beginning of June 2025 was
already deducted from the common equity tier 1 capital
at the end of March 2025. Isolated, the capital ratios will
Ring k j ø b i n g Landb o b ank A /S Page 13
thus improve gradually in step with the recognition of
ongoing earnings, but with the biggest effect in the fourth
quarter of 2025.
were 18.1% and 15.2% respectively at the end of June
2025.
Capital ratios
30 June
2025
30 June
2024
31 Dec.
2024
Common equity tier 1 capital ratio
15.2
15.5
16.6
Tier 1 capital ratio
15.2
15.5
16.6
Total capital ratio
18.1
19.3
19.8
MREL subordination ratio
26.5
26.8
27.7
MREL capital ratio
27.4
28.0
28.8
Adjusted for the part of the share buyback programme
tier 1 capital ratio would have been as shown in the table
at the bottom of the page.
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 June
2025, non-preferred senior capital equivalent to a total of
DKK 4.8 billion and preferred senior capital equivalent to
a total of DKK 0.9 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 half of the year, the bank entered into
agreements on new issues of non-preferred senior capital
equivalent to DKK 772 million, preferred senior capital
equivalent to DKK 502 million and tier 2 capital equivalent
to DKK 675 million. However, DKK 441 million of the last-
mentioned figure was not disbursed until the beginning of
July 2025.
For further information on capital, please see page 21 of
this interim report.
The bank expects not to need refinancing of non-
preferred senior capital and tier 2 capital in the rest of
2025.
Solvency requirement, total requirement for total capital
and excess cover
The individual solvency requirement at the end of June
2025 was calculated as 8.9%.
3% at the end of
June 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 June 2025 should be added to
this.
thus 14.6%, equivalent to DKK 8.4 billion, at the end of
June 2025. Compared with the actual total capital of DKK
10.4 billion, the capital buffer at the end of June 2025
was thus DKK 2.0 billion, equivalent to 3.5 percentage
points.
For further information, see the summary below.
Individual solvency requirement, total capital requirement and
excess cover
(%)
30 June
2025
30 June
2024
31 Dec.
2024
Individual solvency requirement
8.9
8.9
8.9
Capital conservation buffer
2.5
2.5
2.5
Countercyclical buffer
2.3
2.5
2.3
Sector-specific systemic buffer
0.9
0.9
0.7
total capital
14.6
14.8
14.4
Excess cover in percentage
points relative to individual
solvency requirement
9.2
10.4
10.9
Excess cover in percentage
points relative to total
requirement for total capital
3.5
4.5
5.4
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.
Adjusted tier 1 capital ratio
30 June
2025
30 June
2024
31 Dec.
2024
31 Dec.
2023
31 Dec.
2022
31 Dec.
2021
31 Dec.
2020
Common equity tier 1 capital ratio
15.2
15.5
16.6
18.9
17.4
17.6
17.5
Remaining share buyback programme
1.6
1.6
1.1
0.1
0.1
0.2
-
Deduction for expected distributions
0.9
1.7
-
-
-
-
-
Adjusted common equity tier 1 capital ratio
17.7
18.8
17.7
19.0
17.5
17.8
17.5
Ring k j ø b i n g Landb o b ank A /S Page 14
The share buyback programme for a total of DKK 500
million was completed on 28 May 2025 with buyback of a
total of 414,200 shares. The new share buyback
programme for a total of DKK 1 billion, announced on 30
April 2025, was initiated on 2 June 2025. By 30 June
2025, a total of 108,200 shares had been bought under
the programme.
bought during 2024 and early 2025, which the annual
general meeting decided in March, was finalised in early
May 2025.
thus DKK 24,869,297 in nom. DKK 1 shares: see below.
Share capital/
Number of
shares
Beginning of 2025
26,706,739
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
-414,200
Bought under the DKK 1,000 million share
buyback programme by the end of June 2025
-108,200
Actual number of shares on 30 June 2025
24,869,297
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
30 June
2025
30 June
2024
2024
Liquidity benchmark
>100%
186.8%
185.2%
153.9%
Large exposures
<175%
117.6%
128.9%
125.2%
Growth in loans
<20%
9.3%
5.6%
10.1%
Real estate exposure
<25%
18.8%
20.5%
18.2%
As shown above, the bank 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
informed the bank that a periodic review had been
outlook remains unchanged for both the long-term bank
deposits and the long-term issuer rating.
rates the bank in the environmental, social and
the second-last reaffirmed
on 26 July 2024.
Anti-money laundering examination
In April 2025, the Danish FSA conducted an anti-money
customers.
The FSA examination found that, like other financial
of being abused for
money laundering or financing of terrorism is high.
The examination did not give rise to any supervisory
reactions by the FSA. The bank is very satisfied with the
result of the examination.
Financial Institution of the Year - the 10th year in a row
In May 2025, for the tenth year in a row, Ringkjøbing
Landbobank was awarded the accolade of Financial
Institution of the Year among large and medium-sized
banks.
As in previous years, the award was made by
FinansWatch in collaboration with the assurance services
and consultancy firm EY.
Financial Institution of the Year is based on financial
ratios for return on equity, income growth, solvency and
efficiency.
The award of Financial Institution of the Year is a tribute
to the great effort made by the employees for the benefit
of the customers they serve.
Employee wellbeing and satisfaction
As in previous years, the annual survey of employee
wellbeing and satisfaction was conducted during the
second quarter of 2025.
Compared to the 2024 survey, which showed employee
wellbeing and satisfaction at their highest levels since
these surveys began, the 2025 survey shows a further
marginal improvement.
Both the employee wellbeing and satisfaction levels and
the improvement are very positive. High employee
wellbeing and satisfaction help us to maintain our focus
inspires us to work every single day to create value for
both existing and new customers in their relations with
the bank.
Ring k j ø b i n g Landb o b ank A /S Page 15
Products
For the stocks and shares savings account product, the
bank has decided to extend the free opening and
safekeeping (zero custody fee) and exemption from
brokerage for purchases of stocks and shares until the
support the share
ownership culture among private investors in Denmark.
Expected results for 2025
On 22 January 2025, the bank announced its initial
expectations for 2025, which were net profit in the range
DKK 1.8 - 2.2 billion.
The bank today upwardly adjusted its expectations for
2025 to net profit in the range DKK 2.0 - 2.35 billion.
The upward adjustment is based on continued good
credit quality and a loss and impairment level that has
developed better than originally budgeted for 2025. In
expected to be at the level of revenues in 2024.
The expectations for net profit for 2025 are subject to
uncertainty and depend on developments in the financial
markets and macroeconomic conditions.
Accounting policies
The accounting policies are unchanged relative to those
in the submitted and audited 2024 annual report.
Ring k j ø b i n g Landb o b ank A /S Pa g e 16
Management statement
The board of directors and the general management have today discussed and approved the interim report of Ringkjøbing
Landbobank A/S for the period 1 January to 30 June 2025.
The interim 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 interim accounts provide a true and fair view of
eriod
1 January to 3
uncertainties which can affect the bank.
t
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, 6 August 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
Ring k j ø b i n g Landb o b ank A /S Page 17
Statements of income and comprehensive income
Note
no.
H1
2025
DKK 1,000
H1
2024
DKK 1,000
Full year
2024
DKK 1,000
1
Interest income
1,693,026
1,919,485
3,783,746
2
Interest expenses
418,642
556,681
1,091,746
Net interest income
1,274,384
1,362,804
2,692,000
Dividends from shares etc.
137,282
118,623
118,788
3
Fee and commission income
615,585
559,588
1,133,604
3
Fee and commission expenses
50,901
51,328
106,765
Net interest and fee income
1,976,350
1,989,687
3,837,627
4
Value adjustments
+108,516
+88,683
+284,706
Other operating income
378
2,571
7,305
5,6
Staff and administration expenses
525,813
495,864
1,008,206
Amortisation, depreciation and write-downs on intangible and
tangible assets
17,468
16,123
44,479
Other operating expenses
408
5,465
10,618
7,11
Impairment charges for loans and other receivables etc.
+24,473
+808
+2,801
Results from investments in associated companies and
subsidiaries
0
0
-3
Profit before tax
1,566,028
1,564,297
3,069,133
8
Tax
374,872
383,618
768,287
Net profit
1,191,156
1,180,679
2,300,846
Other comprehensive income
0
0
0
Total comprehensive income for the period
1,191,156
1,180,679
2,300,846
Ring k j ø b i n g Landb o b ank A /S Page 18
Balance sheet
Note
no.
30 June
2025
DKK 1,000
30 June
2024
DKK 1,000
31 December
2024
DKK 1,000
Assets
Cash in hand and demand deposits with central banks
5,076,503
5,077,467
5,844,446
9
Receivables from credit institutions and central banks
301,767
243,186
251,577
10,11,12
Total loans and other receivables at amortised cost
57,306,234
52,535,426
55,837,006
13
Bonds at fair value
7,383,122
7,747,987
6,015,535
14
Shares etc.
1,500,739
1,415,379
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
7,156,473
6,593,548
7,126,019
16
Intangible assets
982,898
1,002,407
992,652
Total land and buildings
217,443
206,524
210,972
Investment properties
829
829
829
Domicile properties
189,041
192,607
189,470
Domicile properties (leasing)
27,573
13,088
20,673
Other tangible assets
16,734
15,757
16,949
Current tax assets
409,584
0
77,732
Deferred tax assets
9,261
14,737
19,492
Temporary assets
100
100
100
Other assets
670,037
730,512
674,037
Prepayments
21,784
20,543
19,558
Total assets
81,065,224
75,616,121
78,633,186
Ring k j ø b i n g Landb o b ank A /S Page 19
Balance sheet
Note
no.
30 June
2025
DKK 1,000
30 June
2024
DKK 1,000
31 December
2024
DKK 1,000
Liabilities and equity
17
Debt to credit institutions and central banks
2,997,076
2,018,136
2,287,890
Total deposits and other debt
58,323,280
53,817,895
56,651,758
18
Deposits and other debt
51,166,807
47,224,347
49,525,739
15
Deposits in pooled schemes
7,156,473
6,593,548
7,126,019
19
Issued bonds at amortised cost
5,788,809
5,834,217
5,718,268
Preferred senior capital
1,087,676
2,116,857
1,383,980
Non-preferred senior capital
4,701,133
3,717,360
4,334,288
Current tax liabilities
0
249,789
0
Other liabilities
956,774
984,138
1,085,016
Deferred income
57
185
126
Total debt
68,065,996
62,904,360
65,743,058
11
Provisions for losses on guarantees
30,752
50,952
35,553
11
Other provisions for liabilities
30,029
26,897
24,696
Total provisions for liabilities
60,781
77,849
60,429
Tier 2 capital
1,728,426
2,040,600
1,795,609
20
Total subordinated debt
1,728,426
2,040,600
1,795,609
21
Share capital
25,392
26,707
26,707
Net revaluation reserve under the equity method
472
475
472
Retained earnings
11,184,157
10,566,130
10,711,317
Proposed dividend etc.
-
-
295,774
Total shareholders’ equity
11,210,021
10,593,312
11,034,270
Total liabilities and equity
81,065,224
75,616,121
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
Ring k j ø b i n g Landb o b ank A /S Page 20
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 30 June 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
1,191,156
1,191,156
Total comprehensive income
0
0
1,191,156
0
1,191,156
Transactions with shareholders
Reduction of share capital
-1,315
1,315
0
Dividend etc. paid
-295,774
-295,774
Dividend received on own shares
16,145
16,145
Purchase of own shares
-1,723,803
-1,723,803
Sale of own shares
967,415
967,415
Other equity transactions (employee shares)
20,612
20,612
Total transactions with shareholders
-1,315
0
-718,316
-295,774
-1,015,405
Shareholders’ equity on the balance sheet date
25,392
472
11,184,157
0
11,210,021
At 30 June 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
1,180,679
1,180,679
Total comprehensive income
0
0
1,180,679
0
1,180,679
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
-1,414,190
-1,414,190
Sale of own shares
624,063
624,063
Other equity transactions (employee shares)
19,276
19,276
Total transactions with shareholders
-784
0
-760,874
-276,913
-1,038,571
Shareholders’ equity on the balance sheet date
26,707
475
10,556,130
0
10,593,312
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
Ring k j ø b i n g Landb o b ank A /S Page 21
Statement of capital
30 June
2025
DKK 1,000
30 June
2024
DKK 1,000
31 December
2024
DKK 1,000
Credit risk
51,719,108
43,827,066
47,080,974
Market risk
1,378,571
1,600,046
1,469,899
Operational risk
4,198,979
5,541,119
6,572,588
Total risk exposure
57,296,658
50,968,231
55,123,461
11,210,021
10,593,312
11,034,270
Proposed dividend etc.
-
-
-295,774
Deduction for expected distributions
-512,197
-767,442
-
Addition for IFRS 9 transitional arrangements
-
202,030
214,562
Deduction for insufficient coverage of non-performing exposures
-19,953
-23,582
-20,477
Deduction for the sum of equity investments etc. above 10%
-72,092
-246,101
-137,773
Deduction for prudent valuation
-16,605
-16,476
-15,237
Deduction for intangible assets
-982,898
-1,002,407
-992,652
Deferred tax on intangible assets
9,892
13,717
11,804
Deferred tax on tangible assets etc.
-19,153
-28,453
-31,296
Deduction of amount of share buyback programme
-1,500,000
-1,525,000
-2,025,000
Actual utilisation of amount of share buyback programme
635,271
756,969
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
5
36
Deduction for indirect ownership of own shares
-33,235
-25,012
-27,718
Common equity tier 1
8,684,051
7,916,560
9,134,430
Tier 1 capital
8,684,051
7,916,560
9,134,430
Tier 2 capital
1,730,598
2,040,511
1,795,609
Deduction for the sum of equity investments etc. above 10%
-29,474
-107,641
-42,073
Total capital
10,385,175
9,849,430
10,887,966
Non-preferred senior capital
4,785,410
3,820,426
4,407,393
MREL subordinated capital
15,170,585
13,669,856
15,295,359
Recognised contractual senior capital
528,423
596,612
596,796
MREL capital
15,699,008
14,266,468
15,892,155
Common equity tier 1 capital ratio (%)
15.2
15.5
16.6
Tier 1 capital ratio (%)
15.2
15.5
16.6
Total capital ratio (%)
18.1
19.3
19.8
MREL subordination ratio (%)
26.5
26.8
27.7
MREL capital ratio (%)
27.4
28.0
28.8
Pillar I capital requirements
4,583,733
4,077,458
4,409,877
Subordination requirement (%) fixed by the Danish FSA incl. buffers
23.7
22.8
22.8
Excess cover (pp) relative to subordination requirement incl. buffers
2.8
4.0
4.9
MREL requirement (%) fixed by the Danish FSA
18.9
18.9
18.9
Excess cover (pp) relative to MREL requirement
8.5
9.1
9.9
MREL requirement (%) fixed by the Danish FSA including buffers
24.6
24.8
24.4
Excess cover (pp) relative to MREL requirement including buffers
2.8
3.2
4.4
Individual solvency requirement (%)
8.9
8.9
8.9
Capital conservation buffer (%)
2.5
2.5
2.5
Countercyclical buffer (%)
2.3
2.5
2.3
Sector-specific systemic buffer (%)
0.9
0.9
0.7
14.6
14.8
14.4
Excess cover (pp) relative to individual solvency requirement
9.2
10.4
10.9
Excess cover (pp) relative to total requirement for total capital
3.5
4.5
5.4
Ring k j ø b i n g Landb o b ank A /S Page 22
Notes
Note
no.
H1
2025
DKK 1,000
H1
2024
DKK 1,000
Full year
2024
DKK 1,000
1
Interest income
Receivables from credit institutions and central banks
63,283
76,212
141,499
Loans and other receivables
1,531,272
1,712,679
3,391,881
Loans - interest on the impaired part of loans
-25,375
-29,756
-57,641
Bonds
103,948
155,440
296,640
Total derivative financial instruments
19,855
4,910
9,559
of which currency contracts - net
8,999
-4,647
-14,782
of which interest-rate contracts - net
10,856
9,557
24,381
Other interest income
43
0
1,808
Total interest income
1,693,026
1,919,485
3,783,746
of which interest income from collateralised repurchase agreements/
0
2,823
3,214
2
Interest expenses
Debt to credit institutions and central banks
19,154
7,810
20,409
Deposits and other debt
241,497
378,536
725,999
Issued bonds
115,646
110,947
226,966
Subordinated debt
41,636
58,994
111,568
Other interest expenses
709
394
6,804
Total interest expenses
418,642
556,681
1,091,746
3
Gross fee and commission income
Securities trading
108,336
107,662
204,350
Asset management and custody accounts
139,796
125,394
256,569
Payment handling
103,845
90,628
188,875
Loan fees
47,388
38,994
81,653
Guarantee commission and mortgage credit commission etc.
143,763
135,208
276,163
Pension and insurance commission
49,315
39,851
85,867
Other fees and commission
23,142
21,851
40,127
Total gross fee and commission income
615,585
559,588
1,133,604
Net fee and commission income
Securities trading
101,047
99,968
189,277
Asset management and custody accounts
129,359
116,737
238,645
Payment handling
80,159
63,952
131,773
Loan fees
41,908
34,520
72,135
Guarantee commission and mortgage credit commission etc.
143,763
135,208
276,163
Pension and insurance commission
49,315
39,851
85,868
Other fees and commission
19,133
18,024
32,978
Total net fee and commission income
564,684
508,260
1,026,839
Foreign exchange income
67,604
43,854
87,213
Total net fee, commission and foreign exchange income
632,288
552,114
1,114,052
Ring k j ø b i n g Landb o b ank A /S Page 23
Notes
Note
no.
H1
2025
DKK 1,000
H1
2024
DKK 1,000
Full year
2024
DKK 1,000
4
Value adjustments
Other loans and receivables
-3,429
-1,652
3,980
Bonds
-3,278
14,199
76,410
Shares etc.
48,761
20,605
141,492
Investment properties
0
6,112
6,112
Foreign exchange
67,604
43,854
87,213
Total derivative financial instruments
-13,391
6,970
10,945
of which currency contracts
-13,929
-5,395
23,282
of which interest-rate contracts
539
12,364
-12,204
of which share contracts
-1
1
-133
Assets linked to pooled schemes
-105,082
406,498
658,655
Deposits in pooled schemes
105,082
-406,498
-658,655
Issued bonds etc.
10,867
5,924
-33,476
Tier 2 capital
1,382
0
0
Debt to credit institutions
0
-7,329
-7,970
Total value adjustments
108,516
88,683
284,706
The part of value adjustments relating to the fair value hedging accounts
below is distributed as follows:
Other loans and receivables
-3,151
-1,643
4,010
Bonds
-837
0
530
Currency contracts
-14,714
-6,352
25,451
Interest-rate contracts
6,453
9,400
11,454
Debt to credit institutions
0
-7,329
-7,969
Issued bonds etc.
10,867
5,924
-33,476
Tier 2 capital
1,382
0
0
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
15,601
14,468
29,905
General management
13,065
11,912
23,545
Board of directors
2,528
2,545
5,380
8
11
980
Total staff expenses
299,068
286,773
573,595
Salaries
229,910
221,561
441,654
Pensions
25,586
24,368
49,127
Social security expenses
3,582
2,884
5,737
Costs depending on number of staff
39,990
37,960
77,077
Other administration expenses
211,144
194,623
404,706
Total staff and administration expenses
525,813
495,864
1,008,206
6
Number of full-time employees
Average number of employees during the period converted into full-time
equivalents
679
663
664
Number of full-time employees at the end of the period
686
660
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
194
38,888
39,957
Actual realised net losses
708
-9,940
14,883
Interest on the impaired part of loans
+25,375
+29,756
+57,641
Total impairment charges for loans and other receivables etc.
+24,473
+808
+2,801
Ring k j ø b i n g Landb o b ank A /S Page 24
Notes
Note
no.
H1
2025
DKK 1,000
H1
2024
DKK 1,000
Full year
2024
DKK 1,000
8
Tax
Tax calculated on income for the year
364,641
378,349
759,851
Adjustment of deferred tax
10,350
5,269
3,355
Adjustment of tax calculated for previous years
-119
0
5,081
Total tax
374,872
383,618
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*
-2.1
-1.5
-1.2
Adjustment regarding previous years etc.
0.0
0.0
0.2
Total effective tax rate
23.9
24.5
25.0
* Primarily value adjustment of and dividends from sector shares.
30 June
2025
30 June
2024
31 December
2024
DKK 1,000
DKK 1,000
DKK 1,000
9
Receivables from credit institutions and central banks
On demand
301,767
243,186
251,577
Total receivables from credit institutions and central banks
301,767
243,186
251,577
10
Loans and other receivables at amortised cost
On demand
11,037,695
9,141,420
11,233,326
Up to and including 3 months
4,480,662
5,337,677
2,129,418
More than 3 months and up to and including 1 year
8,260,147
7,476,903
11,372,041
More than 1 year and up to and including 5 years
15,975,153
13,260,496
13,705,681
More than 5 years
17,552,577
17,318,930
17,396,540
Total loans and other receivables at amortised cost
57,306,234
52,535,426
55,837,006
of which collateralised repurchase agreements/reverse repo transactions
0
122,008
0
Ring k j ø b i n g Landb o b ank 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
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 30 June 2025
Loans and other receivables at amortised cost
442,444
1,104,657
766,859
2,313,960
Guarantees
7,738
8,918
14,096
30,752
Unutilised credit facilities and loan undertakings
14,337
15,692
0
30,029
Total impairment charges and provisions by stages
464,519
1,129,267
780,955
2,374,741
of which management estimates
292,049
499,395
209,692
1,001,136
At 30 June 2024
Loans and other receivables at amortised cost
452,727
1,081,082
761,819
2,295,628
Guarantees
6,025
9,912
35,015
50,952
Unutilised credit facilities and loan undertakings
11,791
15,106
0
26,897
Total impairment charges and provisions by stages
470,543
1,106,100
796,834
2,373,477
of which management estimates
301,839
453,380
196,355
951,574
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
30 June
2025
30 June
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
-4,210
-13,454
-27,215
Total stage 3 impairment charges and provisions taken over
69,427
87,398
73,637
Ring k j ø b i n g Landb o b ank A /S Page 26
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 30 June 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
78,823
96,484
54,047
229,354
229,354
Reversed impairment charges and provisions
for repaid accounts
-64,102
-190,471
-54,731
-309,304
-309,304
Migration of impairment charges and
provisions at beginning of period to stage 1
166,380
-158,185
-8,195
0
-
Migration of impairment charges and
provisions at beginning of period to stage 2
-17,976
33,725
-15,749
0
-
Migration of impairment charges and
provisions at beginning of period to stage 3
-777
-32,278
33,055
0
-
Impairment charges and provisions during the
year resulting from credit risk change
-161,217
202,471
47,042
88,296
88,296
Previously written down, now definitively lost
-
-
-8,151
-8,151
-
Lost, not previously written down
-
-
-
-
2,842
Received on claims previously written off
-
-
-
-
-10,286
Interest on the impaired part of loans
-
-
-
-
-25,375
Total impairment charges and provisions
464,519
1,129,267
780,955
2,374,741
-24,473
of which regarding credit institutions etc.
1,142
0
0
1,142
569
At 30 June 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
84,882
33,600
44,807
163,289
163,289
Reversed impairment charges and provisions
for repaid accounts
-45,278
-89,606
-96,267
-231,151
-231,151
Migration of impairment charges and
provisions at beginning of period to stage 1
145,520
-131,829
-13,691
0
-
Migration of impairment charges and
provisions at beginning of period to stage 2
-13,493
76,620
-63,127
0
-
Migration of impairment charges and
provisions at beginning of period to stage 3
-347
-41,168
41,515
0
-
Impairment charges and provisions during the
year resulting from credit risk change
-99,992
196,191
17,254
113,453
113,453
Previously written down, now definitively lost
-
-
-6,703
-6,703
-
Lost, not previously written down
-
-
-
-
1,910
Received on claims previously written off
-
-
-
-
-18,553
Interest on the impaired part of loans
-
-
-
-
-29,756
Total impairment charges and provisions
470,543
1,106,100
796,834
2,373,477
-808
of which regarding credit institutions etc.
559
0
0
559
34
Ring k j ø b i n g Landb o b ank A /S Page 27
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
30 June
2025
DKK 1,000
30 June
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
168,740
67,710
182,799
13
Bonds at fair value
Mortgage credit bonds
5,355,698
6,132,791
4,134,116
Other bonds
2,027,424
1,615,196
1,881,419
Total bonds at fair value
7,383,122
7,747,987
6,015,535
Bonds at fair value by rating classes
Percent
Percent
Percent
Aaa/AAA
73
79
69
A1/A+
2
1
0
A2/A
4
2
5
A3/A-
1
1
1
Baa1/BBB+
0
1
1
Baa2/BBB
2
1
4
Baas3/BBB-
0
1
0
Ba1/BB+
0
2
0
Not rated
18
12
20
Total
100
100
100
sue
has more than one rating, the lowest is used.
Ring k j ø b i n g Landb o b ank A /S Page 28
Notes
Note
no.
30 June
2025
DKK 1,000
30 June
2024
DKK 1,000
31 December
2024
DKK 1,000
14
Shares etc.
Listed on the stock exchange
67,934
50,780
56,053
Investment fund certificates
3,004
4,375
1,755
Unlisted shares at fair value
8,985
11,339
12,002
Sector shares at fair value
1,420,816
1,348,885
1,464,756
Total shares etc.
1,500,739
1,415,379
1,534,566
15
Assets linked to pooled schemes
Cash deposits
20,279
8,426
172,766
Bonds:
Other bonds
1,612,866
1,408,498
1,521,856
Total bonds
1,612,866
1,408,498
1,521,856
Shares:
Other shares
317,623
376,448
378,223
Investment fund certificates
5,237,650
4,825,741
5,053,174
Total shares
5,555,273
5,202,189
5,431,397
Other items
-31,945
-25,565
0
Total assets linked to pooled schemes
7,156,473
6,593,548
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
9,754
9,754
19,509
Total amortisation on the balance sheet date
135,445
115,936
125,691
Total customer relationships on the balance sheet date
59,643
79,152
69,397
Total intangible assets on the balance sheet date
982,898
1,002,407
992,652
17
Debt to credit institutions and central banks
On demand
855,654
708,535
838,399
Up to and including 3 months
759,152
558,684
0
More than 3 months and up to and including 1 year
751,047
8,038
771,177
More than 1 year and up to and including 5 years
320,064
400,664
351,595
More than 5 years
311,159
342,215
326,719
Total debt to credit institutions and central banks
2,997,076
2,018,136
2,287,890
Ring k j ø b i n g Landb o b ank A /S Page 29
Notes
Note
no.
30 June
2025
DKK 1,000
30 June
2024
DKK 1,000
31 December
2024
DKK 1,000
18
Deposits and other debt
On demand*
37,316,593
33,069,211
34,260,566
Deposits and other debt with notice:
Up to and including 3 months
4,886,433
4,886,615
6,141,367
More than 3 months and up to and including 1 year
4,559,065
3,552,249
4,155,377
More than 1 year and up to and including 5 years
1,010,016
2,192,754
1,585,896
More than 5 years
3,394,700
3,523,518
3,382,533
Total deposits and other debt
51,166,807
47,224,347
49,525,739
of which deposits covered by the Guarantee Fund
54.5%
56.3%
54.6%
Distributed as follows:
On demand
36,900,370
32,766,370
33,567,920
With notice
4,692,607
5,579,587
5,857,294
Time deposits
3,549,601
2,680,398
2,755,455
Long-term deposit agreements
1,783,212
2,009,709
2,323,590
Special types of deposits*
4,241,017
4,188,283
5,021,480
Total deposits and other debt
51,166,807
47,224,347
49,525,739
19
Issued bonds at amortised cost
Up to and including 3 months
0
743,291
649,976
More than 3 months and up to and including 1 year
222,039
798,515
149,442
More than 1 year and up to and including 5 years
4,886,389
3,371,094
3,694,098
More than 5 years
680,381
921,317
1,224,752
Total issued bonds at amortised cost
5,788,809
5,834,217
5,718,268
Distributed as follows:
Preferred senior capital
1,098,881
2,141,530
1,395,995
Adjustment to amortised cost and fair value adjustment
-11,205
-24,673
-12,015
Total preferred senior capital
1,087,676
2,116,857
1,383,980
Non-preferred senior capital
4,787,087
3,822,555
4,409,296
Adjustment to amortised cost and fair value adjustment
-85,954
-105,195
-75,008
Total non-preferred senior capital
4,701,133
3,717,360
4,334,288
Total issued bonds at amortised cost
5,788,809
5,834,217
5,718,268
20
Subordinated debt
Tier 2 capital:
Floating-rate loan, principal of EUR 100 million
-
745,765
-
Floating-rate loan, principal of DKK 300 million
-
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
Floating-rate loan, principal of SEK 350 million,
maturity date 1 April 2035
234,269
-
-
Adjustment to amortised cost and fair value adjustment
-5,843
-5,165
-4,391
Total subordinated debt
1,728,426
2,040,600
1,795,609
Ring k j ø b i n g Landb o b ank A /S Page 30
Notes
Note
no.
30 June
2025
DKK 1,000
30 June
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
-1,315,042
-784,600
-784,600
End of period
25,391,697
26,706,739
26,706,739
of which reserved for subsequent cancellation
514,400
627,800
1,231,207
Total share capital
25,392
26,707
26,707
22
Own shares
Own shares included in the balance sheet at
0
0
0
Market value
713,987
732,019
1,482,409
Number of own shares:
Beginning of period
1,231,237
758,610
758,610
Purchased during the period
1,201,503
1,218,453
2,154,961
Sold during the period
-603,298
-564,659
-897,734
Cancelled during the period
-1,315,042
-784,600
-784,600
End of period
514,400
627,804
1,231,237
of which reserved for subsequent cancellation
514,400
627,800
1,231,207
Nominal value of holding of own shares, end of period
514
628
1,231
2.0
2.4
4.6
23
Contingent liabilities etc.
Contingent liabilities
Financial guarantees
4,071,530
3,683,173
3,379,319
Guarantees against losses on mortgage credit loans
1,262,773
1,360,640
1,305,931
Registration and refinancing guarantees
2,148,086
1,300,994
1,878,117
Sector guarantees
108,764
108,764
108,764
Other contingent liabilities
502,283
636,079
525,926
Total contingent liabilities
8,093,436
7,089,650
7,198,057
Other contractual obligations
Irrevocable credit undertakings etc.
145,173
275,341
133,700
Total other contractual obligations
145,173
275,341
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
649,232
750,917
703,497
Pledged to Danmarks Nationalbank as collateral for clearing etc.:
Balance in current account with Danmarks Nationalbank
0
35,531
35,531
Collateral under CSA agreements etc.
159,621
194,486
203,165
Ring k j ø b i n g Landb o b ank A /S Page 31
Notes
Note
no.
25
Loans and guarantees by sector and industry
30 June
2025
30 June
2024
31 December
2024
DKK million
%
DKK million
%
DKK million
%
Public authorities
7.9
0.0
0.8
0.0
10.3
0.0
Business customers:
Agriculture, hunting and forestry
Cattle farming
547.8
0.8
509.6
0.9
508.9
0.8
Pig farming
738.2
1.1
593.2
1.0
606.6
1.0
Crop farming
2,720.8
4.2
2,480.5
4.1
2,513.4
4.0
Other agriculture, hunting and forestry
806.9
1.2
821.3
1.4
814.9
1.3
Fisheries
695.8
1.1
672.7
1.1
759.0
1.2
Industry and raw materials extraction
2,893.7
4.4
2,604.3
4.4
3,099.1
4.9
Energy supply
Renewable energy
4,080.8
6.3
3,509.1
5.9
4,354.5
6.9
Other energy supply
372.8
0.6
300.7
0.5
380.1
0.6
Building and construction*
978.0
1.5
2,825.5
4.7
2,709.1
4.3
Trade
2,397.9
3.7
2,326.4
3.9
2,483.2
3.9
Transport, hotels and restaurants
1,143.4
1.8
1,083.4
1.8
969.1
1.5
Information and communication
353.5
0.5
128.3
0.2
265.3
0.4
Finance and insurance*
9,375.9
14.3
7,373.5
12.4
8,039.9
12.8
Real estate
Real estate financing without prior creditors*
9,154.4
14.0
7,966.5
13.4
7,428.8
11.8
Other real estate financing*
3,151.2
4.8
2,537.6
4.3
2,413.5
3.8
Other business customers*
3,228.8
4.9
3,709.4
6.2
4,062.7
6.5
Total business customers
42,639.9
65.2
39,442.0
66.2
41,407.9
65.7
33,655.2
51.5
32,352.5
54.3
32,616.8
51.8
Private individuals
22,721.1
34.8
20,131.3
33.8
21,581.2
34.3
Total
65,368.9
100.0
59,574.1
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 half of 2025 in the marked
industries are attributable to this change.
Ring k j ø b i n g Landb o b ank A /S Page 32
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 30 June 2025
Credit quality*
High
70,374,135
106,388
0
0
70,480,523
76.3
Medium
11,754,970
2,760,714
0
0
14,515,684
15.7
Low
1,585,224
4,377,729
0
0
5,962,953
6.5
Credit-impaired
-
-
1,255,100
119,059
1,374,159
1.5
Total
83,714,329
7,244,831
1,255,100
119,059
92,333,319
100.0
Impairment charges etc.
Individual
851,109
35.8
Model-calculated
522,496
22.0
Management estimates
1,001,136
42.2
Total
464,519
1,129,267
711,528
69,427
2,374,741
100.0
At 30 June 2024
Credit quality*
High
63,243,113
16,850
0
0
63,259,963
74.7
Medium
12,282,056
2,404,849
0
0
14,686,905
17.4
Low
1,405,550
3,997,104
0
0
5,402,654
6.4
Credit-impaired
-
-
1,139,281
146,468
1,285,749
1.5
Total
76,930,719
6,418,803
1,139,281
146,468
84,635,271
100.0
Impairment charges etc.
Individual
834,387
35.2
Model-calculated
587,516
24.8
Management estimates
951,574
40.0
Total
470,543
1,106,100
709,436
87,398
2,373,477
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
* The categories high, medium and low credit quality do not translate directly into the Danish
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.
Ring k j ø b i n g Landb o b ank A /S Page 33
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.
30 June
2025
30 June
2024
31 December
2024
Basis of calculation, number of shares
24,877,297
26,078,939
25,475,532
Ring k j ø b i n g Landb o b ank A /S Page 34
Key figures
H1
2025
H1
2024
Full year
2024
Summary of income statement (DKK million)
Net interest income
1,274
1,363
2,692
Dividends from shares etc.
137
119
119
Net fee and commission income
565
508
1,017
Net interest and fee income
1,976
1,990
3,828
Value adjustments
+109
+89
+284
Other operating income
0
3
7
Staff and administration expenses
526
497
1,008
Amortisation, depreciation and write-downs on intangible and tangible assets
17
16
44
Other operating expenses
0
5
11
Impairment charges for loans and receivables etc.
+24
+1
+3
Profit before tax
1,566
1,565
3,069
Tax
375
384
768
Net profit
1,191
1,181
2,301
30 June
2025
30 June
2024
31 December
2024
Balance sheet key figures (DKK million)
Loans and other receivables at amortised cost
57,306
52,535
55,837
Deposits and other debt including pooled schemes
58,323
53,818
56,652
Subordinated debt
1,728
2,041
1,796
Equity
11,210
10,593
11,034
Balance sheet total
81,065
75,616
78,633
Ring k j ø b i n g Landb o b ank A /S Page 35
H1
2025
H1
2024
Full year
2024
Capital ratios:
Tier 1 capital ratio
%
15.2
15.5
16.6
Total capital ratio
%
18.1
19.3
19.8
MREL subordination ratio
%
26.5
26.8
27.7
MREL capital ratio
%
27.4
28.0
28.8
Earnings:
Return on equity before tax
%
14.1
14.9
28.6
Return on equity after tax
%
10.7
11.2
21.4
Income/cost ratio
DKK
4.02
4.03
3.89
Cost/income ratio
%
25.6
24.8
25.7
Return on assets
%
1.5
1.6
2.9
Market risk:
Interest rate risk
%
0.8
0.9
0.8
Foreign exchange position
%
2.1
1.6
1.5
Foreign exchange risk
%
0.1
0.0
0.0
Liquidity risk:
Liquidity Coverage Ratio (LCR)
%
208.7
208.0
179.1
Net Stable Funding Ratio (NSFR)
%
119.7
119.1
118.9
Loans and impairments thereon relative to deposits
%
102.2
101.9
102.6
Credit risk:
5.1
5.0
5.1
Growth in loans
%
13.0
3.3
10.1
Total large exposures (<175%)
%
117.6
128.9
125.2
Cumulative impairment ratio
%
3.5
3.8
3.6
Impairment ratio
%
-0.04
0.00
-0.00
Proportion of receivables at reduced interest
%
0.2
0.1
0.3
Share return:
Earnings per share
1/3
DKK
4,616
4,471
8,814
Book value per share
1/2
DKK
45,061
40,620
43,313
Dividend per share
1
DKK
0
0
1,100
Market price relative to earnings per share
1/3
30.1
26.1
13.7
Market price relative to book value per share
1/2
3.1
2.9
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.