Ringk j ø b in g Landb o b ank A /S Page 0
Financial review
A N N U A L R E P O R T 2 0 2 4
Ringk j ø b in g Landb o b ank A /S Page 1
Contents
Page
2 Letter to shareholders
3 Annual report - highlights
3 Key figures and ratios
4 Management's review - financial statements
5 Financial review
17 Core earnings
19 Quarterly overviews
21 Capital structure
25 Risks and risk management
27 Corporate governance etc.
35
36 Board of directors
47 General management
49 Company information
49 Shareholders
50 Company announcements
51 Financial calendar
52 Management's review - sustainability statement
53 General information
65 Environmental information
80 Social information
94 Governance information
102 Appendices to the sustainability statement
151 The independent
154 Financial statements
155 Management statement
156
157 The
161 Statements of income and comprehensive income
161 Proposed distribution of profit
162 Balance sheet
164 Statement of changes in equity
165 Statement of capital
166 Overview of notes
167 Notes
217 Five-year key figures
219 Five-year key ratios
221 The
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.
Ringk j ø b in g Landb o b ank A /S Page 2
Letter to shareholders
2024 was a good year for Danish economy, despite challenges in our neighbouring countries and a worrying
geopolitical landscape. For Ringkjøbing Landbobank, 2024 was an exceptional year with a 7% increase in net
profit for the year, to DKK 2,301 million, and a 21% return on equity.
Our strong image and high level of customer satisfaction resulted in a significant increase in customer
custody
accounts by 9%. Despite the after-effects of high inflation and interest rate increases, our customers have
adapted well, which has maintained the high credit quality of our loan portfolio.
This resulted in a 6% increase in income and an 8% increase in expenses. We have managed to keep our
cost/income ratio at only 26%, which confirms the strength of our business model.
paid resulted in a positive return of 22% in 2024. We propose increasing the dividend to DKK 11 per share and
continuing the DKK 500 million share
2025.
are presenting our sustainability statement in accordance with the CSRD rules, under which we address a
number of ESG-related datapoints. This continues our work of helping our customers with their transition to a
more sustainable future.
our chosen focus areas. We continue our ambitious investment programme for digitalisation and our
investment in employee skills development. This enables us to combine the strengths of personal advice with a
strong digital offer and efficient execution. We have achieved our growth targets and held many personal
rs and reducing
bureaucracy continues.
We would like to thank our highly skilled employees who have made an extraordinary effort again this year. We
are also pleased that employee wellbeing has achieved its highest-ever score in our surveys. This is the
foundation for our continued growth.
We are looking forward to 2025 with anticipation. On the one hand we are concerned about geopolitical
nt high. Standing on a firm foundation, the bank expects to
continue to increase its market share. Our principal tasks will be to serve our existing customers and continue
the increase in new customer relationships.
We expect net profit for 2025 to be in the range DKK 1,800 - 2,200 million.
Finally, we would like to thank our customers and you, our shareholders, for the strong support which the bank
enjoys.
John Bull Fisker
CEO
Ringk j ø b in g Landb o b ank A /S Page 3
Annual report - highlights
• Net profit for the year increases by 7% to DKK 2,301 million, equivalent to a 21% return on equity
• Earnings per share (EPS) increase by 12%
• Core income increases by 6% to DKK 4,068 million
• Costs increase by 8%, and the cost/income ratio is 25.7%
• Continued strong credit quality means that impairment charges of DKK 3 million were carried to income
• Highly satisfactory increase in customer numbers and growth of 10% in loans, 8% in deposits and 9% in custody account
holdings
• The best-ranking image in several independent surveys is promising for a continued increase in new customers
• Expectations for net profit for 2025 in the range DKK 1.8 - 2.2 billion
Key figures for the bank (DKK million)
2024
2023
2022
2021
2020
Total core income
4,068
3,828
2,862
2,433
2,179
Total expenses and depreciation
1,044
963
891
817
788
Core earnings before impairment charges for loans
3,024
2,865
1,971
1,616
1,391
Impairment charges for loans etc.
+3
-1
-2
-68
-223
Core earnings
3,027
2,864
1,969
1,548
1,168
Result for the portfolio etc.
+62
-7
-69
+7
-9
Special costs
20
20
20
17
15
Profit before tax
3,069
2,837
1,880
1,538
1,144
Net profit for the year
2,301
2,155
1,495
1,229
920
Equity
11,034
10,451
9,295
8,723
8,146
Deposits including pooled schemes
56,652
52,626
48,700
43,740
39,639
Loans
55,837
50,881
48,342
41,179
36,241
Balance sheet total
78,633
73,520
68,980
60,357
54,862
Guarantees
7,198
6,465
7,570
10,270
9,812
Financial ratios for the bank (percent)
Profit before tax/average equity
28.6
28.7
20.9
18.2
14.5
Net profit for the year/average equity
21.4
21.8
16.6
14.6
11.7
Cost/income ratio
25.7
25.2
31.1
33.6
36.2
Common equity tier 1 capital ratio
16.6
18.9
17.4
17.6
17.5
Total capital ratio
19.8
23.0
21.6
22.3
21.1
MREL capital ratio
28.8
28.9
28.9
27.8
26.7
Key figures per DKK 1 share (DKK)
Core earnings
118.8
107.1
71.5
54.4
40.2
Profit before tax
120.5
106.1
68.2
54.1
39.4
Net profit for the year
90.3
80.6
54.3
43.2
31.6
Book value
433.1
391.0
337.3
306.8
280.2
Price, end of year
1,204.0
991.5
948.0
878.0
554.0
Dividend
11.0
10.0
7.0
7.0
7.0
Key figures and ratios
Ringk j ø b in g Landb o b ank A /S Page 4
Annual report - highlights
Management's review - financial statements
Page
5 Financial review
17 Core earnings
19 Quarterly overviews
21 Capital structure
25 Risks and risk management
27 Corporate governance etc.
35
36 Board of directors
47 General management
49 Company information
49 Shareholders
50 Company announcements
51 Financial calendar
Ringk j ø b in g Landb o b ank A /S Page 5
Financial review
Core earnings
Interest
Net interest income was DKK 2,702 million in 2024 com-
pared to DKK 2,616 million in 2023, an increase of 3%.
Net interest income
(DKK million)
2024
2023
2022
2021
2020
Net interest income
2,702
2,616
1,677
1,343
1,256
Since peaking in October 2023, the interest margin has
been under constant pressure. The deposit margin has
been influenced by the migration from transaction
accounts to savings and high-interest accounts.
Continuing keen competition for loans resulted in
pressure on the lending margin. Most recently, the
decreasing interest rate level has put additional pressure
on the interest margin.
To mitigate the pressure on the interest margin, the bank
has been able to grow the business based on its organic
thus increased by 9.7% - with 1.1% in the first quarter,
2.2% in the second quarter, 2.6% in the third quarter and
most recently 3.8% in the fourth quarter. The increase in
loans is related mainly to the niches, including renewable
energy, and less to retail.
described on page 12.
The bank is highly satisfied with its growth in loans and
deposits.
The bank reduced the interest rates for loans and
deposits several times in 2024 and expects further
interest rate reductions during 2025.
The effect of the completed and expected interest rate
reductions is that the bank expects lower interest income
in 2025 than in 2024.
Fee, commission and foreign exchange income
Fee, commission and foreign exchange income
amounted to DKK 1,114 million in 2024, equivalent to a
10% increase compared to 2023, when the figure was
DKK 1,013 million.
Net fee, commission and foreign exchange income
(DKK million)
2024
2023
2022
2021
2020
Securities trading
189
159
164
171
138
Asset management and custody
accounts
239
218
207
182
150
Payment handling
132
126
104
84
63
Loan fees
72
79
115
81
82
Guarantee and mortgage credit
commission etc.
276
248
257
245
225
Pension and insurance commission
86
77
72
61
51
Other fees and commission
33
29
29
24
20
Foreign exchange income
87
77
66
58
41
Total
1,114
1,013
1,014
906
770
focus on private banking and other asset management.
Total income from these three items increased from DKK
454 million in 2023 to DKK 515 million in 2024, an
increase of 13%. The increase is attributable to a positive
development in all three items. The trading volume was
thus higher and the funds in custody accounts increased
by 9% during 2024.
Funds in custody accounts etc.
(DKK million)
End of
2024
End of
2023
End of
2022
End of
2021
End of
2020
Custody account holdings
93,026
87,165
79,740
74,589
54,811
Deposits, pooled schemes
7,126
5,845
4,973
5,538
4,700
Letpension/PFA Pension
5,998
4,666
3,669
3,408
2,576
Total
106,150
97,676
88,382
83,535
62,087
The bank considers the development in income for the
three items satisfactory.
276 million in 2024,
compared to DKK 248 million the year before. Interest
from sold-off home loans is booked under this item. The
explanation of the development is that the bank has
caught up with the timing difference of the interest rate
increases in 2022 and 2023, as the notice period to
customers of lending rate changes for home loans was
six months, whereas the funding rates were adjusted on
an ongoing basis.
The level of refinancing and trading activities for real
estate was lower in 2024 than in 2023, which resulted in a
million compared to DKK 126 million from this source in
2023, driven by the continued increase in customer
numbers.
Sector shares and other operating income
Total earnings from banking sector shares amounted to
DKK 244 million in 2024 compared to DKK 193 million in
2023. Earnings in DLR Kredit and PRAS improved and
there was also a sound development in earnings in
BankInvest. Finally, DKK 5 million of the DKK 244 million
is non-recurring, as the amount derives from the sale of
the last shares in Visa.
Sector shares and other operating income
(DKK million)
2024
2023
2022
2021
2020
Sector shares
244
193
169
179
151
Other operating income
7
6
2
5
2
Ringk j ø b in g Landb o b ank A /S Page 6
Financial review
Other operating income in 2024
amounted to DKK 7 million, compared
to DKK 6 million in 2023. Income in
2024 relates to a non-recurring
payment from Visa and the sale of
properties.
Core income
Total core income increased by 6%,
from DKK 3,828 million in 2023 to
DKK 4,068 million in 2024. The bank
considers the increase satisfactory.
Expenses, depreciation and write-downs
Total expenses including depreciation and write-downs
on tangible assets amounted to DKK 1,044 million in
2024, compared to DKK 963 million in 2023, an increase
of 8%.
Expenses, depreciation and write-downs
(DKK million)
2024
2023
2022
2021
2020
Staff and administration expenses
1,008
939
871
790
766
Depreciation and write-downs,
tangible assets
25
14
13
19
14
Other operating expenses
11
10
7
8
8
Total
1,044
963
891
817
788
The cost increase primarily reflects higher staff costs and
addition, the bank has expanded its organisation over the
last few years to conform to a regulatory set-up which
subjects the bank to more supervisory inspections.
In addition, new IT equipment was purchased for all of
The rate of costs was 25.7% in 2024, compared to 25.2%
in 2023. The cost/income ratio is considered highly
satisfactory.
A low cost/income ratio combined with good credit
This combination provides a high free cash flow and a
strong revenue shield.
Ringk j ø b in g Landb o b ank A /S Page 7
Financial review
Impairment charges for loans etc.
charges in 2024 was satisfactory and better than
expected.
The item shows income of DKK 1 million for the fourth
quarter of 2024. The expenditure for losses and
impairment charges is thus around DKK 0 million for the
twelfth consecutive quarter. The item shows income of
DKK 3 million for the full year.
Impairment charges for loans etc.
(DKK million)
2024
2023
2022
2021
2020
Impairment charges for loans etc.
+3
-1
-2
-68
-223
These results were achieved without a simultaneous
charges. From the end of 2021 to the end of 2024, the
increased from DKK 2,283 million to DKK 2,375 million. In
2024, the total account for impairment charges increased
by DKK 40 million.
This reflects that actual net losses have been modest
during the last twelve quarters and less than the ongoing
interest accruing on loans subject to individual
impairment charges.
In relation to the composition of the total account for
impairment charges, stage 3 impairment charges
decreased from DKK 873 million at the end of 2023 to
DKK 734 million at the end of 2024. Stage 3 impairment
charges thus accounted for 31% of the total account for
impairment charges at the end of 2024, compared to 37%
at the end of 2023.
During the year, the bank increased the total management
estimate from DKK 950 million at the end of 2023 to DKK
979 million at the end of 2024.
Loans with suspended interest amounted to DKK 183
million at the end of 2024 compared to DKK 120 million
at the end of 2023.
The bank still assesses the quality of its loan portfolio as
good. During 2024, the Danish FSA completed both a
estate companies and a full inspection of the bank,
focusing on loans to customers in t
inspection of renewable energy sources. The inspections
identified no need for new impairment charges or weak
customers, and no significant changes were made to the
still doing well. A continued strong labour market largely
supports this development. This and the decreasing
interest rates have enabled sound development on the
housing market.
The bank also experienced a continued positive
development in agriculture in 2024, with a resulting stable
demand and price development for farmland. An
additional result is reversal of individual impairment
charges for loans to agriculture. The bank has taken note
of the political agreement from June 2024 on gradual
introduction of carbon tax on agriculture from 2030. The
present assessment is that the total management
estimates related to agriculture take account of the risks
associated with the introduction of the new tax.
The bank has a considerable exposure to financing of
real estate. However, the percentage of real estate
financing decreased from 18.5% at the end of 2023 to
15.6% at the end of 2024. Approximately 75% of the
exposure to real estate is granted without prior debt. The
portfolio of loans for real property is high.
The credit quality of other loans to business customers is
also generally assessed to be high. However, since mid-
2024, the bank has seen a certain increase in the number
of economically challenged businesses, which in a few
cases caused a need for new impairment charges. This
development is still not of significant importance to the
overall assessment of credit quality at present.
The bank is very aware of the economic challenges
currently faced by several of our closest neighbouring
countries and important partners. We are also aware of a
continued high level of geopolitical risks that could hit the
Danish economy in general or specific businesses. These
risks are addressed in the total management estimates.
Ringk j ø b in g Landb o b ank A /S Page 8
Financial review
Core earnings
Core earnings in 2024 totalled DKK 3,027 million
increase of 6%.
Core earnings
(DKK million)
2024
2023
2022
2021
2020
Total core income
4,068
3,828
2,862
2,433
2,179
Total expenses and depreciation
1,044
963
891
817
788
Core earnings before impairments
3,024
2,865
1,971
1,616
1,391
Impairment charges for loans etc.
+3
-1
-2
-68
-223
Core earnings
3,027
2,864
1,969
1,548
1,168
Earnings per share
earnings per
they develop.
Core earnings per DKK 1 share were DKK 118.8 in 2024
compared to DKK 107.1 in 2023, and net profit also per
DKK 1 share was DKK 90.3 in 2024 compared to DKK
80.6 in 2023. The latter is equivalent to an increase of
12% compared to 2023.
buyback programmes had a positive effect on the key
figures.
Ringk j ø b in g Landb o b ank A /S Page 9
Financial review
Result for the portfolio etc.
The result for the portfolio etc. including portfolio funding
costs was positive by DKK 62 million net for 2024. In
2023, the result for the portfolio etc. was negative by DKK
7 million net.
Result for the portfolio etc.
(DKK million)
2024
2023
2022
2021
2020
Result for the portfolio etc.
+62
-7
-69
+7
-9
The positive result for the portfolio in 2024 is primarily
shorter- and longer-term bonds caused by the decreasing
market interest rate and to a narrowed credit spread for
certain bonds.
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 20 million net in 2024, unchanged
relative to 2023.
Amortisation and write-downs on intangible assets
(DKK million)
2024
2023
2022
2021
2020
Amortisation and write-downs on
intangible assets
20
20
20
17
15
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
but the calculation method and degree of specification
are different.
adjusted for temporary fluctuations following from the
(the securities portfolio less sector shares etc.), and 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 17 and comments
provided on the preceding pages. A numerical
18.
Comments on core earnings for the
fourth quarter of 2024
Core income
Core income amounted to DKK 1,001 million in the fourth
quarter of 2024, which is a small, expected decrease
compared to core income in the third quarter of 2024,
when the figure was DKK 1,016 million.
This development reflects a decrease of DKK 22 million in
net interest income compared to the third quarter of
2024, whereas other income increased by DKK 7 million
in the quarter.
Expenses
Expenses in the quarter totalled DKK 283 million
compared to DKK 255 million in the fourth quarter of
2023.
This increase, like the increase for the full year, primarily
reflects higher staff costs and higher IT expenses.
Impairment charges for loans
With the strong credit quality, impairment charges in the
quarter followed the pattern from the first three quarters
of the year and DKK 1 million was thus reversed in the
fourth quarter of 2024.
Result for the portfolio
The result for the portfolio was positive by DKK 6 million
in the quarter, attributable in part to a positive share price
adjustment.
Ringk j ø b in g Landb o b ank A /S Page 10
Financial review
The income statement
Net interest income
Net interest income was DKK 2,692 million in 2024
compared to DKK 2,540 million in 2023.
Net interest income
(DKK million)
2024
2023
2022
2021
2020
Interest income
3,784
3,326
1,866
1,460
1,373
Interest expenses
1,092
786
185
103
121
Total net interest income
2,692
2,540
1,681
1,357
1,252
The development reflects continued pressure on the
interest margin caused by the competition for loans and
resulting pressure on the lending margin. The deposit
margin has been under pressure from the migration from
transaction account to savings and high-interest
accounts.
portfolio thus increased by 9.7% in 2024.
The increase in loans is related mainly to the niches,
including renewable energy, and less to retail.
described on page 12.
The bank is highly satisfied with the growth in loans and
deposits.
The bank reduced interest rates for loans and deposits
several times in 2024.
In addition, the bank expects further interest rate
reductions by the central bank of Denmark, Danmarks
Nationalbank during 2025.
The effect of the completed and expected interest rate
reductions is that the bank expects lower interest income
in 2025 than in 2024.
Dividends from shares etc.
Dividend income from shares etc. totalled DKK 119
million in 2024 compared to DKK 90 million in 2023.
Dividends from shares etc.
(DKK million)
2024
2023
2022
2021
2020
Dividends from shares etc.
119
90
100
77
71
The vast majority of dividends received during the year
came from sector shareholdings in BI Holding
(BankInvest) and DLR Kredit.
Fee and commission income and fee and commission
expenses
Net fee and commission income was DKK 1,027 million in
2024 compared to DKK 936 million in 2023, an increase
of 10%.
Net fee and commission income
(DKK million)
2024
2023
2022
2021
2020
Fee and commission income
1,134
1,029
1,039
939
815
Fee and commission expenses
107
93
92
91
86
Total net fee and commission
income
1,027
936
947
848
729
Please see the comments below and note 4 to the
income statement for a specification.
in 2024 compared to 2023 as a result of a higher level of
activity and greater volumes. Total net income from the
two items thus increased by DKK 51 million, from DKK
377 million in 2023 to DKK 428 million in 2024.
- from
DKK 248 million in 2023 to DKK 276 million in 2024.
Interest from sold-off home loans is booked under this
item. The explanation of the increase is that the bank has
caught up with the timing difference of the interest rate
increases in the two preceding years, as the notice period
to customers of lending rate changes for home loans was
six months, whereas the funding rates were adjusted on
an ongoing basis.
compared to DKK 203 million net from this source in
2023. The increase is driven by the continued increase in
customer numbers.
There was a small decrease of DKK 7 million in income
because the level of refinancing and trading activities
n 2023.
Value adjustments
Value adjustments in 2024 resulted in income totalling
DKK 285 million compared to income totalling DKK 253
million in 2023.
This development is specified as follows:
Value adjustments
(DKK million)
2024
2023
2022
2021
2020
Other loans and receivables
4
9
-29
-4
1
Bonds
77
107
-166
-16
11
Shares etc.
141
110
65
106
76
Investment properties
6
0
0
0
0
Foreign exchange
87
77
66
58
41
Total derivative financial
instruments
11
18
-80
-19
24
Issued bonds etc.
-33
-58
199
38
-27
Debt to credit institutions
-8
-10
18
0
0
Total value adjustments
285
253
73
163
126
Ringk j ø b in g Landb o b ank A /S Page 11
Financial review
shares and bond portfolio and foreign exchange income
in particular contributed to the positive value adjustments
for the year.
Other operating income
Other operating income amounted to DKK 7 million in
2024, compared to DKK 6 million in 2023.
Income in 2024 relates to a non-recurring payment from
Visa and the sale of properties.
Staff and administration expenses
Total staff and administration expenses increased by 7%,
from DKK 939 million in 2023 to DKK 1,008 million in
2024.
Staff and administration expenses
(DKK million)
2024
2023
2022
2021
2020
Staff and management expenses
603
557
526
473
474
Other administration expenses
405
382
345
317
292
Total staff and administration
expenses
1,008
939
871
790
766
Expenses for staff and management totalled DKK 603
million in 2024 compared to DKK 557 million in 2023, an
increase of 8%. The average number of full-time
employees (FTEs) increased from 653 in 2023 to 664 in
2024.
Other administration expenses totalled DKK 405 million in
2024 compared to DKK 382 million in 2023, an increase
of 6%. The increase primarily reflects higher IT expenses.
Amortisation, depreciation and write-downs on
intangible and tangible assets
Amortisation, depreciation and write-downs totalled DKK
44 million in 2024 compared to a total of DKK 33 million
in 2023.
Amortisation, depreciation and write-downs on intangible and
tangible assets
(DKK million)
2024
2023
2022
2021
2020
Intangible assets
20
20
20
17
15
Tangible assets
24
13
13
19
14
Total amortisation, depreciation and
write-downs on intangible and
tangible assets
44
33
33
36
29
The purchase of new IT equipment for all of
employees influenced this item in 2024.
Other operating expenses
in 2024, compared to DKK 10 million in 2023.
Almost all of the expenses are related to payment to the
Resolution Fund. This expense will lapse with effect from
2025 as the Resolution Fund has now been built up.
Impairment charges for loans and other receivables etc.
The item represented an expense of DKK 6 million in
2023, compared to income of DKK 3 million in 2024. The
development in the item was thus satisfactory and better
than expected.
Impairment charges for loans and other receivables etc.
(DKK million)
2024
2023
2022
2021
2020
Impairment charges for loans and
other receivables etc.
+3
-6
-12
-79
-233
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 7 of the financial review
and notes 11 and 15 to the financial statements.
Profit before and after tax and follow-up on the financial
expectations for 2024
The profit before tax was DKK 3,069 million, equivalent to
a 29% p.a. return on average equity.
The net profit for the year was DKK 2,301 million,
equivalent to a 21% p.a. return on average equity.
Core earnings per share measured on the net profit for
the year, increased from DKK 80.6 per share in 2023 to
DKK 90.3 in 2024, an increase of 12%.
The bank finds the above very satisfactory.
On 17 January 2024, the bank announced its
expectations for 2024, which were net profit for the year
in the range DKK 1,800-2,200 million.
On 31 January 2024, the bank commented on the
expectations for 2024, maintaining them as announced
on 17 January 2024.
On 7 August 2024, the bank upwardly adjusted its
expectations for 2024 to net profit for the year in the
range DKK 2,200-2,350 million. The upward adjustment
was based on continued good credit quality and a level of
losses and impairment charges better than originally
budgeted for 2024, which was expected to continue to
improve for the rest of the year.
On 23 October 2024, the bank specified the expected
result for 2024 to be at the upper end of the upwardly
adjusted range.
With net profit of DKK 2,301 million, this is realised within
the expected ranges as announced on 7 August 2024 and
specified on 23 October 2024.
Ringk j ø b in g Landb o b ank A /S Page 12
Financial review
Balance sheet etc.
Balance sheet items and contingent liabilities
million at the end of 2024, compared to DKK 73,520
million the year before.
Loans increased by 9.7% in 2024 from DKK 50,881 million
at the end of 2023 to DKK 55,837 million at the end of
2024. The increase was distributed with 1.1% in the first
quarter, 2.2% in the second quarter, 2.6% in the third
quarter and most recently 3.8% in the fourth quarter.
Deposits including pooled schemes increased by 7.6% in
2024 from DKK 52,626 million at the end of 2023 to DKK
56,652 million at the end of 2024. The increase was
distributed with 0.4% in the first quarter of 2024, 1.9% in
the second quarter, 0.8% in the third quarter and most
recently 4.5% in the fourth quarter.
Equity increased from DKK 10,451 million at the end of
2023 to DKK 11,034 million at the end of 2024.
the end of the year amounted to DKK 7,198 million,
compared to DKK 6,465 million at the end of 2023.
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.
With an increase of 6% compared to the end of 2023, the
continued to be positive in 2024.
The development in the credit intermediation is shown in
the following summary:
Total credit intermediation
(DKK million)
31 Dec.
2024
31 Dec.
2023
31 Dec.
2022
31 Dec.
2021
31 Dec.
2020
Loans etc.
55,837
50,881
48,342
41,179
36,241
Mortgage credit -
Totalkredit
48,554
46,766
45,248
43,849
39,454
Mortgage credit - DLR
Kredit and others
9,321
9,551
10,256
10,172
9,511
Total
113,712
107,198
103,846
95,200
85,206
Securities and market risk
the end of 2024, with DKK 58 million in listed shares and
investment fund certificates and DKK 1,477 million in
sector shares etc., mainly in the companies DLR Kredit, BI
Holding (BankInvest) and PRAS.
The bond portfolio amounted to DKK 6,016 million, of
which the majority consisted of AAA-rated Danish
mortgage credit bonds.
The total interest rate risk - impact on profit of one
percentage point change in the interest level - was
December 2024, the equivalent of DKK 72 million.
Value at Risk model - computed with a 10-day horizon
and 99% probability - was as follows in 2024:
Value at Risk
Risk in DKK
million
Risk relative to equity
end of year in %
Highest risk of loss
22.3
0.20
Lowest risk of loss
8.3
0.08
Average risk of loss
14.2
0.13
End-of-period risk of loss
16.1
0.15
rate risk, listed shares etc. and foreign currency remains
at a moderate level, and this policy will continue. Please
see note 44 for further information.
Ringk j ø b in g Landb o b ank A /S Page 13
Financial review
Other matters
Liquidity
-term funding
liabilities total DKK 2.4 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 Danmarks Nationalbank, receivables from
credit institutions with term to maturity of less than 12
months and securities at fair value totalling DKK 12.2
billion, which means the total excess cover is DKK 9.8
billion.
equity exceeded its loans by DKK 4.7 billion on 31
December 2024 and these two items therefore more than
fully finance the loan portfolio.
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.
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
which shows that the bank meets all four current limit
values by a good margin.
Benchmark
Limit
value
2024
2023
2022
2021
2020
Liquidity benchmark
>100%
153.9%
224.9%
143.4%
161.1%
177.6%
Large exposures
<175%
125.2%
116.9%
118.0%
109.8%
99.8%
Growth in loans
<20%
10.1%
5.0%
17.5%
13.5%
2.2%
Real estate exposure
<25%
18.2%
21.1%
20.0%
18.4%
17.9%
Financial rating and ESG rating
The bank is rated by the international credit rating agency
outlook.
The most important ratings at the end of 2024 were as
follows:
Rating
Assigned rating
Long-term Bank Deposits
Aa3
Long-term Issuer Rating
Aa3
Short-term Bank Deposits
P-1
Short-term Issuer Rating
P-1
Outlook
Stable
In the environmental, social and governance (ESG) area,
largest, most used ESG rating agencies.
second-
Ringk j ø b in g Landb o b ank A /S Page 14
Financial review
The bank’s share
and the volume in circulation is 100%. The Ringkjøbing
Landbobank share is part of both the Danish Large Cap
index on OMX Copenhagen and the Stoxx Europe 600
index.
The return on the share in 2024 was 22% including the
dividend of DKK 10.0 distributed in 2024.
Including dividends up to and including the 2024 financial
year and given the share price on 31 December 2024, the
shares at the beginning of 2001 is 20%.
At the beginning of 2024 the share price was 991.5. At
the end of 2024, the price was 1,204. The market
capitalisation totalled DKK 32.2 billion at the end of the
year.
outperformed the OMX Copenhagen Banks Performance
Index in the same period
Ringk j ø b in g Landb o b ank A /S Page 15
Financial review
ESG/sustainability
As in previous years, the bank has focused on ESG in
2024. This is natural for a financial institution wanting to
play an important role in society.
Reporting Directive (CSRD) from the 2024 financial year.
comprehensive sustainability statement from page 52.
Danish FSA inspections etc.
In 2024, the bank participated in several supervisory
inspections of its loans and granting of credit.
In the first quarter of 2024, the bank received the Danish
inspection of the financing of various energy sources
(renewable energy). In the second quarter of 2024, the
a thematic inspection
of loans for real estate.
In the second half of 2024, the FSA performed a major
sector and to personal customers.
The FSA did not find any need for additional impairment
charges or categorisation as weak customers in the
exposures it examined during the inspections. This
At the end of 2024, the bank had no outstanding FSA
orders resulting from inspections.
The DORA regulation/IT
The Digital Operational Resilience Act (DORA regulation)
entered into force on 17 January 2025. The bank worked
intensively in 2024 in preparation for compliance with the
regulation, including by strengthening its IT security
department.
The bank has outsourced IT development and operation
to Bankdata and its subcontractor JN Data.
The bank thus does not have its own networks and/or
servers, which contributes to reducing IT complexity in
the bank.
Reputation/image, Bank of the Year and employee
wellbeing
In September 2024, the market research company
Voxmeter published an image/reputation survey of
Danish financial institutions.
The analysis is based on 20 image parameters and as
two brands attained the following places:
• The Ringkjøbing Landbobank brand is no. 1
• The Nordjyske Bank brand is no. 6
In November 2024, FinansWatch and Wilke published the
answers from a representative sample of just over 3,900
Danes. Here, the Ringkjøbing Landbobank brand was also
ranked number 1 as the financial institution with the best
image among those surveyed, including in the Central
Denmark Region, North Denmark Region and Capital
Region of Denmark. The Nordjyske Bank brand was not
part of the survey.
In June 2024, Ringkjøbing Landbobank was awarded the
accolade of Bank of the Year among major banks for the
ninth time in a row. As in previous years, the award was
made by FinansWatch in collaboration with the audit and
consultancy firm EY.
The Bank of the Year award supplements the satisfactory
rankings regarding image and reputation.
The basis for operating a good bank with happy
customers is happy, highly skilled employees. We are
thus also very pleased that employee satisfaction with
the bank is high.
In an employee satisfaction survey completed in the
second quarter of 2024, employee satisfaction/wellbeing
is at its highest level since these surveys of the bank
began.
The high employee satisfaction/wellbeing is a good
growth strategy, under which all employees work every
single day to create value for both existing and new
customers in their relations with the bank.
Principal activity
activities permitted under financial law.
In accordance with the business model, the bank focuses
on operating as a relations-based full-service bank for
personal and business customers in West, Central and
North Jutland and as a niche bank in selected segments.
section from page 59.
Ringk j ø b in g Landb o b ank A /S Page 16
Financial review
Products
In June 2024, the bank introduced free opening and
safekeeping (zero custody fee) and exemption from
account product for the rest of 2024 and all of 2025.
The aim of this initiative is to support both the continued
development of the share ownership culture in Denmark
and the continued deployment of stock-savings
accounts.
The bank also launched a new product, Monthly
Investment, in its mobile banking app in 2024. The new
product will transfer a fixed monthly amount chosen by
the customer and subsequently automatically invest it in
.
Monthly Investment can be set up directly in the mobile
banking app. Setup and use of the product are free of
charge and instructions to buy are exempt from both
brokerage and fees for the rest of 2025.
Expected results and plans for 2025
The net profit for 2024 was DKK 2,301 million.
strategy update for the years 2024-2026. Overall, the
strategy is a continuation of the current organic growth
strategy -
customers and on an additional increase in customer
numbers - which the bank has pursued and executed for
many years, including in 2024.
• Interest income: The bank forecasts continued growth
in loans in 2025. The bank also expects continued
interest rate decreases and consequently pressure on
the interest margin during the coming year. In
summary, based on the above the bank expects total
net interest income to decrease in 2025 compared to
the level in 2024.
• Other income: The activity level was increasing during
2024. The bank expects to be able to continue the
positive trend in 2025. Asset management income
and other income are thus expected to increase in
2025 compared to 2024.
• Expenses: An increase of approximately 4% in total
expenses is expected in 2025 compared to 2024.
• Impairment charges: The bank forecasts a small
increase in impairment charges in 2025.
On the basis of the above, the bank maintains the
previously announced expectations for 2025 for net profit
for the year in the range DKK 1.8 - 2.2 billion.
We are looking at a 2025 with continued geopolitical and
macroeconomic uncertainty, as in 2024. Uncertainty
therefore surrounds the expected net profit for the year
for 2025.
Uncertainty of recognition and measurement
The recognition and measurement of certain assets and
liabilities are uncertain because they require estimates of
how future events will affect the value of the assets and
liabilities on the balance sheet date.
Estimates of importance to the financial reporting are
mainly used in the following areas:
• Calculation of expected losses on loans and other
credit exposures (impairment charges)
• Assessment of collateral security
• Fair value of unlisted financial instruments
• Valuation of intangible assets including goodwill
The estimates are based on assumptions which the
obviously are not certain.
position, and the control environment for the estimates
made is satisfactory.
Events after the reporting period
No events after 31 December 2024 are judged to have an
impact on the annual report for 2024.
Ringk j ø b in g Landb o b ank A /S Page 17
Core earnings
Explanation
no.
2024
DKK 1,000
2023
DKK 1,000
1
Net interest income
2,701,744
2,615,661
2
Net fee and commission income excluding securities trading
837,562
777,611
3
Income from sector shares etc.
244,406
192,974
6
Foreign exchange income
87,213
77,192
Other operating income
7,305
5,829
Total core income excluding securities trading
3,878,230
3,669,267
Securities trading
189,277
158,381
Total core income
4,067,507
3,827,648
Staff and administration expenses
1,008,206
939,121
Depreciation and write-downs on tangible assets
24,970
13,868
Other operating expenses
10,618
10,044
4
Total expenses etc.
1,043,794
963,033
Core earnings before impairment charges for loans
3,023,713
2,864,615
5
Impairment charges for loans and other receivables etc.
+2,801
-1,286
6
Core earnings
3,026,514
2,863,329
Result for the portfolio etc.
+62,128
-7,149
Amortisation and write-downs on intangible assets
19,509
19,509
6
Profit before tax
3,069,133
2,836,671
Tax
768,287
681,449
Net profit for the year
2,300,846
2,155,222
Ringk j ø b in g Landb o b ank A /S Page 18
Core earnings
Explanation of the correlation between profit before tax and core earnings
Explanation
no.
2024
DKK 1,000
2023
DKK 1,000
1
Net interest income
Net interest income - income statement
2,692,000
2,539,532
Discounts - amortisation concerning loans taken over etc.
0
-4,506
Funding income - own portfolio
306,384
316,149
Bond yields
-296,640
-235,514
Net interest income - core earnings
2,701,744
2,615,661
2
Net fee and commission income excluding securities trading
Fee and commission income - income statement
1,133,604
1,029,411
Fee and commission expenses - income statement
-106,765
-93,419
Securities trading - core earnings
-189,277
-158,381
Net fee and commission income excluding securities trading - core earnings
837,562
777,611
3
Income from sector shares etc.
Value adjustment of sector shares etc.
+128,782
+103,486
Dividends from sector shares etc.
115,624
89,488
Income from sector shares etc. - core earnings
244,406
192,974
4
Total expenses etc.
Staff and administration expenses - income statement
1,008,206
939,121
Amortisation, depreciation and write-downs on intangible and tangible assets,
net - income statement
44,479
33,377
Other operating expenses - income statement
10,618
10,044
Amortisation and write-downs on intangible assets, net - core earnings
-19,509
-19,509
Total expenses etc. - core earnings
1,043,794
963,033
5
Impairment charges for loans and other receivables etc.
Impairment charges for loans and other receivables etc. - income statement
+2,801
-5,792
Discounts - amortisation concerning loans taken over etc.
0
4,506
Impairment charges for loans and other receivables etc. - core earnings
+2,801
-1,286
6
Profit before tax and core earnings
Profit before tax
3,069,133
2,836,671
Value adjustments - income statement
+284,706
+253,354
Results from investments in associated companies and subsidiaries
-3
+84
Value adjustment of sector shares etc.
-128,782
-103,486
Foreign exchange income - core earnings
-87,213
-77,192
Funding expenses - own portfolio
-306,384
-316,149
Bond yields
296,640
235,514
Dividends - not sector shares
3,164
726
Result for the portfolio - core earnings (minus)
62,128
-7,149
Special costs - core earnings (plus)
19,509
19,509
Core earnings
3,026,514
2,863,329
Ringk j ø b in g Landb o b ank A /S P a g e 19
Quarterly overviews
The following pages contain quarterly overviews comprising core earnings, balance sheet items and contingent liabilities, and statement of capital.
Core earnings
(DKK million)
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
Q4
2020
Q3
2020
Q2
2020
Q1
2020
Net interest income
656
678
677
691
717
686
652
561
511
410
390
366
355
336
327
325
321
319
311
305
Net fee and commission income
excluding securities trading
218
212
208
200
207
193
193
185
190
199
196
199
182
170
166
159
156
147
136
152
Income from sector shares etc.
58
58
61
67
60
47
45
41
46
38
41
44
47
49
43
40
43
38
35
35
Foreign exchange income
23
20
21
23
20
18
19
20
17
18
16
15
15
14
13
16
13
9
9
10
Other operating income
0
4
3
0
1
5
0
0
1
0
0
1
0
0
1
4
1
0
1
0
Core income excluding securities trading
955
972
970
981
1,005
949
909
807
765
665
643
625
599
569
550
544
534
513
492
502
Securities trading
46
44
41
59
38
40
38
42
34
40
41
49
52
34
29
56
32
39
28
39
Total core income
1,001
1,016
1,011
1,040
1,043
989
947
849
799
705
684
674
651
603
579
600
566
552
520
541
Staff and administration expenses
275
237
255
241
248
231
238
222
229
214
221
207
206
191
195
198
206
179
190
191
Depreciation and write-downs, tangible
assets
5
14
3
3
5
3
3
3
5
3
4
1
9
3
4
3
4
5
2
3
Other operating expenses
3
2
3
3
2
3
3
2
2
2
1
2
2
2
2
2
2
2
0
4
Total expenses etc.
283
253
261
247
255
237
244
227
236
219
226
210
217
196
201
203
212
186
192
198
Core earnings before impairment charges
718
763
750
793
788
752
703
622
563
486
458
464
434
407
378
397
354
366
328
343
Impairment charges for loans and other
receivables etc.
+1
+1
+1
0
0
0
0
-1
0
0
-1
-1
-7
-13
-19
-29
-38
-44
-66
-75
Core earnings
719
764
751
793
788
752
703
621
563
486
457
463
427
394
359
368
316
322
262
268
Result for the portfolio etc.
+6
+26
+7
+23
+29
-8
-7
-21
+11
-61
-10
-9
+11
-1
+7
-10
+15
+17
+29
-70
Amortisation and write-downs, intangible
assets
5
5
5
5
5
5
5
5
5
5
5
5
5
4
4
4
4
3
4
4
Profit before tax
720
785
753
811
812
739
691
595
569
420
442
449
433
389
362
354
327
336
287
194
Tax
189
196
188
195
198
178
166
140
110
91
94
90
79
87
71
72
64
64
60
36
Net profit for the year
531
589
565
616
614
561
525
455
459
329
348
359
354
302
291
282
263
272
227
158
Ringk j ø b in g Landb o b ank A /S P a g e 20
Quarterly overviews
Balance sheet items and contingent liabilities
(DKK million)
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
End of
Q4
2020
End of
Q3
2020
End of
Q2
2020
End of
Q1
2020
Loans
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
36,241
35,479
35,260
36,130
Deposits incl. pooled schemes
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
39,639
39,204
39,670
37,051
Equity
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
8,146
7,884
7,612
7,380
Balance sheet total
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
54,862
53,956
53,984
51,531
Contingent liabilities
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
9,812
9,590
9,379
9,992
Statement of capital
Common equity tier 1
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
7,277
7,049
6,973
6,109
Tier 1 capital
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
7,277
7,049
6,973
6,109
Total capital
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
8,774
8,553
8,507
8,009
MREL subordinated capital
15,295
13,606
13,670
12,932
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
MREL capital
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
11,112
11,587
11,580
10,985
Total risk exposure
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
41,561
39,682
38,900
41,444
(Percent)
Common equity tier 1 capital
ratio
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
17.5
17.8
17.9
14.7
Tier 1 capital ratio
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
17.5
17.8
17.9
14.7
Total capital ratio
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
21.1
21.6
21.9
19.3
MREL subordination ratio
27.7
26.1
26.8
26.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
MREL capital ratio
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
26.7
29.2
29.8
26.5
Ringk j ø b in g Landb o b ank A /S Page 21
Capital structure
Share buyback programmes, capital
reduction and profit distribution
initiate a share buyback programme totalling DKK 1,525
in relation to the profit distribution for 2023.
The share buyback programme was divided into part I
and part II, both of which were completed under the Safe
Harbour rules for the purpose of cancelling the bought
back shares at a future general meeting.
In February 2024, the annual general meeting also
decided to cancel the 784,600 of the bank's own shares
bought in 2023 and early 2024. The capital reduction was
finalised in April 2024.
It is proposed to the annual general meeting to be held on
5 March 2025 that the 1,315,042 shares bought back in
the period from 1 February 2024 and up to and including
27 January 2025 be finally cancelled in association with a
capital reduction, thus reducing the number of shares in
the bank from 26,706,739 to 25,391,697.
thus DKK 25,475,532 in nom. DKK 1 shares, see below.
Share
capital/Number
of shares
Beginning of 2024
27,491,339
Capital reduction, cancellation of shares, April 2024
-784,600
Share capital at end of 2024
26,706,739
Share buyback programme parts I and II - purchased in
2024
-1,231,207
Actual share capital at end of 2024
25,475,532
Share buyback programme part II - purchased in 2025
-83,835
Actual share capital following a capital reduction in 2025
25,391,697
policy for the bank in March 2024. Under the policy, from
the 2024 financial year, the board of directors of
Ringkjøbing Landbobank endeavours to distribute an
annual dividend of up to 20% of the net profit for the year
as future ordinary profit distribution.
In addition to the ordinary profit distribution, the board of
directors may initiate share buyback programmes on an
ad hoc basis. The programmes will be subject to the
position and capital objectives a
growth expectations. They are also conditional on the
In the second half of 2024, the bank completed an
application process at the FSA regarding distribution of
and announced the launching of a new share buyback
programme for DKK 500 million as part of the ordinary
allocation of profit for the 2024 financial year.
The share buyback programme started on 28 January
2025 and will run until 28 May 2025. The amount of the
capital at the end of 2024.
capitalisation when the financial statements for the first
quarter of 2025 are available.
A full implementation of the above DKK 500 million share
buyback programme will be subject to the annual general
meeting in March 2025 again authorising the board of
years.
It is therefore proposed to the general meeting that the
years, to permit the bank to acquire its own shares, in
accordance with current legislation, until the next annual
general meeting, to a total nominal value of ten percent
(10%) of the share capital, such that the shares can be
acquired at current market price plus or minus ten
percent (+/-10%) at the time of acquisition.
Finally, the board of directors proposes to the annual
general meeting that a dividend of DKK 11 per share be
paid for the 2024 financial year, equivalent to a total of
DKK 294 million. A dividend of DKK 10 per share was paid
for the 2023 financial year.
Capital objectives and payout ratios
be such as will ensure sufficient capital for future growth
and for hedging against any fluctuations in the risks
assumed by the bank.
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
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.
Ringk j ø b in g Landb o b ank A /S Page 22
Capital structure
Current capital structure
10,451 million. The profit for the year must be added to
own shares bought must be subtracted. After this, equity
at the end of 2024 was DKK 11,034 million.
The bank issued tier 2 capital of DKK 500 million on 31
July 2024. The capital issue has a maturity of 10.5 years
with a first call (redemption) option after 5.5 years. The
interest for the entire term to maturity is agreed at a 3-
month Cibor rate plus a margin of 200 basis points and
with fixing of interest every three months. The issue is
unlisted and was made as a private placement with an
ongoing capital planning.
In addition, the bank carried out early redemption of tier 2
capital of EUR 100 million on 22 August 2024, having
The bank's capital ratios as at the end of December 2020-
2024 were as follows:
Capital ratios
2024
2023
2022
2021
2020
Common equity tier 1 capital
ratio
16.6
18.9
17.4
17.6
17.5
Tier 1 capital ratio
16.6
18.9
17.4
17.6
17.5
Total capital ratio
19.8
23.0
21.6
22.3
21.1
MREL subordination ratio
27.7
-
-
-
-
MREL capital ratio
28.8
28.9
28.9
27.8
26.7
Calculated without IFRS 9 transition programmes, which
ratio was 16.2% and the total capital ratio 19.4% on 31
December 2024.
Individual solvency requirement and
capital buffers
Ringkjøbing Landbobank focuses on its internally
calculated individual solvency requirement, defined as
risk exposure amount.
Adequate total capital is assessed and calculated on the
basis of an internal calculation model, as the amount
and future risks.
The bank calculates the individual solvency requirement
using the 8+ model. The model is based on 8 percentage
points, plus any supplements calculated for customers
with financial problems, and others. The 8+ model thus
does not give the bank credit for its earning capacity and
robust business model.
the end of 2024 was calculated at 8.9%, which is
marginally lower than at the end of 2023, when the
individual solvency requirement was calculated at 9.0%.
At the end of 2024, the countercyclical capital buffer for
exposures to customers located in Denmark was
implemented at 2.5%. countercyclical buffer
was 2.3% at the end of 2024, 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 was 2.5% at the end of
the year.
A sector-specific systemic buffer for exposures to real
estate companies was activated as from 30 June 2024 at
a rate of 7%. Real estate companies are firms engaged in
activities under the economic activity codes
part of the secured exposures in the 0-15% loan-to-value
range is exempt from the calculation. The sector-specific
system buffer resulted in a capital add-on of 0.7% for the
bank at the end of 2024.
thus 14.4% at the end of 2024.
Compared with the actual total capital of DKK 10.9 billion,
the capital buffer at the end of 2024 was thus DKK 3.0
billion, equivalent to 5.4 percentage points.
For further information, see the summary below.
Individual solvency requirement, total capital requirement and
excess cover
(%)
2024
2023
2022
2021
2020
Individual solvency requirement
8.9
9.0
9.3
9.3
9.3
Capital conservation buffer
2.5
2.5
2.5
2.5
2.5
Countercyclical buffer
2.3
2.5
2.0
0.0
0.0
Sector-specific systemic buffer
0.7
-
-
-
-
total capital
14.4
14.0
13.8
11.8
11.8
Excess cover in percentage points
relative to individual solvency
requirement
10.9
14.0
12.3
13.0
11.8
Excess cover in percentage points
relative to total requirement for
total capital
5.4
9.0
7.8
10.5
9.3
The computed adequate total capital is regularly
assessed and reported to the Danish FSA.
For further information on the calculation of Ringkjøbing
individual solvency requirement, please
www.landbobanken.dk/solvency
Ringk j ø b in g Landb o b ank A /S Page 23
Capital structure
Subordination and MREL requirement etc.
The MREL requirement and subordination requirement for
2024 were 18.9% and 22.8% respectively.
In December 2024, the bank received an updated MREL
requirement of 18.9% (unchanged) and an updated
subordination requirement of 23.7% from the Danish FSA
- both applicable from the beginning of 2025.
The subordination requirement must be met, at 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. In 2024 the bank
issued new non-preferred senior capital equivalent to a
total of DKK 1,527 million.
At the end of December 2024, non-preferred senior
capital equivalent to DKK 4.4 billion had been issued.
In addition, the bank had issued preferred senior capital
equivalent to a total of DKK 597 million at the end of
2024, which 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 2025 the bank expects to have a need for issuing new
non-preferred senior capital of approximately DKK 750
million and preferred senior capital of approximately DKK
500 million.
The bank has issued new senior non-preferred capital
equivalent to DKK 770 million in January 2025. Thus, the
% and its
MREL capital ratio 28.8% at the end of 2024, which thus
met both targets.
The excess cover at the end of 2024 was 4.9 percentage
points relative to the subordination requirement, 9.9
percentage points relative to the MREL requirement and
4.4% relative to the MREL requirement including buffers.
Ringk j ø b in g Landb o b ank A /S Page 24
Capital structure
Capital adequacy rules
The bank used the methods below for the calculation of
its total risk exposure amount at the end of 2024 as
provided by the CRD IV rules:
Calculation of capital adequacy - methods used
Credit risk outside the trading portfolio
Standardised Approach
Counterparty risk
Mark-to-Market Method
Credit risk reducing method, financial collateral
Comprehensive Method
Market risk
Standardised Approach
Operational risk
Basic Indicator Method
As is evident from the above, the bank uses the
standardised method for calculation of its credit risk and
thereby the total risk exposure amount. This approach
uses fixed risk weightings.
The method means that the bank does not apply the
same down-weighting of risks as those banks which
apply one of the advanced methods.
On the other hand, the bank does not experience
increasing risk weightings in periods of recession and
does not have to use output floors under CRR3.
Relative to the advanced methods, use of the
standardised method means significantly greater
robustness in the calculated capital ratios and less
volatility in the total risk exposure amount.
In 2020, a new five-year phasing-in period for the dynamic
component of the IFRS 9 transitional rules was
introduced. The phase-in period ended with effect from
the beginning of 2025, which results in a decrease of
approximately 0.4 percentage points in future capital
ratios compared to the end of 2024.
The bank is also subject to the provisions on a backstop
for non-performing exposures (NPEs). The rules mean
that NPEs must be fully deducted from common equity
tier 1 within a period of at most ten years. Deduction
must be in the form of either write-downs of the exposure
or deduction from tier 1 capital. The deduction from
common equity tier 1 at the end of 2024 was DKK 20
million.
Parts of the CRR3 rules entered into force at the
beginning of 2025. The regulation contains changed
weighting principles for exposures to real estate and new
rules on calculating risk-weighted assets in relation to
operational risks.
The bank must report in accordance with the new rules
from the end of March 2025.
Based on the figures at the end of 2024, the new rules are
assessed to result in an unchanged level of risk-weighted
assets.
Ringk j ø b in g Landb o b ank A /S Page 25
Risks and risk management
Risk-taking
Risk-taking is generally a natural part of banking.
exposure to credit, market and liquidity risks and to
various operational risks including IT, compliance and
reputational risks.
Risks associated with climate change are an integral part
of the individual risk types.
The notes to the annual report contain details on the
individual risk areas. The management's review and the
sustainability statement also describe sustainability-
related risks.
-taking has been
unchanged for years.
The absolutely biggest risk area for the bank, and
consequently the special business-related risk linked to
risk.
Overall, the bank wants to assume moderate credit risks
based on a balanced relationship between risk and return.
Over a multi-year period, the bank wants to operate with
losses which are lower relative to losses in the Danish
financial sector. The result of this historically is credit
losses at a low level as shown in the table on the next
page.
Further information on the bank’s risks
The various types of risk are described in more detail in
notes 38 - 47 to this annual report. The sustainability
statement appears from pages 52 - 153.
In addition, Danish banks are required by law to disclose
information on risk.
Some of the required risk information is given in this
website: www.landbobanken.dk/risk-information
Ringk j ø b in g Landb o b ank A /S Page 26
Risks and risk management
Actual net losses
(DKK 1,000)
Actual net loss
after interest
Loans and other
receivables with
suspended interest
Impairment
charges for
loans etc.
Total loans and
guarantees etc.*
Percentage
loss before
interest*
Percentage
loss after
interest*
Year
Actual net
loss
1987
-6,696
304
10,544
75,000
1,358,464
-0.49%
0.02%
1988
-14,205
-5,205
4,522
93,900
1,408,830
-1.01%
-0.37%
1989
-18,302
-5,302
13,107
117,270
1,468,206
-1.25%
-0.36%
1990
-15,867
-1,867
47,182
147,800
1,555,647
-1.02%
-0.12%
1991
-11,429
3,571
47,626
170,000
1,805,506
-0.63%
0.20%
1992
-32,928
-14,928
43,325
177,900
1,933,081
-1.70%
-0.77%
1993
-27,875
-6,875
30,964
208,700
1,893,098
-1.47%
-0.36%
1994
-14,554
4,446
33,889
223,500
1,938,572
-0.75%
0.23%
1995
-10,806
10,194
27,292
238,800
2,058,561
-0.52%
0.50%
1996
-19,802
-1,802
18,404
233,400
2,588,028
-0.77%
-0.07%
1997
-31,412
-12,412
39,846
236,600
3,261,429
-0.96%
-0.38%
1998
-2,914
18,086
4,905
263,600
3,752,602
-0.08%
0.48%
1999
-442
21,558
18,595
290,450
5,148,190
-0.01%
0.42%
2000
-405
27,595
12,843
316,750
5,377,749
-0.01%
0.51%
2001
-8,038
20,962
14,222
331,950
6,113,523
-0.13%
0.34%
2002
-8,470
20,530
26,290
382,850
7,655,112
-0.11%
0.27%
2003
-22,741
2,259
23,412
394,850
8,497,124
-0.27%
0.03%
2004
-14,554
9,446
18,875
404,855
11,523,143
-0.13%
0.08%
2005
-22,908
192
35,796
357,000
15,522,264
-0.15%
0.00%
2006
-13,531
7,028
20,578
295,000
17,858,787
-0.08%
0.04%
2007
-15,264
4,888
13,190
289,097
19,227,573
-0.08%
0.03%
2008
-34,789
-10,237
22,110
356,083
16,475,975
-0.21%
-0.06%
2009
-73,767
-47,658
62,649
467,025
14,890,027
-0.50%
-0.32%
2010
-69,428
-40,207
66,237
565,035
14,758,234
-0.47%
-0.27%
2011
-78,813
-43,073
61,419
649,856
14,448,638
-0.55%
-0.30%
2012
-90,022
-48,337
113,312
758,363
14,849,602
-0.61%
-0.33%
2013
-69,030
-25,117
85,258
853,421
16,604,640
-0.42%
-0.15%
2014
-53,427
-9,206
58,244
931,398
18,073,200
-0.30%
-0.05%
2015
-87,250
-48,815
74,220
942,950
20,194,063
-0.43%
-0.24%
2016
-86,666
-54,200
59,904
937,128
20,878,475
-0.42%
-0.26%
2017
-45,769
-16,414
24,995
931,035
23,465,775
-0.20%
-0.07%
2018
-251,451
-200,376
209,642
2,040,407
43,220,158
-0.58%
-0.46%
2019
-187,787
-118,934
212,195
2,031,645
47,161,735
-0.40%
-0.25%
2020
-120,051
-60,373
264,721
2,204,620
48,257,615
-0.25%
-0.13%
2021
-49,541
71
97,757
2,283,320
53,680,913
-0.09%
0.00%
2022
-42,658
6,401
81,176
2,302,171
58,213,791
-0.07%
0.01%
2023
-36,968
26,626
119,789
2,334,589
59,474,627
-0.06%
0.04%
2024
-14,883
42,758
182,799
2,374,546
65,374,056
-0.02%
0.07%
38-year average (1987-2024)
-0.45%
-0.05%
10-year average (2015-2024)
-0.25%
-0.13%
* Actual net losses relative to total loans excluding reverse repo transactions, guarantees, impairment charges for loans, provisions for
losses on guarantees, and unutilised credit facilities and credit undertakings.
Explanation: The percentage losses are computed as the actual net losses for the year, before and after interest on the impaired part of
loans, as a percentage of total loans, guarantees, impairments for loans and provisions for guarantees. A minus in front of a percentage
loss indicates a loss, while a positive percentage loss means that the interest on the impaired part of loans was greater than the actual net
losses for the year. All the above figures are computed exclusive of amounts concerning reverse repo transactions and the national Bank
The 10-year average and the 38-year average are calculated as simple averages.
airment
policies for losses were harmonised. In 2018 this resulted in full and partial impairment losses on exposures taken over from Nordjyske
Bank. This harmonisation continued to a lesser extent in 2019 and partly in 2020.
Ringk j ø b in g Landb o b ank A /S Page 27
Corporate governance etc.
Statement on corporate governance
Goal
Ringkjøbing Landbobank has set goals for corporate
stakeholders, namely its customers, shareholders,
employees, and the local areas where the bank operates.
As a responsible financial institution, the bank also
focuses on sustainability.
achieve the best possible long-term returns for its
owners, the shareholders, and to achieve an annual return
on equity among the top one-third of the Danish financial
sector, via rational operation of the bank and sound credit
policy.
in West, Central and North Jutland, of which it is an
develop that section of its customer portfolio which is
situated in these areas.
It also seeks to serve selected customer groups
throughout Denmark via its niche concepts and private
banking branches, offering a high level of expertise and
competitive products.
In general, the bank will thus meet the expectations of a
full-service bank for personal and business customers via
its strengths in both capital and consultancy.
It is also a goal for Ringkjøbing Landbobank to be a good
and attractive employer. In line with the business model
and the chosen strategy, the bank wishes to create an
interesting and challenging workplace which can both
retain and develop competent employees and continually
attract new employees.
In the context of corporate governance, the bank also
focuses on ESG aspects and sustainability and, in the
transition plan for climate and the environment, has set
targets for carbon emissions from its loan and
operations.
The reader is referred to the sustainability statement
from page 66 of this annual report.
those areas where it is rooted historically. This takes
place through support for local sporting and cultural life.
Codes of management etc.
As a listed financial institution and member of Finance
Denmark, the bank is covered by a number of codes of
practice.
Being listed on the Nasdaq Copenhagen, the bank is
covered by the Recommendations on Corporate
Governance issued by the Committee on Corporate
Governance, and as a member of Finance Denmark, by
the Corporate Governance Code of the Danish Bankers
Association.
The Recommendations on Corporate Governance
Corporate governance in Ringkjøbing Landbobank
concerns the objectives, general principles and structures
governing the bank and the interplay between the
stakeholders: customers, shareholders and employees,
and relations with the local areas in which it has
branches.
the Recommendations on Corporate Governance issued
and gives an account of them in its annual reports.
different recommendations again for the 2024 financial
year in the main areas:
1)
investors and other stakeholders;
2) The duties and responsibilities of the board of
directors;
3) The composition, organisation and evaluation of the
board of directors;
4) Remuneration of the management; and
5) Risk management.
The recommendations supplement Danish law,
particularly the Danish Companies Act, the Danish
Financial Statements Act, EU corporate law rules and the
OECD Principles of Corporate Governance.
of directors and general management have assessed the
of corporate governance, and the general management
and board of directors have chosen to comply with
almost all of the recommendations in this area. Where
nt has
explained why not, and which approach the bank has
chosen instead. This is also considered to constitute
compliance with the recommendations.
By doing so, the bank thus complies with all 40
recommendations.
Ringk j ø b in g Landb o b ank A /S Page 28
Corporate governance etc.
Finance Denmark’s Corporate Governance Code
In 2013, the then Danish Bankers Association (now
Finance Denmark) published a corporate governance
code.
The recommendations in the Corporate Governance Code
companies actively consider a number of managerial
matters and to achieve greater openness concerning the
frameworks for management of the individual member
companies.
companies of Finance Denmark must specify how they
view the Corporate Governance Code in connection with
the presentation of the annual report.
of directors and general management also specified how
Code.
Denmark's Corporate Governance Code, and the board of
directors and general management have opted to follow
all 12 recommendations.
Active ownership
Section 101a of the Danish Financial Business Act
contains a provision on active ownership policy. Under
that provision, an active ownership policy must be
prepared or an explanation given for why a policy has not
been prepared.
assess that a policy is not necessary since the bank only
has a very modest holding of listed shares. In the role of
asset manager, the bank has not explicitly agreed with its
customers that it must exercise active ownership, for
example by exercising the voting rights pertaining to
investments in listed shares.
The bank’s financial reporting process,
management organs and their functions
the general management regularly ensures that the
the financial reporting process are functioning properly.
The financial reporting process, including the
implemented controls and risk management, is designed
to ensure that the annual report is presented in
accordance with statutory requirements and is free of
material misstatement attributable to fraud or error.
The financial reporting process is further organised so
its annual report in cooperation with the general
management and other relevant departments.
An additional general rule for the financial reporting
department and other relevant departments and
employees continuously monitor compliance with
relevant legislation and other regulations and provisions
on both financial reporting and sustainability reporting in
connection with the financial reporting process and
The internal controls and risk management systems in
connection with the financial reporting process are also
structured with the following main elements, which
ensure:
• that the accounts department is in charge of the
overall financial reporting process, including the
financial statements, while the ESG steering group
has the overall responsibility for the sustainability
reporting;
• that the accounts department coordinates and
obtains relevant information from other departments
for use in the preparation of the financial accounts
and also reviews and quality-assures the information
obtained, ensuring that documentation etc. is
prepared for each item;
• that the ESG steering group coordinates and obtains
relevant information from other departments for use
in the preparation of the sustainability statement and
also reviews and quality-assures the information
obtained, ensuring that documentation etc. is
prepared for each item in the sustainability statement;
• that the management's review covering the financial
management and executive secretariat, while the
management's review covering the sustainability
management and ESG steering group;
•
independent auditor and the internal audit function
with information and data in connection with the audit
of the financial statements (the ESG steering group
y auditor
and the internal audit function with information and
data in connection with the independent sustainability
sustainability statement);
• that the general management and relevant employees
in the bank review the draft annual report;
Ringk j ø b in g Landb o b ank A /S Page 29
Corporate governance etc.
•
board review the draft annual report;
•
committee and the general management hold
report.
The above also applies to the presentation of quarterly
and interim reports with the consequent changes and
adaptations arising because these reports are not
audited, and parts of the reporting are only required
annually.
The complete statement on management and corporate
governance contains descriptions of recognition and
measurement, the control environment, risk assessment,
management organs and their functions, etc.
Complete statement on management and
corporate governance
The statutory complete statement on management and
corporate governance in Ringkjøbing Landbobank is
www.landbobanken.dk/cg
Diversity in the board of directors
The bank has a policy for diversity on the board of
directors. The board of directors and its nomination
committee assessed the policy in November 2024 and
found no need for changes other than minor linguistic
adjustments.
composition should embrace diverse competences and
backgrounds, including diversity in professional identity,
work experience, gender, age etc.
The policy further lays down that recruitment of
candidates to serve as board members must focus on
ensuring that the candidates possess competences,
backgrounds, knowledge and resources that are different
from the current board members and collectively match
etc.
The board of directors was supplemented with a new
member in 2024. This has contributed to compliance with
the diversity policy in 2024, including ensuring diverse
competences and backgrounds among board members
in terms of work experience, gender etc.
Compliance with the adopted policy on diversity on the
board of directors was thus assessed by the board of
directors and its nomination committee during the annual
evaluation process and the conclusion was that the
policy is complied with. As stated above, compliance is
achieved through focus on the policy criteria when
candidates are recruited to serve as members of the
mmittee,
and otherwise.
The reason for also focusing on these diversity criteria
when recruiting candidates to serve as members of the
directors primarily from among the members of the
shareholders' committee.
On the date of closing the accounts, six of the eight board
while two board members (one with managerial
experience from another financial undertaking and one
with IT skills) was not elected from the membership of
The under-represented gender
The following sections are the statutory complete
statement on the under-represented gender in
accordance with Section 152 of the Executive Order on
Financial Reports for Credit Institutions and Investment
Firms etc.
The bank has a target figure, and a policy aimed at
increasing the percentage of the under-represented
The board of directors - board members elected by the
shareholders' committee
With representation of the under-represented gender of
33.3% among the eight board members elected by the
shareholders' committee, an equal gender distribution as
defined by the Danish Business Authority was achieved in
2023.
With three board members of the under-represented
gender among eight board members (equivalent to
37.5%) at the end of 2024, the gender distribution
remained equal. On this basis and in accordance with
section 79a(1)(1) of the Danish Financial Business Act,
and now also the Danish Gender Balance Act, a target
figure is no longer set for the under-represented gender
for board members elected by the shareholders'
committee.
Ringk j ø b in g Landb o b ank A /S Page 30
Corporate governance etc.
The board of directors - board members elected by the
employees
Under the Gender Balance Act, a target must also be set
for the board members elected by the employees unless
equal distribution has been achieved. With two female
and two male employee representatives, equal gender
distribution has been achieved.
Other management levels
of the general management (reported to the Danish
Business Authority), employees placed at the same
management level, in organisational terms, as the general
management, and employees with staff responsibilities
reporting directly to the general management or to
employees placed at the same level, in organisational
terms, as the general management.
feel that equal career and management opportunities are
open to them, irrespective of gender. The policy adopted
to increase the percentage of the under-represented
gement levels also aims
at creating a basis for a more equal gender distribution at
long-term aim to create a more equal gender distribution
management wants to follow up on developments with
respect to gender distribution at other management
levels and to adjust the effort continually in relation to the
target.
In 2022, the board of directors and its nomination
committee set a target figure of at least 25% for the
under-
management levels to be met by 2025.
When updating the policy and target figure for other
management levels in 2024, the board of directors and its
nomination committee assessed that there was no need
for changes in relation to other management levels.
During 2023, the bank implemented various initiatives
aimed at meeting the target figure by 2025. They
comprise recruitment initiatives and initiatives aimed at
motivating employees of the under-represented gender to
pursue different managerial roles, thus becoming eligible
initiatives were used and followed up in 2024, and work
on developing and structuring additional initiatives
continued.
The implemented initiatives have improved the key figure
for the under-represented gender from 22.9% at the end
of 2023 to 25.4% at the end of 2024.
The bank thus met the 25% target at the end of 2024.
Against this background and in accordance with the
Gender Balance Act, in 2025 the board of directors has
updated the target to 30% to be met by the end of 2030.
31 Dec.
2024
31 Dec.
2023
31 Dec.
2022
31 Dec.
2021
31 Dec.
2020
Board of directors (supreme management
body)
Board members elected by the
shareholders' committee
Total
8
9
8
8
8
Under-represented gender in %
37.5
33.3
25.0
12.5
12.5
Target in %
Not relevant
1
Not relevant
1
30.0
-
-
Year target must be met
Not relevant
1
Not relevant
1
2023
-
-
Board of directors (supreme management
body)
Board members elected by the employees
Total
4
Under-represented gender in %
50.0
Target in %
Not relevant
1
Year target must be met
Not relevant
1
Other management levels
Number of members (FTE)
59.0
55.8
56.8
55.9
Not
computed
2
Under-represented gender in %
25.4
22.9
20.7
19.4
Not
computed
2
Target in %
25.0
3
25.0
25.0
-
-
Year target must be met
Not relevant
3
2025
2025
-
-
1
No target set as equal gender distribution has been achieved.
2
Figures not based on the new definition in 2022.
3
The target of 25% was met at the end of 2024 - updated target of 30% to be met by the end of 2030 was set by the board of directors in January 2025.
Ringk j ø b in g Landb o b ank A /S Page 31
Corporate governance etc.
Sound corporate culture
sound corporate culture containing a set of principles for
conduct.
The policy was most recently updated in November 2024
www.landbobanken.dk/policies
policy and the code of conduct. Through this report and
otherwise, the board of directors gains insight into
matters relating to the policy and code of conduct.
the annual general meeting on behalf of the board must
cover the implementation of the corporate culture policy
and compliance with it. The sustainability statement from
page 95 provides further details.
Anti-money laundering, terrorist financing
and sanctions
recommendations made in the report issued in November
2019 by the Anti-Money Laundering Task Force, which
was appointed by Finance Denmark. The 25
recommendations for anti-money laundering and counter-
terrorist financing measures are aimed at various
stakeholders including authorities, the banking sector in
general and the individual banks.
anti-money laundering and counter-terrorist financing
efforts, see the sustainability statement from page 100.
Data ethics
ethical principles and conduct in relation to data. The
board of directors made minor editorial changes to the
policy in November 2024.
Section 154 of the Executive Order on Financial Reports
for Credit Institutions and Investment Firms etc. requires
undertakings which have a data ethics policy to
on data ethics.
The statement must contain information on the under-
The
which is available on the bank's website at:
www.landbobanken.dk/dataethics
Product approval and product
management
The bank has policies for product approval and product
management to ensure that customers are offered
suitable investment products and investment services,
retail banking products etc.
If new investment products and services or retail banking
services are introduced which may result in significant
responsibility for approving them.
investment products and services are structured so that
management of retail banking products are handled by
business development and support department. In a
cycle, products and services are recommended to the
services are subject to approval by the
function, risk management function and general
management. The compliance and risk management
functions can always request that risks be submitted to
the board of directors for consideration.
At least annually, the compliance function reports to the
services and retail banking products, including target
group compliance, based on internal reporting received
from the middle office function and the business
development and support department and on the
Complaints handling
In the event of disagreements between a customer and
always best resolved through dialogue between the
customer and the adviser, possibly with the involvement
If agreement is not reached, the customer always has the
function. The complaints function is independent of the
departments serving customers and handles complaints
received and sends answers to the customer.
The complaints function reports annually to both the
which gives them full insight into the scope and type of
complaints.
Ringk j ø b in g Landb o b ank A /S Page 32
Corporate governance etc.
Communication with stakeholders
The bank places great emphasis on communication with
its stakeholders.
It has always been a priority for the bank that its advisers
must be available to its customers. This will remain a top
priority going forward. The bank also gives high priority to
having a mobile and web banking platform and a website
which are accessible, easy to understand and can be
used in the bank's communication with its customers.
In addition, the bank has prepared an investor relations
policy dealing with the bank's information to, and
communication with, investors and other stakeholders. A
code of conduct has also been prepared which includes
general guidelines for the bank's interaction with its
stakeholders.
Investor relations policy
The bank's investor relations policy includes statements
that the bank must strive for openness and constructive
dialogue with its shareholders, investors and other
stakeholders.
The bank's goal is thus to give
• the stock exchanges on which the bank has listed
issues,
• existing and potential shareholders and investors,
• share analysts and securities brokers, and
• other stakeholders
quick information which gives a true and fair view of both
price-related and other significant matters.
November 2024 and found that various minor
adjustments were needed.
The investor relations policy is available at the bank's
website at: www.landbobanken.dk/policies
Policy on conditions for employees and
code of conduct
conditions for employees in 2024. The policy provides the
overall framework and guidelines relating to how the
bank wants to treat its employees, in a range of areas.
The policy is available on the bank's website at
www.landbobanken.dk/policies
The bank also has a code of conduct which establishes
guidelines for its employees (including the board of
directors and general management) concerning the
conduct expected of them towards stakeholders such as
customers, suppliers and authorities on a range of
different subjects. The code of conduct also specifies the
actions.
The overall object of the code of conduct is to assist
employees in their daily decisions and conduct.
The code is general and not exhaustive but provides
examples of unacceptable behaviour.
The board of directors assessed and updated the code of
conduct in November 2024 and made various
adjustments. The code of conduct is available on the
bank's website at: www.landbobanken.dk/policies
for employees and code of conduct, see the sustainability
statement from page 83 and page 95 respectively.
Responsible purchasing policy
framework and guidelines for its suppliers and other
partners. In order to achieve responsible supply, the
policy introduces various environmental, social and
ethical standards. The bank thus wants its suppliers and
other partners to show the same responsibility as the
bank. It is also crucial to the bank that its suppliers and
other partners comply at least with applicable national
law.
The policy is available on the bank's website at
www.landbobanken.dk/policies
purchasing policy, see the sustainability statement on
page 97.
Ringk j ø b in g Landb o b ank A /S Page 33
Corporate governance etc.
Remuneration
Remuneration policy
The current policy is from November 2023 and was
February 2024.
remuneration committee assessed the need for changes
to the policy. The board and committee assessed that
various changes were needed.
The policy adopted and updated by the board of directors
general meeting in March 2025.
management is paid remuneration which is both in line
performance for the bank.
It also still specifies that the remuneration paid to the
board of directors and the general management should
be a fixed amount without any form of incentive
component.
Other major risk-takers and employees in control
functions may be paid variable salary components in
cash within the financial framework for payment of
personal allowances under a current workplace
agreement, below the cap on variable salary components
and subject to the other provisions of the remuneration
policy. Severance may also be paid unless it is deemed to
be variable salary in the terms of the applicable law.
In addition, the remuneration policy contains provisions
including variable salary paid to them.
The remuneration policy also complies with the
remuneration policy requirements of the Danish
Companies Act applicable to public limited companies
with shares admitted to trading on a regulated market.
The current remuneration policy is available on the bank's
website at: www.landbobanken.dk/policies
Remuneration report and remuneration
details
Pursuant to the Danish Companies Act, a remuneration
report has also been prepared on the remuneration paid
to the board of directors and the general management for
the 2024 financial year. The remuneration report will be
submitted for a consultative vote
general meeting in March 2025.
The remuneration report contains a statement by the
In addition, a document with various remuneration details
etc. is prepared pursuant to the executive order on wage
policies and remuneration in financial institutions etc.,
Article 450 of the CRR and section 80c of the Danish
Financial Business Act.
The remuneration policy and the remuneration details
document are available at the bank's website at:
www.landbobanken.dk/policies
Ringk j ø b in g Landb o b ank A /S Page 34
Corporate governance etc.
Information on listed companies
In accordance with Section 149 of the Executive Order on
Financial Reports for Credit Institutions and Investment
Firms etc., the bank advises as follows:
26,706,739 represented by 26,706,739 nom. DKK 1
shares.
The bank has only one share class, and the entire share
capital, and thus all shares, are listed on the Nasdaq
negotiability.
The following shareholder has notified voting rights for
capital on 31 December 2024:
• Nordflint Capital Partners Fondsmæglerselskab A/S,
Copenhagen, Denmark held voting rights for and
December 2024.
With respect to the exercising of voting rights, each nom.
DKK 1 share carries one vote when the share is recorded
shareholder has reported and documented his or her
right. However, a shareholder may cast no more than
3,000 votes.
-year
cordance with rules in
force.
only valid if the resolution is adopted by at least two-
thirds of votes cast and two-thirds of the voting capital
represented at the general meeting.
On the date of closing the accounts, the board of
directors is authorised as follows, pursuant to the articles
of association, to issue shares:
The general meeting has decided to authorise the board
of directors to increase the share capital in one or more
rounds by up to nom. DKK 5,341,347 with right of pre-
increase must be fully paid up in cash and may be below
the market price. This authorisation applies until 27
February 2029 (Article 2a of the articles of association).
The general meeting has decided to authorise the board
of directors to increase the share capital in one or more
rounds by up to nom. DKK 2,670,673 without right of pre-
increase may be by cash payment or contribution of an
existing company or specific asset values corresponding
to the value of the shares issued. The capital increase
must be fully paid up at the market price ascertained by
the board of directors. This authorisation applies until 27
February 2029 (Article 2b of the articles of association).
The board of directors may use the authorisations under
Articles 2a and 2b to increase the share capital by a
maximum of nom. DKK 5,341,347 in total (Article 2c of
the articles of association).
The board of directors has the following powers with
shares:
authorised the board of directors, before the next annual
general meeting and in accordance with applicable law,
to permit the bank to acquire its own shares to a total
shares can be acquired at the current market price plus or
minus 10%.
The authorisation was most recently renewed at the
This authority was used in several rounds during 2024 to
initiate share buyback programmes:
• On 31 January 2024 for a DKK 1,525 million share
buyback programme for execution in the period 1
February 2024 to 27 January 2025 was divided into
two parts: part I for DKK 750 million for execution in
the period 1 February 2024 to 28 June 2024 was
completed on 27 June 2024; part II for DKK 775
million for execution in the period 1 July 2024 to 27
January 2025 was initiated on 28 June 2024 and
completed on 27 January 2025.
• On 28 January 2025 for a DKK 500 million share
buyback programme for execution in the period 28
January to 28 May 2025.
A total of 1,315,042 shares have been bought under the
DKK 1,525 million share buyback programme.
Cancellation of the shares will be recommended at the
clauses in certain funding agreements. For reasons of
competition, no further details are given.
Ringk j ø b in g Landb o b ank A /S Page 35
Name
Position
Hometown
Born
Kristian Skannerup,
Manufacturer
Tim
14.06.1959
Allan Østergaard Sørensen,
Attorney-at-law (High Court)
Ringkøbing
26.06.1982
Anette Ørbæk Andersen
Manager
Skjern
04.03.1963
Mette Bundgaard
Police superintendent
No
03.11.1966
Per Lykkegaard Christensen
Farmer
Hjallerup
12.12.1959
Dennis Christian Conradsen
CEO
Frederikshavn
26.06.1984
Claus Dalgaard
Manager
Ringkøbing
28.04.1962
Ole Kirkegård Erlandsen
Butcher
Snejbjerg
19.12.1962
Thomas Sindberg Hansen
Grocer
Kloster
12.12.1978
Tonny Hansen
Former college principal
Ringkøbing
27.05.1958
Poul Johnsen Høj
Fishing boat skipper
Hvide Sande
10.11.1964
Kim Jacobsen
Manager
Aalborg
25.09.1969
Erik Jensen
Manager
Skjern
07.09.1965
Morten Jensen*
Attorney-at-law (Supreme Court)
Dronninglund
31.10.1961
Anne Kaptain*
Chief legal and HR officer
Sæby
14.03.1980
Kasper Lykke Kjeldsen
Timber merchant
Højbjerg
27.02.1981
Lotte Littau Kjærgaard
Manager
Holstebro
10.10.1969
Carl Erik Kristensen
Manager
Hvide Sande
23.10.1979
Karsten Madsen*
Attorney-at-law (Supreme Court)
Sæby
26.07.1961
Niels Erik Burgdorf Madsen
Manager
Ølgod
25.10.1959
Mattias Manstrup
Managing partner and commercial
estate agent
Aabybro
17.06.1978
Jacob Møller*
CEO
Ringkøbing
02.08.1969
Lars Møller
Municipal chief executive
Holstebro
30.11.1957
Bjarne Bjørnkjær Nielsen
Manager
Skjern
11.03.1973
Tommy Rahbek Nielsen
Executive vice president & COO
Foersum
06.12.1970
Bente Skjørbæk Olesen
Shop owner
Vemb
16.02.1971
Martin Krogh Pedersen*
CEO
Ringkøbing
07.06.1967
Poul Kjær Poulsgaard
Farmer
Madum
21.02.1974
Birgitte Rom
Sales manager
Lind
08.06.1972
Karsten Sandal
Manager
Ølstrup
25.06.1969
Yvonne Skagen
Manager
Aalborg
22.08.1957
Lone Rejkjær Söllmann*
Finance manager
Tarm
26.01.1968
Egon Sørensen
Insurance broker
Spjald
16.06.1965
Jørgen Kolle Sørensen
Sales representative and branch
manager
Hvide Sande
17.09.1970
Peer Buch Sørensen
Draper
Frederikshavn
20.05.1967
Lise Kvist Thomsen
Manager
Virum
24.05.1984
Sten Uggerhøj
Car dealer
Frederikshavn
06.07.1959
Lasse Svoldgaard Vesterby
CEO
Ringkøbing
25.04.1978
Dorte Zacho
Self-employed business consultant
Holstebro
02.05.1972
Christina Ørskov
Manager
Gærum
10.09.1969
John Christian Aasted
Manager
Aalborg
12.02.1961
* Member of the board of directors
Ringk j ø b in g Landb o b ank A /S Page 36
Board of directors
Martin Krogh Pedersen
CEO
Ringkøbing
Born on 7 June 1967
Chair of the board of directors
Board committees:
Remuneration committee, committee chair
Nomination committee, committee chair
Audit committee, committee member
Risk committee, committee chair
Seniority:
Member of the board of directors since 27
April 2011
End of current term of office:
2025
Independence assessment:
Not independent
Professional competences:
Has special competences, knowledge and
experience within the areas of business model,
credit risks, market risks, liquidity risks, other
risks/areas including risks of money laundering,
financing of terrorism and other financial crime
and the areas of GDPR, good practice and
compliance, within budgets, accounting and
auditing, capital structure including capital
adequacy and solvency requirements, and
within insurance risks, and has general
managerial experience including business
conduct.
Other managerial activities - member of the
management of:
• KP Group Holding ApS and two wholly
owned Danish subsidiaries
• MHKP Holding ApS and two wholly owned
Danish subsidiaries
• PcP Corporation A/S and one wholly owned
Danish subsidiary
• The supplementary pension fund for
employees of Ringkjøbing Landbobank
In addition, a member of the advisory board of:
• Capidea
Jacob Møller
CEO
Ringkøbing
Born on 2 August 1969
Deputy chair of the board of directors
Board committees:
Remuneration committee, committee
member
Nomination committee, committee
member
Audit committee, committee chair
Risk committee, committee member
Seniority:
Member of the board of directors since 26
April 2017
End of current term of office:
2025
Independence assessment:
Independent
Professional competences:
Has special competences, knowledge and
experience within the areas of business model,
other risks/areas including risks of money
laundering, financing of terrorism and other
financial crime and the areas of GDPR, good
practice and compliance, within budgets,
accounting and auditing, capital structure
including capital adequacy and solvency
requirement, within insurance risks, general
managerial experience including business
conduct, legal insight including in relation to
financial legislation, and ESG aspects and
reporting, and within sections of credit risk and
market risk areas.
Other managerial activities - member of the
management of:
•
• Holdingselskabet af 6. maj 2015 and two
wholly owned Danish subsidiaries
• Iron Fonden and a wholly owned Danish
subsidiary, and three Danish subsidiaries
(wholly owned) including
• N H Vind 16 ApS
• RAH A.M.B.A and two wholly owned Danish
subsidiaries
• RAH Fiberbredbånd A/S
• RAH Net A/S and a part-owned Danish
company
In addition, a member of the governing bodies
of the following interest organisations:
• Green Power Denmark
Ringk j ø b in g Landb o b ank A /S Page 37
Board of directors
Morten Jensen
Attorney-at-law (Supreme Court)
Dronninglund
Born on 31 October 1961
Deputy chair of the board of directors
Board committees:
Remuneration committee, committee
member
Nomination committee, committee
member
Audit committee, committee member
Risk committee, committee member
Seniority:
Member of the board of directors since 7
June 2018
End of current term of office:
2026
Independence assessment:
Independent
Professional competences:
Has special competences, knowledge and
experience within the areas of credit risks,
operational risks, risks of outsourcing,
other risks/areas including risks of money
laundering, financing of terrorism and
other financial crime and the areas of
GDPR, good practice and compliance,
within budgets, accounting and auditing,
risk management including
interdisciplinary risk management, general
managerial experience including business
conduct, and legal insight including in
relation to financial legislation, and within
sections of the business model and
liquidity risk areas.
Other managerial activities - member of the
management of:
• Advokatfirmaet Børge Nielsen
• AEC-Fonden
• Andersen & Aaquist A/S
• ANS-Fundacion Fonden
• Christine og Poul Goos Fond for Fri
Forskning
• Dan Østergård ApS and two wholly
owned Danish subsidiaries
• DCH A/S and one wholly owned Danish
subsidiary
• Dronninglund El-teknik A/S
• Ejendomsselskabet Gasværksvej A/S
and two wholly owned Danish
subsidiaries
• Ejendomsselskabet Svinkløv Badehotel
A/S
• Ergonomic Solutions International Ltd.
and two wholly owned Danish
subsidiaries
• Fonden for Dronninglund Kunstcenter
• Havnens Fiskebod A/S
• Hotel Sandvig Havn ApS
• Lundagergaard Holding ApS
• Mesterbyg Klokkerholm A/S
• Micodan Holding A/S and three wholly
owned Danish subsidiaries and one
wholly owned foreign subsidiary
• P. J. Skovværktøj, Nørresundby ApS
• PL Holding Aalborg A/S
• PM Energi A/S
• RengøringsCompagniets Fond
• Saga Shipping A/S
• Sølund Ejendomsinvest Holding A/S
• Vibeke Emborg Holding ApS and a part-
owned Danish subsidiary
Ringk j ø b in g Landb o b ank A /S Page 38
Board of directors
Jon Steingrim Johnsen
CEO
Humlebæk
Born on 17 April 1968
Board committees:
Nomination committee, committee
member
Risk committee, committee member
Seniority:
Member of the board of directors since 22
February 2017
End of current term of office:
2026
Independence assessment:
Independent
Professional competences:
Has special competences, knowledge and
experience within the areas of business
model, market risks, liquidity risks,
operational risks, IT risks/IT security, risks
of outsourcing, other risks/areas including
risks of money laundering, financing of
terrorism and other financial crime and the
areas of GDPR, good practice and
compliance, within budgets, accounting
and auditing, capital structure including
capital adequacy and solvency
requirement, and within insurance risks
and risk management including
interdisciplinary risk management, has
general managerial experience including
business conduct, managerial experience
from other financial undertakings, legal
insight including in relation to financial
legislation, and has experience in ESG
aspects and reporting, and within sections
of the credit risk area.
Other managerial activities - member of the
management of:
• Pensionskassen for Farmakonomer
• Pensionskassen for Socialrådgivere,
Socialpædagoger og Kontorpersonale
• Pensionskassen for Sundhedsfaglige
• Pensionskassen for Sygeplejersker og
Lægesekretærer
• PKA+ Pension Forsikringsselskab A/S
• The following operational Danish group
undertakings which are wholly or partly
owned by the above four pension funds -
either individually or co-owned by several
of them:
o AIP Management P/S
o Forca A/S
o IIP Denmark GP ApS
o IIP Denmark P/S
o Institutional Holding P/S
o Komplementarselskabet PKA
Ejendomme ApS
o Pensionskassernes
Administration A/S
o PKA Ejendomme P/S
In addition, a member of the governing
bodies of the following interest
organisations:
• Erhvervslivets Tænketank
• Dansk Sygeplejehistorisk Fond
• Forsikring & Pension
• Institutional Investors Group on Climate
Change (IIGCC)
Anne Kaptain
Chief HR and Legal Officer
Sæby
Born on 14 March 1980
Board committees:
Nomination committee, committee
member
Risk committee, committee member
Seniority:
Member of the board of directors since 2
March 2022
End of current term of office:
2026
Independence assessment:
Independent
Professional competences:
Has special competences, knowledge and
experience within the areas of operational
risks, other risks/areas including risks of
money laundering, financing of terrorism and
other financial crime and the areas of GDPR,
good practice and compliance, within
insurance risks, general managerial
experience including business conduct, and
legal insight including in relation to financial
legislation, and within sections of the
business model and credit risk areas.
Other managerial activities - member of the
management of:
• Kaptain Invest ApS
• Scandinavian Medical Solutions A/S
Ringk j ø b in g Landb o b ank A /S Page 39
Board of directors
Karsten Madsen
Attorney-at-law
Sæby
Born on 26 July 1961
Board committees:
Nomination committee, committee
member
Risk committee, committee member
Seniority:
Member of the board of directors since 28
February 2024
End of current term of office:
2026
Independence assessment:
Independent
Professional competences:
Has special competences, knowledge and
experience within the areas of business
model, operational risks, IT risks/IT security,
other risks/areas including risks of money
laundering, financing of terrorism and other
financial crime and the areas of GDPR, good
practice and compliance, within budgets,
accounting and auditing and within insurance
risks and risk management including
interdisciplinary risk management, has
general managerial experience including
business conduct, legal insight including in
relation to financial legislation, and has
experience with ESG aspects and reporting,
and within sections of the credit risk and
market risk areas.
Other managerial activities - member of the
management of:
• Bakkevej Advokatanpartsselskab
• Frederikshavn Handelsskole
• Trigon Holding A/S and a wholly owned
Danish subsidiary and three other
affiliated (not wholly owned) Danish
companies
• VMS Group A/S
In addition, a member of the governing
bodies of the following associations:
• Bestyrelsesadvokater
• Destination Nord F.M.B.A.
Lone Rejkjær Söllmann
Finance manager
Tarm
Born on 26 January 1968
Board committees:
Remuneration committee, committee
member
Nomination committee, committee
member
Risk committee, committee member
Seniority:
Member of the board of directors since 26
April 2017
End of current term of office:
2025
Independence assessment:
Independent
Professional competences:
Has special competences, knowledge and
experience within the areas of budgets,
accounting and auditing and within sections
of the business model and credit risk areas.
Other managerial activities - member of the
management of:
• Tama ApS
Ringk j ø b in g Landb o b ank A /S Page 40
Board of directors
Lene Weldum
Former manager
Fredericia
Born on 31 May 1960
Board committees:
Nomination committee, committee
member
Risk committee, committee member
Seniority:
Member of the board of directors since 1
March 2023
End of current term of office:
2025
Independence assessment:
Independent
Professional competences:
Has special competences, knowledge and
experience within the areas of operational
risks, IT risks/IT security, risks of
outsourcing, insurance risks, and has general
managerial experience including business
conduct, and managerial experience from
other financial undertakings, and within
sections of the business model area.
Other managerial activities - member of the
management of:
• Investeringsforeningen BankInvest
• Investeringsforeningen BankInvest
Engros
• Kapitalforeningen BankInvest Select
• Scalepoint Technologies Holding A/S
and a wholly owned Danish subsidiary
Lisa Munkholm
Personal customer adviser
Karup
Born on 27 November 1980
Elected by the employees
Board committees:
Remuneration committee, committee
member
Risk committee, committee member
Seniority:
Member of the board of directors since 1
March 2023
End of current term of office:
2027
Independence assessment:
Not independent
Professional competences:
Has special competences, knowledge and
experience within sections of the business
model and credit risk areas.
Other managerial activities - member of the
management of:
• IBA Erhvervsakademi Kolding S/I
• The supplementary pension fund for
employees of Ringkjøbing Landbobank
In addition, a member of the governing body
of the following interest organisations:
• Financial Services Union Denmark
• Financial Services Union Denmark,
District West (deputy chair)
Nanna G. Snogdal
Team leader
Tim
Born on 13 August 1988
Elected by the employees
Board committees:
Risk committee, committee member
Seniority:
Member of the board of directors since 1
March 2023
End of current term of office:
2027
Independence assessment:
Not independent
Professional competences:
Has special competences, knowledge and
experience within the areas of business
model and credit risk.
No other managerial activities
Ringk j ø b in g Landb o b ank A /S Page 41
Board of directors
Martin Wilche
Personal customer adviser
Frederikshavn
Born on 3 April 1988
Elected by the employees
Board committees:
Risk committee, committee member
Seniority:
Member of the board of directors since 1
March 2023
End of current term of office:
2027
Independence assessment:
Not independent
Professional competences:
Has special competences, knowledge and
experience within the area of business model
and within sections of the credit risk area.
No other managerial activities
Finn Aaen
Business customer adviser
Aalborg
Born on 22 April 1970
Elected by the employees
Board committees:
Risk committee, committee member
Seniority:
Member of the board of directors since 7
June 2018
End of current term of office:
2027
Independence assessment:
Not independent
Professional competences:
Has special competences, knowledge and
experience within sections of the business
model and credit risk areas.
No other managerial activities
The board members’ other managerial activities are stated as at the date of closing the accounts.
Ringk j ø b in g Landb o b ank A /S Page 42
Board of directors
Board committees
The board of directors has organised itself by appointing four different board committees comprising a remuneration
committee, a nomination committee, an audit committee and a risk committee. Information on the individual board
committees is provided below. The bank thus complies with sections 77c, 80a and 80b of the Financial Business Act and
with section 31 of the Act on Approved Auditors and Audit Firms.
Remuneration committee
objective, members and how it is constituted, tasks, meetings, authority and resources, reporting and minutes of meetings,
publication, evaluation and self-assessment, as well as changes to its brief.
The remuneration committee is, as a minimum, responsible for the following tasks:
• Negotiation with the general management on remuneration of the general management
•
undertaking any tasks and obligations following from the legislation, including:
▪ Advising the board of directors on the development of the remuneration policy, assisting the board with its
monitoring of compliance with it, assessing whether the remuneration policy needs to be updated and, if necessary,
proposing changes to the policy, including:
• Drafting the remuneration policy for approval by the board of directors before recommendation for approval by
the general meeting
•
remuneration policy etc. for approval by the board of directors, including ensuring that compliance with the
policy is monitored
• Monitoring remuneration of the management of the part of the organisation in charge of monitoring the limits
of risk-taking, and the management of the part of the organisation otherwise in charge of monitoring and
auditing, including the management of the compliance function and the chief internal auditor
▪
adequate
▪
the management of capital and liquidity in relation to the remuneration structure
▪
-term interests
▪ Ensuring that independent control functions and other relevant functions are included to the extent necessary for
the performance of such tasks and, if necessary, seeking external advice
•
long-term interests, including those of shareholders, other investors and the public
• Other remuneration-related tasks, including supporting the board of directors in its task of identifying major risk takers
•
housing
In addition, the Recommendations on Corporate Governance require the remuneration committee to undertake at least the
following preparatory tasks:
• Prior to approval by the shareholders' committee, the remuneration committee must submit proposals for remuneration
of members of the bank's board of directors and shareholders' committee to the board and the shareholders'
committee, ensure that the remuneration is in accordance with the bank's remuneration policy and recommend a
remuneration policy applying to the bank in general
• Assist with preparing the annual remuneration report for approval by the board of directors before recommendation for
a consultative vote by the general meeting.
Ringk j ø b in g Landb o b ank A /S Page 43
Board of directors
Pursuant to section 77c(6) of the Financial Business Act, at least one member of the committee must be elected by the
employees. The bank complies with this provision since Lisa Munkholm, who was elected to the board of directors by the
employees, is a member of the committee, see below.
The following are members of the remuneration committee:
• Martin Krogh Pedersen, committee chair
• Morten Jensen
• Jacob Møller
• Lone Rejkjær Söllmann
• Lisa Munkholm
Nomination committee
nomination committee which includes provisions on scope and
objective, members and how the committee is constituted, tasks, meetings, authority and resources, reporting and minutes
of meeting, publication, evaluation and self-assessment, as well as changes to the brief.
The nomination committee is, as a minimum, responsible for the following tasks:
• Proposing candidates for election to the board of directors, including preparing a description of the functions and
qualifications required for the specific position on the board and stating the time the board member must expect to
allocate to the work
• Setting a target percentage of the under-represented gender for board members elected by the shareholders' committee
unless there is an equal distribution of women and men among the board members elected by the shareholders'
committee
• Setting a target percentage of the under-represented gender at other management levels unless there is an equal
distribution of women and men at the other management levels
• Preparing a policy for increasing the percentage of the under-represented gender at other management levels unless
there is an equal distribution of women and men at the other management levels
• Preparing a policy for diversity on the board of directors encouraging sufficient diversity in qualifications and
competences among the board members
•
its tasks and reporting and making recommendations to the full board of directors for any changes
• Regularly and at least once a year assessing whether the full board of directors has the required combination of
knowledge, professional skills, diversity and experience, and whether the individual member meets the requirements of
sections 64 and 64a of the Danish Financial Business Act, and reporting and making recommendations to the full board
of directors for any changes
• -making is not dominated by any one individual or small group of
individuals in a manner detrimental to the interests of the bank as a whole
In addition, the Recommendations on Corporate Governance require the nomination committee to undertake at least the
following preparatory tasks:
• Annually ensuring that the board members update and supplement their knowledge of relevant matters, and that the
• Annually discussing which competences the board of directors should possess, collectively and individually, to perform
its duties in the best possible manner and discussing the composition of and diversity on the board of directors and
presenting the conclusions to the discussions to the board of directors
• Describing the required qualifications for a given position on the board of directors and the general management, the
estimated time required for the position and the competences, knowledge and experience that are or should be
represented in the two management bodies. The description of the qualifications for a given position on the general
management may be made on an ad hoc basis
•
preparing recommendations to the board of directors for any changes
Ringk j ø b in g Landb o b ank A /S Page 44
Board of directors
• In cooperation with the chair of the board and the chair of the committee handling the annual evaluation of the board of
experience and succession and
reporting to the board of directors
• Handling the recruitment of new members to the board of directors and the general management and proposing
candidates for the board of directors' approval
• Ensuring that a succession plan for the general management is in place
•
•
Finally, Finance Denmark's Corporate Governance Code requires the nomination committee to undertake at least the
following preparatory tasks:
• Ensuring that the bank uses a well-described, structured process when recruiting candidates for the board of directors
and possibly brings in external expertise
The following are members of the nomination committee:
• Martin Krogh Pedersen, committee chair
• Morten Jensen
• Jon Steingrim Johnsen
• Anne Kaptain
• Karsten Madsen
• Jacob Møller
• Lone Rejkjær Söllmann
• Lene Weldum
Audit committee
constituted and its objective, members, meetings, authority etc., tasks, reporting and self-assessment.
The audit committee is, as a minimum, responsible for the following tasks:
• Informing the board of directors of the result of the statutory audit, including the financial reporting process
• Monitoring the financial reporting process and making recommendations or proposals for the purpose of ensuring
integrity, including in relation to the financial statements and the sustainability statement.
•
respect to the financial reporting of the bank without violating its independence
• Monitoring the statutory auditing of the financial statements etc.
• -24c of the Act on Approved Auditors and
Audit Firms and to Article 6 of Regulation (EU) no. 537/2014 of the European Parliament and of the Council of 16 April
2014 on specific requirements regarding statutory audit of public-
of services other than audit, pursuant to Article 5 of the Regulation
• Being in charge of the procedure for selecting and recommending an auditor for election, pursuant to Article 16 of
Regulation (EU) no. 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements
regarding statutory audit of public-interest entities
and ex
that he possesses the qualifications required pursuant to the Danish Act on Approved Auditors and Audit Firms.
The following are members of the audit committee:
• Jacob Møller, committee chair
• Morten Jensen
• Martin Krogh Pedersen
Ringk j ø b in g Landb o b ank A /S Page 45
Board of directors
Risk committee
members and how the committee is constituted, tasks, its meetings, authority and resources, reporting and minutes of
meetings, publication, evaluation and self-assessment, as well as changes to its brief.
The risk committee is, as a minimum, responsible for the following tasks:
•
•
•
model and risk profile, including whether the earnings on such products and services reflect the associated risks, and
preparing proposals for remedies if the products or services and the associated earnings are not in accordance with the
•
forms of incentive compon
•
consideration at the actual board meeting or simultaneously if discussed and considered at a combined committee and
board meeting
• Conducting a review of the quarterly credit reports
The following are members of the risk committee:
• Martin Krogh Pedersen, committee chair
• Morten Jensen
• Jon Steingrim Johnsen
• Anne Kaptain
• Karsten Madsen
• Jacob Møller
• Lone Rejkjær Söllmann
• Lene Weldum
• Lisa Munkholm
• Nanna G. Snogdal
• Martin Wilche
• Finn Aaen
Regarding all four
may take place simultaneously.
Ringk j ø b in g Landb o b ank A /S Page 46
Board of directors
Board of directors - competences
• Business model and relevant related matters
• Credit risks and relevant related matters
• Market risks and relevant related matters
• Liquidity risks and relevant related matters
• Operational risks and relevant related matters
• IT risks/IT security and relevant related matters
• Risks of outsourcing
• Other risks and areas including risks of money laundering, terrorist financing, other financial crime, and the areas of
GDPR, good practice and compliance
• Budgets, accounting and auditing
• Capital structure including capital adequacy and solvency requirement
• Insurance risks
• Risk management including interdisciplinary risk management
• General managerial experience including business conduct
• Managerial experience from other financial undertakings
• Legal insight including in relation to financial legislation
• ESG aspects and reporting
See also pages 36 - 41 for the special competences of the individual board members.
Holdings of Ringkjøbing Landbobank shares by members of the board of directors
Reference is made to note 35 for information on holdings of Ringkjøbing Landbobank shares by members of the board of
directors.
Ringk j ø b in g Landb o b ank A /S Page 47
General management
John Bull Fisker
Born on 3 December 1964
CEO
Seniority:
Employed by the bank on 1 January 1995
Member of the general management since 1 May 1999
CEO since 1 May 2012
On the board of directors of the following companies etc.
• Chair of BI Holding A/S, Copenhagen
• Chair of BI Asset Management Fondsmæglerselskab A/S, Copenhagen
• Chair of Foreningen Bankdata, Fredericia
• Chair of Letpension Forsikringsformidling A/S, Copenhagen
• Deputy chair of BI Management A/S, Copenhagen
• Board member of PRAS A/S, Copenhagen
• Board member of the supplementary pension fund for employees of Ringkjøbing
Landbobank, Ringkøbing
Claus Andersen
Born on 19 April 1966
General manager
Seniority:
Employed by the bank on 7 June 2018
Member of the general management since 7 June 2018
On the board of directors of the following companies etc.
• Chair of Sæbygård Skov A/S, Ringkøbing
• Board member of Bokis A/S, Copenhagen
• Board member of DLR Kredit A/S, Copenhagen
• Board member of the Association of Local Banks, Savings Banks and Cooperative Banks
in Denmark, Copenhagen
• Board member of the Education Fund of the Association of Local Banks, Savings Banks
and Cooperative Banks in Denmark, Copenhagen
Ringk j ø b in g Landb o b ank A /S Page 48
General management
Jørn Nielsen
Born on 9 November 1972
General manager
Seniority:
Employed by the bank on 1 August 1991
Member of the general management since 1 September 2015
No other managerial activities
Carl Pedersen
Born on 28 December 1962
General manager
Seniority:
Employed by the bank on 7 June 2018
Member of the general management since 7 June 2018
On the board of directors of the following companies etc.
• Board member of Vækst-Invest Nordjylland A/S, Aalborg
The board members’ other managerial activities are stated as at the date of closing the accounts.
Holdings of Ringkjøbing Landbobank shares by the general management
Reference is made to note 35 for information on holdings of Ringkjøbing Landbobank shares by members of the general
management.
Ringk j ø b in g Landb o b ank A /S Page 49
Company information
Ringkjøbing Landbobank Aktieselskab
Torvet 1
6950 Ringkøbing, Denmark
Founded: 1886
Phone: +45 9732 1166
Telefax: +45 7624 4913
Email: post@landbobanken.dk
Website: www.landbobanken.dk
CVR no.: 37536814
Sort code: 7670
SWIFT/BIC: RINGDK22
LEI code: 2138002M5U5K4OUMVV62
ISIN: DK0060854669
Share capital
Ownership
On 31 December 2024, Ringkjøbing Landbobank had registered shares of DKK 26,243,658 of the total share capital of DKK
26,706,739, equivalent to 98.3% of the total share capital.
The number of registered shareholders on 31 December 2024 totalled 48,505.
Major shareholder
share capital at 31 December 2024:
• Nordflint Capital Partners Fondsmæglerselskab A/S, Copenhagen, Denmark held voting rights for and managed 8.66%
Distribution of shareholders
End of
2024
End of
2023
End of
2022
End of
2021
End of
2020
Danish institutional shareholders
17%
17%
17%
16%
25%
Other Danish shareholders
36%
36%
37%
38%
37%
Foreign institutional shareholders
42%
42%
41%
42%
33%
Other foreign shareholders
5%
5%
5%
4%
5%
100%
100%
100%
100%
100%
Shareholders
Ringk j ø b in g Landb o b ank A /S Page 50
Company announcements
company announcements to Nasdaq Copenhagen and others in 2024:
02.01.2024
Share buyback programme - week 52
08.01.2024
Share buyback programme - week 01
15.01.2024
Share buyback programme - week 02
17.01.2024
Expectations for 2024
22.01.2024
Share buyback programme - week 03
23.01.2024
Conclusion of share buyback programme
31.01.2024
31.01.2024
Initiation of share buyback programme
31.01.2024
Notice convening the annual general meeting to be held on 28 February 2024
31.01.2024
The board of directors of Ringkjøbing Landbobank
05.02.2024
Share buyback programme - week 05
12.02.2024
Share buyback programme - week 06
19.02.2024
Share buyback programme - week 07
26.02.2024
Share buyback programme - week 08
28.02.2024
Minutes of the annual general meeting held on 28 February 2024
28.02.2024
The board of directors of Ringkjøbing Landbobank
04.03.2024
Articles of association of Ringkjøbing Landbobank
04.03.2024
Share buyback programme - week 09
11.03.2024
Share buyback programme - week 10
13.03.2024
The board of directors of Ringkjøbing Landbobank
13.03.2024
Ringkjøbing Landbobank A/S - Distribution policy
18.03.2024
Share buyback programme - week 11
25.03.2024
Share buyback programme - week 12
02.04.2024
Share buyback programme - week 13
08.04.2024
Share buyback programme - week 14
15.04.2024
Share buyback programme - week 15
22.04.2024
Share buyback programme - week 16
24.04.2024
29.04.2024
Share buyback programme - week 17
29.04.2024
Implementation of capital reduction
29.04.2024
Articles of association of Ringkjøbing Landbobank
06.05.2024
Share buyback programme - week 18
13.05.2024
Share buyback programme - week 19
21.05.2024
Share buyback programme - week 20
27.05.2024
Share buyback programme - week 21
03.06.2024
Share buyback programme - week 22
10.06.2024
Share buyback programme - week 23
17.06.2024
Share buyback programme - week 24
24.06.2024
Share buyback programme - week 25
26.06.2024
Ringkjøbing Landbobank issues tier 2 capital
28.06.2024
Share buyback programme - conclusion and initiation
01.07.2024
Share buyback programme - week 26
08.07.2024
Share buyback programme - week 27
15.07.2024
Share buyback programme - week 28
22.07.2024
Share buyback programme - week 29
22.07.2024
Early redemption of tier 2 capital
29.07.2024
Share buyback programme - week 30
Ringk j ø b in g Landb o b ank A /S Page 51
Company announcements
05.08.2023
Share buyback programme - week 31
07.08.2024
interim report for the first half of 2024
07.08.2024
Upward adjustment of expectations for 2024
12.08.2024
Share buyback programme - week 32
19.08.2024
Share buyback programme - week 33
26.08.2024
Share buyback programme - week 34
02.09.2024
Share buyback programme - week 35
09.09.2024
Share buyback programme - week 36
16.09.2024
Share buyback programme - week 37
18.09.2024
Financial calendar 2025 for Ringkjøbing Landbobank
23.09.2024
Share buyback programme - week 38
30.09.2024
Share buyback programme - week 39
07.10.2024
Share buyback programme - week 40
14.10.2024
Share buyback programme - week 41
21.10.2024
Share buyback programme - week 42
23.10.2024
Ringkjøbing
28.10.2024
Share buyback programme - week 43
04.11.2024
Share buyback programme - week 44
11.11.2024
Share buyback programme - week 45
18.11.2024
Share buyback programme - week 46
20.11.2024
New share buyback programme
25.11.2023
Share buyback programme - week 47
02.12.2023
Share buyback programme - week 48
09.12.2023
Share buyback programme - week 49
16.12.2023
Share buyback programme - week 50
23.12.2023
Share buyback programme - week 51
30.12.2024
Share buyback programme - week 52
Notices regarding reportable transactions in Ringkjøbing Landbobank shares are not included in the summary above.
All announcements from the bank to Nasdaq Copenhagen and others can be seen on the bank´s website:
www.landbobanken.dk/en/ir-english/reportsaccounts/companyannouncements
The financial calendar for the upcoming publications etc. in 2025 is as follows:
05.03.2025
Annual general meeting
30.04.2025
Quarterly report 1st quarter 2025
06.08.2025
Interim report 2025
22.10.2025
Quarterly report 1st-3rd quarters 2025
Financial calendar
Ringk j ø b in g Landb o b ank A /S Page 52
Company announcements
Management's review - sustainability statement
Page
53 General information
54 Basis for preparation
55 Governance
58 Strategy and business model
63 The process of double materiality assessment
65 Environmental information
65 Climate change
79 EU taxonomy report
80 Social information
80 Own workforce
90 Entity-specific disclosures
94 Governance information
94 Business conduct
100 Entity-specific disclosures
102 Appendices to the sustainability statement
102 A ESG key figures in accordance with Danish industry standards
105 B Disclosures deriving from other EU legislation
111 C Definitions and data quality of CO
2
e emissions etc.
115 D Reporting under the EU taxonomy
145 E
151
Ringk j ø b in g Landb o b ank A /S Page 53
General information
The implementation of the new EU sustainability directive
(Corporate Sustainability Reporting Directive, CSRD) is an
important step towards streamlining ESG reporting and
stakeholders and continues the development of the
reporting of ESG aspects, on which Ringkjøbing
Landbobank has been working for several years.
The CSRD contains a number of mandatory reporting
standards (European Sustainability Reporting Standards,
ESRS). The ESRS comprise a range of disclosure
requirements specifying which ESG-related information
must be presented and how.
In its new sustainability statement, the bank presents
general information on the preparation of the statement
-related strategy, business
model, governance, value chain and stakeholders. This
follows from the reporting standards in ESRS 2.
The table below provides an overview of the ESRS 2
disclosure requirements with references to the relevant
pages in the annual report where the bank reports on
them.
Ringkjøbing Landbobank has joined the UN Global
Compact and supports the Ten Principles of responsible
business operation in the areas of human rights, labour,
environment and anti-corruption. The bank reports
separately on this work and on compliance with the Ten
website for this report (Communication on Progress
2024).
Ringkjøbing Landbobank also supports the 17 UN
Sustainable Development Goals.
For further information on sustainability matters, please
www.landbobanken.dk/en/ir-
english/thebank/esgen. The bank publishes an ESG Fact
Book in English, which is updated continually.
Overview of general disclosure requirements
ESRS 2
Disclosure requirement
Page no.
BP-1
General basis for preparation of sustainability statements
54
BP-2
Disclosures in relation to specific circumstances
54
GOV-1
The role of the administrative, management and supervisory bodies
55 - 57
GOV-2
administrative, management and supervisory bodies
56 - 57
GOV-3
Integration of sustainability-related performance in incentive schemes
57
GOV-4
Statement on due diligence
57
GOV-5
Risk management and internal controls over sustainability reporting
58
SBM-1
Strategy, business model and value chain
58 - 60
SBM-2
Interests and views of stakeholders
61
SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business
model
62
IRO-1
E2-E5.IRO-1
Description of the process to identify and assess material impacts, risks and opportunities
63 - 64
IRO-2
sustainability statement
64
For an overview of other disclosure requirements for the bank, see the separate lists of contents: for environmental information on page 65,
for social information on page 80 and for governance information on page 94.
Ringk j ø b in g Landb o b ank A /S Page 54
General information
Basis for preparation
(BP-1)
The sustainability statement has been prepared on a
consolidated basis for Ringkjøbing Landbobank A/S and
covers the financial reporting period 1 January to 31
December 2024.
This is the first financial year that the bank reports in
accordance with the CSRD, which has been implemented
in Danish law, for example via section 156 of the Execu-
tive Order on Financial Reports for Credit Institutions and
Investment Firms etc. The sustainability statement also
contains information in accordance with the taxonomy
regulation.
The sustainability statement only includes ESG informa-
tion which is significant based on the double materiality
62 for further details.
operations and significant business relationships in its
value chain. IT and product providers, including
BankInvest with investment products, are included in the
nd services to
customers, including loans, investments and asset
value chain. The sustainability statement generally only
covers on-balance sheet items. The downstream value
chain also includes deposits and payment transactions
provision, in particular in relation to the risk of money-
laundering and corruption.
The bank has a subsidiary, Sæbygård Skov A/S, which is
not included on a consolidated basis in the financial
statements. Sæbygård Skov A/S carries out forestry and
The bank has not taken the option of omitting
information corresponding to intellectual property,
knowhow or results of innovation.
The bank supports the 15 ESG key figures defined by
Nasdaq Copenhagen, CFA Society Denmark and FSR -
Danish Auditors. These key figures are incorporated
under the relevant CSRD disclosure requirements
because they add important information. Appendix A
from page 102 provides an overview of definitions with
references to the relevant pages. They are generally
accepted reporting standards for undertakings in
Denmark and ensure comparability across sectors.
Comparative figures for 2023 and previous years (except
required figures) are not covered by the independent
highlights this.
Specific circumstances
(BP-2)
Ringkjøbing Landbobank generally uses exact calculati-
ons of ESG indicators. If indicators are estimated, the
estimation is described in connection with the relevant
disclosure requirement, primarily in relation to climate
and the environment.
Climate-related data are still of highly uncertain quality as
page 65.
As real data become available and calculation methods
develop, the quality of data will improve gradually. This
means that figures in the sustainability statement may be
changed over the coming years, and there may also be
changes in figures from previous ESG reports.
previous ESG reports will be stated in connection with the
relevant disclosure requirement.
For 2024, the bank has made use of the CSRD phase-in
provision for all disclosure requirements for ESRS S4
Consumers and end-users even though two subtopics are
assessed to be material. These material subtopics cover
information-related impacts on the consumers and end-
users in relation to privacy and access to (quality)
information.
As for information-related impacts on consumers and
end-
be a customer-focused relationship bank. The bank
endeavours to live out its values of competence,
responsiveness and proper behaviour towards its
customers, society and other stakeholders.
Like the rest of the sector, the bank allocates considerab-
le resources to data security work, GDPR (General Data
Protection Regulation), anti-money laundering and cyber-
crime prevention. All employees are subject to an uncon-
conduct and policy for a sound corporate culture. Data
ethics and data security policies and procedures and the
policy for personal data processing establish the
area, e.g. deletion of
personal data.
The bank has appointed a Data Protection Officer (DPO)
and a GDPR officer to manage information-related im-
customers and employees if they want to make a
complaint or request an investigation. The bank registers
and handles any incidents regarding GDPR or data
security breaches and reports them in accordance with
the applicable rules.
Ringk j ø b in g Landb o b ank A /S Page 55
General information
Governance
Composition of the management
(GOV-1)
The board of directors is responsible for the overall and
strategic management of the bank and supervises the
12 members including a chair and two deputy chairs.
Eight of the 12 members of the board of directors are
elected by the shareholders' committee. In addition, four
members are elected by the employees in accordance
with Danish law.
The weighted gender distribution of the full board of
directors was 41.1% women and 58.9% men in 2024
compared to 36.4% women and 63.6% men in 2023.
In addition, the full board of directors had a weighted
distribution of 58.9% independent and 41.1% non-
independent members in 2024 compared to 63.6%
independent and 36.4% non-independent members in
2023.
At the end of 2024, the gender distribution among the
board members elected by the shareholders' committee
was three women and five men, which means that the
percentage of the under-represented gender was 37.5%,
an increase from 33.3% at the end of 2023. The bank thus
of equal gender distribution. The gender distribution
among the board members elected by the employees is
two women and two men.
Skills, experience and integrity are required to obtain the
members to master the tasks of the board and thus
contribute fully to its work.
In addition, all new board members must participate in a
basic course for board members of financial
undertakings.
It is thus of great value to the bank that board members
serve several terms and that there is a good balance
between new and more experienced board members.
committed to their work and the board meeting
attendance ratio for the last five years has been
consistently high. The ratio was 98.9% in 2024 and has
been above 95% throughout the period 2020-2024, as the
table below shows.
The general management is responsible for the day-to-
day management of the bank and consists of four
managers, one of whom is the CEO. The gender
distribution of the general management was 100% men
and 0% women at the end of 2024, which is unchanged
compared to previous years.
We also refer to the full statement regarding the under-
competences from page 29 and page 36 respectively.
Diversity and seniority of the board of directors and board meeting attendance
2024
2023
2022
2021
2020
Share of the under-represented gender (gender diversity) - full
board of directors, weighted annual average, %
41.1
36.4
23.6
16.7
16.7
Share of independent board members - full board of directors,
weighted annual average, %
58.9
63.6
66.7
66.7
66.7
Key figures in accordance with industry standards etc.
Share of the under-represented gender (gender diversity) - board
members elected by the shareholders' committee, end of year, %
1
37.5
33.3
25.0
12.5
12.5
Average seniority of board members elected by the shareholders'
committee, end of year, number of years
2
6.1
6.2
5.8
5.3
4.3
Board meeting attendance - full board of directors, %
1
98.9
97.1
95.4
98.0
96.8
(1) This key figure follows industry standards in Denmark, see Appendix A from page 102, and is not part of the CSRD reporting standards.
(2) This key figure is calculated by the bank based on the end-of-year seniority of all board members elected by the shareholders'
committee. The key figure is not part of the CSRD reporting standards.
Ringk j ø b in g Landb o b ank A /S Page 56
General information
Management’s role and how sustainability
reporting is organised
(GOV-1 and GOV-2)
The responsibility for handling sustainability matters and
material impacts, risks and opportunities follows from
existing processes. The bank focuses on maintaining a
simple, flat structure which supports agility, including in
the ESG area.
organisation of the
sustainability reporting.
How sustainability reporting is organised
for sustainability matters and reporting and makes the
final decisions in this regard. The board of directors is
continually informed of material sustainability-related
matters affecting and affected by the bank.
The board of directors thus supervises the
implementation and execution of environmental, social
and governance initiatives and matters in the bank,
including material impacts, risks and opportunities and
the determination and achievement of ESG targets.
Supervision is effected through internal reporting where
relevant and annually through review and approval of the
sustainability statement in the annual report. Prior to the
have addressed it.
The general management is responsible for the day-to-
day management and handling of environmental, social
and governance initiatives and matters in the bank,
opportunities and ESG targets. The general management
has regularly reviewed and approved the processes of
submission to the board of directors.
The ESG steering group and relevant departments also
on relevant, material sustainability matters which both
integrate material sustainability matters, including
impacts, risks and opportunities, in their decision-making
business model, policies and objectives. Sustainability
matters and impacts, risks and opportunities thus help to
shape the structure and decision-making processes in
accordance with applicable guidelines and policies. They
also influence the implementation and handling in the
daily operations. The board of directors and general
management have addressed all material impacts, risks
and opportunities during the reporting period.
The bank has put together an ESG steering group which
has prepared the sustainability statement. The steering
group is in dialogue with various internal departments in
the bank and has collected relevant information and data
from them and from collaboration partners.
The steering group informs the board of directors, the
about material sustainability matters on an ongoing
basis, including impacts, risk and opportunities. It also
informs them about progress, processes and actions in
connection with the sustainability reporting.
Skills and expertise
and collective professional skills, including in ESG
matters. The purpose of the annual assessment and
evaluation is to ensure that the board of directors
collectively possesses the skills considered necessary to
run the bank, including ensuring a diverse board
backgrounds. The assessment and evaluation also help
is adjusted to the
necessary. A few board members completed board
training in the ESG area in 2024.
The professional skills which the board considers
necessary for carrying out the overall management in
page 46. The special competences of individual board
members are given from page 36.
Employees working with sustainability matters are
assessed on an ongoing basis to check that they posses
the competences and skills which the bank considers
necessary for ESG work. If the bank finds a shortage of
Ringk j ø b in g Landb o b ank A /S Page 57
General information
competences and skills for handling sustainability
matters, it may consider it relevant to offer additional
training or call in external expertise.
Any incentive schemes
(GOV-3 and E1.GOV-3)
The latest remuneration policy approved by the general
meeting states that the board of directors and the general
management must be paid fixed remuneration which is in
line with the market and reflects their performance for the
bank. No incentive or variable pay such as share-based
pay or share options is awarded to the board of directors
or general management.
The objective of the remuneration policy is to support the
-term
interests, ensuring that the policy does not encourage
excessive risk taking. Remuneration is not linked to short-
term goals or operating results. The remuneration policy
thus also contributes to sustainability. The bank does not
use sustainability-related incentive schemes.
In accordance with the remuneration policy, the bank
uses the following remuneration components:
• Board of directors: Fixed amount in the form of a
cash fee.
• General management: Fixed amount in the form of a
fixed basic pay, pension contribution and employee
benefits.
• Other major risk takers and employees in control
functions: Fixed amount in the form of a fixed basic
pay, pension contribution and employee benefits plus
variable remuneration in the form of a one-off
payment for extra effort. The total variable
remuneration of the above-mentioned employees
must not exceed 10% of the total remuneration paid
to them.
Due diligence process
(GOV-4)
Information on the due diligence process for the
sustainability statement is given in the table below.
Due diligence process
Core elements of the due diligence process
Page no.
Impacts on people and/or environment
a) Embedding due diligence in governance, strategy
and business model
ESRS 2 GOV-2: Pages 56 - 57
ESRS 2 GOV-3: Page 57
ESRS 2 SBM-3: Page 62
- E1.SBM-3: Pages 66 - 67
- S1.SBM-3: Pages 81 - 82
People and environment
People and environment
People and environment
Environment
People
b) Dialogue with affected stakeholders in all key steps
of the due diligence process
ESRS 2 GOV-2: Pages 56 - 57
ESRS 2 SBM-2: Page 61
ESRS 2 IRO-1: Page 63 - 64
- E1.IRO-1: Page 68
- E2.IRO-1: Page 63 - 64
- E3.IRO-1: Page 63 - 64
- E4.IRO-1: Page 63 - 64
- E5.IRO-1: Page 63 - 64
ESRS 2 MDR-P
- E1-2: Page 68
- S1-1: Pages 83 - 84
- G1-1: Pages 95 - 97
People and environment
People and environment
People and environment
Environment
Environment
Environment
Environment
Environment
Environment
People
People
c) Identification and assessment of adverse impacts
ESRS 2 IRO-1: Page 63 - 64
- E1.IRO-1: Page 63 - 64
- E2.IRO-1: Page 63 - 64
- E3.IRO-1: Page 63 - 64
- E4.IRO-1: Page 63 - 64
- E5.IRO-1: Page 63 - 64
ESRS 2 SBM-3: Page 62
- E1.SBM-3: Pages 66 - 67
- S1.SBM-3: Pages 81 - 82
People and environment
Environment
Environment
Environment
Environment
Environment
People and environment
Environment
People
d) Taking actions to address these adverse impacts
ESRS 2 MDR-A
- E1-3: Page 68 - 74
- S1-4: Pages 85 - 87
- G1-4: Pages 98 - 99
Environment
People
People
e) Tracking the effectiveness of these efforts and
communicating
ESRS 2 MDR-T
- E1-4: Pages 68 - 74
- S1-5: Pages 85 - 87
Environment
People
Ringk j ø b in g Landb o b ank A /S Page 58
General information
Risk management and internal controls
(GOV-5)
Like other financial reporting, sustainability reporting is
subject to operational risks of incompleteness or
inaccuracy, error or failure, including potential errors in
internal processes and systems, weak data quality,
human error or external events.
The risk management and internal controls of the
controls and risk management relating to its financial
reporting.
The reporting on each disclosure requirement is compiled
by one or more bank employees with responsibility for the
credit and finance departments in particular or by
external partners.
Each disclosure requirement is then assessed by one or
more members of the ESG steering group to check that
the reporting is correct and adequate. The ESG steering
group is responsible for preparing the overall
sustainability statement and the underlying double
materiality assessment.
The bank uses IT system support to handle the reporting,
documentation and internal controls of all datapoints on
which the bank reports as a result of the double
materiality assessment. The ESG steering group reports
d of directors and
general management on the outcomes of risk
assessments and internal controls etc. This process and
relation to the sustainability reporting.
The double materiality assessment was reviewed in
2024. Both the internal audit function and the
sustainability auditor have also made recommendations
disclosure requirements. This was done before the
sustainability auditor issued a limited assurance report
on the sustainability statement.
financial reporting
process, please see pages 28 - 29.
Strategy and business model
(SBM-1)
Ringkjøbing Landbobank wants to be a responsible and
value-creating bank that shows social responsibility. The
local position.
The bank wants to pursue its organic growth strategy and
to develop by offering all the functions that matter in the
relationship with its customers (in the downstream value
chain). The bank wants to supplement this approach with
partnerships in areas (in the upstream value chain) that
will enable Ringkjøbing Landbobank to offer its
customers only the best.
The bank’s value chain
Ringkjøbing Landbobank also wants to contribute to
society by considering sustainable development and
social responsibility in the products etc. offered by the
bank. This also means that the bank will advise and help
customers with sustainability matters while continuing
the work of developing its own activities to become more
sustainable:
• E - Environment: Ringkjøbing Landbobank views
constructive dialogue and competitive financing as
ways forward in the green transition.
• S - Social: The bank gives high priority to good
working conditions and wellbeing for its employees
and to being part of the framework for a good,
healthy life in the local communities where the bank
is represented.
• G - Governance
framework for its governance work.
Ringk j ø b in g Landb o b ank A /S Page 59
General information
The foundation for the above is a sound bank with a low
cost/income ratio combined with good credit quality,
which also gives the bank a high free cashflow and a
robust business model and is reflected, for example, in a
Deposit Rating and Long-Term Issuer Rating). These
Products, markets and customers
(SBM-1)
The bank offers its customers various financial products
and services. The products are various types of loans,
credits and guarantees, deposit products etc. Investment
products, insurance and pension products and a range of
financial services including asset and investment
management and payment handling are also offered.
The bank focuses on the retail segment in West, Central
and North Jutland, on selected business customers
Denmark-wide, and on various niches where it has built
up special expertise and knowledge. These niches are a
private banking concept, renewable energy financing,
selected wholesale loans, including real property
dentist
as shown on page 189
was granted to borrowers in Denmark.
Ringkjøbing Landbobank was quick to spot the business
opportunities in financing renewable energy production.
The first wind turbines financed by the bank were
installed in 1995, and wind power financing has been an
important business area ever since. Over the last 10
years, the bank has supplemented this niche with
financing of solar power and biogas plants.
Loans for renewable energy
(%)
2024
2023
2022
2021
2020
Share of renewable
energy
1
6.9
5.3
7.5
6.5
7.2
(1) Computed end of year as the share of the bank’s total net
loans and guarantees. Renewable energy comprises wind
turbines and solar power and biogas plants.
sectors
in which it is not active. These excluded sectors are:
fossil energy production comprising coal mining and non-
conventional oil extraction; nuclear energy production;
production of cluster weapons, land mines, chemical
weapons, biological weapons and nuclear weapons not
covered by the Treaty on the Non-Proliferation of Nuclear
Weapons; tobacco production etc. The bank thus has no
income from or business with customers in these
sectors; Neither has the bank had any income from or
business within other parts of oil extraction and
production.
The bank sees a continued big future need for financing
the green transition of society to renewable energy
sources, and farms and other production entities will also
need financing of their transition to more sustainable
ways of producing.
be in dialogue about climate strategy with all large
customers within agriculture and other industries as
section from page 68. The bank took several initiatives in
this direction in 2024. The bank has thus developed and
quality-assured a framework for dialogue with the
customers and has started cooperation with the local
experimental basis, Vestjysk will prepare climate
accounts for selected agricultural customers as an
informed basis for the dialogue. Finally, the bank has
allocated resources to acquiring knowledge about the
Green Tripartite Agreement for agriculture, the green tax
reform for industry etc. and other green governmental
agreements and the consequences of them. The work
towards the objective of customer dialogues will be
intensified in 2025.
At the end of 2023, the bank entered into a new EUR 100
million funding programme with the European Investment
Bank (EIB). In 2024, Ringkjøbing Landbobank started on-
lending the funds to finance investments by SMEs which
will increase their productivity and competitiveness and
in many cases support the green transition. The bank has
collaborated with the EIB for more than 20 years.
In 2024, the bank entered into a new partnership with the
European Investment Fund (EIF), which provides loss
guarantees for loans and credits, which Ringkjøbing
Landbobank grants to undertakings with fewer than 500
employees in connection with investments in the green
transition.
The bank also works with the Export and Investment
Fund of Denmark (EIFO), the Nordic Investment Bank
(NIB) and the German Kreditanstalt für Wiederaufbau
(KfW) to promote responsible financing in society.
Sustainability increasingly forms part of our advice to
personal customers, in which the bank places emphasis
on energy efficiency improvements etc. For example, the
bank uses an energy calculator that can suggest energy
efficiency improvements. It is also possible to receive a
grant from Totalkredit for both an energy consultant and
replacement of oil- or gas-fired burners with a heat pump.
Ringk j ø b in g Landb o b ank A /S Page 60
General information
Ringkjøbing Landbobank is happy to provide loans for
their homes and purchases of electric cars.
In the area of investments, Ringkjøbing Landbobank
works primarily with BankInvest. On 31 December 2024,
Ringkjøbing Landbobank owned 21.6% of BankInvest,
which had a total of DKK 191 billion under management
at the end of 2024. In addition, Ringkjøbing Landbobank
has a policy similar to BankInvest for integration of
sustainability risks, which means investments in a range
of sectors are excluded.
In the area of pensions, the bank works with Letpension,
which brokers pension and insurance solutions for PFA
Pension. This collaboration with Letpension enables the
of their pension savings in investments with extra
emphasis on the climate.
Ringkjøbing Landbobank has more than 200,000
customers in total under the two brands Ringkjøbing
Landbobank and Nordjyske Bank. According to Voxmeter,
for the fifth consecutive year, the Ringkjøbing
Landbobank brand has the best reputation in the entire
sector, while the Nordjyske Bank brand is in sixth place.
The survey includes a parameter for customer
ability to retain customers: the retention ratio has been
stable at more than 90% since 2020.
See pages 58 - 59
strategy and business model.
The bank regards progress on objectives for the
reduction of CO
2
e-emissions as one of the most
important challenges in the coming years. The reason for
this is uncertainty about framework conditions and the
development in society in terms of the targets set
nationally combined with a possible uncertainty about the
profitability of investment projects intended to further the
68 for further details.
Image, customer numbers and retention
2024
2023
2022
2021
2020
image analysis
1
1
1
1
1
1
analysis
1
6
5
3
4
3
Number of customers at end of year
209,814
209,609
207,240
206,239
203,547
Customer retention ratio
2
90.8%
92.3%
91.5%
91.1%
93.5%
(1) Voxmeter’s analysis is based on 39,000 interviews across the 20 biggest banks. For smaller banks, additional interviews are conducted
so that the results are based on at least 500 interviews for each bank. All respondents are recruited by phone. The analysis is published
twice a year, in February and September, but includes data collected for a full year. Every time a new analysis is published, the oldest half of
responses is replaced by new ones, meaning that results are always based on 50% responses included in the previous analysis and 50%
responses obtained since the collection of responses for the previous analysis was completed.
(2) This key figure follows industry standards in Denmark, see Appendix A from page 102, and is not part of the CSRD reporting standards.
Ringk j ø b in g Landb o b ank A /S Page 61
General information
Stakeholders
(SBM-2 and S1.SBM-2)
customers,
employees, society and shareholders/investors. It is
interests and views on sustainability reporting.
The bank has engaged with affected stakeholders as well
as users of sustainability reporting during 2023 and 2024.
This includes internal as well as external stakeholders
and took place mainly in the form of meetings and
ainability topics.
steering group. The double materiality assessment
process was carried out in partnership and dialogue with
the Association of Local Banks, Savings Banks and
Cooperative Banks in Denmark (LOPI). The bank
participated in work forums and has contributed to
developing analysis tools.
The interests and views of several stakeholder groups for
2024 were discovered indirectly by involving internal
risk management departments.
The internal departments were selected on their expertise
and relationship with relevant stakeholder groups. The
selection of sustainability topics were discussed in the
dialogue with stakeholders. Published surveys were used
in some cases.
The general management was involved on an ongoing
basis in the double materiality assessment. Employee
engagement was assured through the board members
elected by the employees. Representatives of employee
organisations were also informed and given the
opportunity to discuss the reporting.
External stakeholder engagement contributed to
identifying several impacts, particularly in the upstream
value chain. External stakeholder engagement also
helped to make it possible for the bank to report on the
topic S1 Own workforce as early as 2024. The bank thus
does not make use of the phase-in provision which
permits the bank to postpone reporting on this subject for
one year.
The general management and board of directors were
of the double materiality assessment.
Stakeholder engagement
Engagement
Topics
Customers
Personal and business
customers
• Indirectly through meetings with various
customer-facing functions in the bank
• Published customer surveys
• Dialogue with the general management
• Understanding the value chain
• Views for the selection of
sustainability topics
Employees
Employees and management
• Meetings with the HR department
• Internal employee surveys
• Dialogue with the general management
• Employee representatives on the board of
directors
• Views on the selection of
sustainability topics
Society
Local community
Authorities
Organisations
• Meetings with business partners, including
suppliers and industry associations
• Indirectly through meetings with departments in
the bank
• Dialogue with the general management
• Understanding the value chain
• Views on the selection of
sustainability topics
Shareholders and investors
Including analysts
• Meetings with shareholders and investors
• Meetings with analysts
• Questionnaires
• Benchmark surveys
• Dialogue with the general management
•
efforts
• Views on the selection of
sustainability topics
Other stakeholders
Suppliers
Consumers and end-users
Nature
• Meetings with selected collaboration partners
• Indirectly through meetings with departments in
the bank
• Dialogue with the general management
• Understanding the value chain
• Views on the selection of
sustainability topics
Ringk j ø b in g Landb o b ank A /S Page 62
General information
Outcome of the double materiality
assessment
(SBM-3)
As the basis for the sustainability statement, the bank
carried out a double materiality assessment in
accordance with the provisions of the CSRD (ESRS 1 and
2) and guidelines from the European Financial Reporting
Advisory Group (EFRAG). EFRAG is the independent
organisation which the European Commission has
charged with developing reporting standards.
The double materiality principle only requires the bank to
report on matters that are material from at least one of
the following perspectives:
• Impact materiality:
positive or negative impacts on people and the
environment
• Financial materiality: Sustainability topics may
financial position, results etc.
In the double materiality assessment for 2024, the bank
has identified material impacts, risks and opportunities
within four topical areas (ESRS E1, S1, S4 and G1) and
four entity-specific areas for the bank (data and IT
security, taxes to society, donations to the local
community and anti-money laundering), see the figure
below.
The bank has identified 19 material impacts, risks and
opportunities, which are described under environmental
information, social information and governance
information. Two of the material impacts, risk and
opportunities relate to S4, for which the bank makes use
of phase-in rules. The process of double materiality
assessment is described in the next section.
Material impacts, risks and opportunities in the area of sustainability in Ringkjøbing Landbobank
Ringk j ø b in g Landb o b ank A /S Page 63
General information
The process of double materiality assessment
(IRO-1, E2-E5.IRO-1 and G1.IRO-1)
It is central to the double materiality assessment that
impacts, risks and opportunities in the area of
sustainability are analysed based on their magnitude and
severity.
people and the environment is analysed based on a
combination of scale, scope and irremediable character.
Scale expresses the size of the impact on climate,
environment, people etc. Scope is assessed based on
factors such as the number of people, e.g. employees, or
negative impacts, the analysis includes whether they are
irremediable or can be remedied and restored.
assessment are given a score from 1 (very low) to 5 (very
high) for scale, scope and irremediable character. The
severity of impacts is then calculated as a simple average
of scale, scope and irremediable character (negative
only). If either scale, scope or irremediable character is
assessed to be very high, the severity will also be very
high in the analysis.
A distinction is made between actual impacts, which are
observed today, and potential future impacts. The
materiality of an actual impact is determined as severity,
while the materiality of a potential impact is calculated
using severity and the probability of occurrence within a
short, medium or long time horizon.
In the case of a potential negative human rights impact,
greater weight is attached to severity than to probability
of occurrence.
The financial materiality of risks and opportunities
relating to a sustainability matter is determined based on
probability of occurrence and the potential financial
magnitude for the bank, which is quantified as far as
possible, for example in terms of effect on profit. A score
from 1 (very low) to 5 (very high) is also used here.
The bank carried out its double materiality assessment in
five steps:
1. The bank first made assumptions regarding threshold
values and methodology for the assessment of scope
and severity.
2. The bank then screened for possible sustainability
chain. Topics with a possible connection that required
further assessment were included in the further
analysis.
3. The bank then assessed possible impacts on people
and environment. This included risks and
opportunities for the bank of the sustainability topics
Steps of the bank’s double materiality assessment
Ringk j ø b in g Landb o b ank A /S Page 64
General information
from the screening. The bank thus identified material
impacts, risks and opportunities for 2024 based on
the double materiality principle.
4. The bank ensured internal and external stakeholder
engagement on an ongoing basis, primarily in relation
to the selection of sustainability topics and impacts,
risks and opportunities in both the screening and the
materiality assessment. Stakeholder engagement
comprised employees in the bank, product providers,
collaboration partners, shareholders and investors,
and analysts.
5.
the general management and the ESG steering group
carried out validation and control of the double
reviewed the double materiality assessment.
In steps 2 and 3 of the process, various possible impacts,
risks and opportunities were both screened and assessed
in relation to pollution, water and marine resources,
biodiversity and ecosystems, resource use and circular
economy. The bank did not identify any actual and/or
potential material impacts, risks or opportunities in its
own operations or upstream and downstream value
chain. The bank has not identified any dependencies on
biodiversity and ecosystems-related physical, transition
and systemic risk
urban areas.
The process and outcome of the double materiality
committee and the board.
Risk-taking and risk-
business model and sustainability risks are part of the
and opportunities in sustainability matters are integrated
gement processes. For
example, the material identified risks are part of the
includes an assessment of whether the identified risks
has the necessary processes to manage them Further to
the double materiality assessment, material opportunities
are followed up with the relevant people responsible for
individual areas, which means that the bank addresses
whether and how the opportunities can be put into
practice.
Disclosure requirements in the
sustainability statement
(IRO-2)
As a result of the double materiality assessment, the
bank reports on the topical disclosure requirements
within climate change (ESRS E1), own workforce (ESRS
S1) and governance (ESRS G1) in addition to the general
disclosure requirements (ESRS 2). The bank also
assesses that anti-money laundering, taxes to society,
data and IT security and donations to the local
community (entity-specific) are material. A description of
anti-money laundering is included under governance
information, while the other three entity-specific topics
are included under social information.
The stated sustainability topics are material to the bank
because each is linked to one or more impacts, risks or
opportunities assessed at a score of 4 (important) or 5
(very important). In the double materiality assessment,
the bank focused on the severity of impacts, risk and
actions and measures, i.e. the inherent ESG risks.
The introduction to each sustainability topic provides an
references to the relevant pages in the sustainability
statement for 2024. Appendix B from page 105 also
shows a table of CSRD information/datapoints deriving
from EU legislation other than the CSRD.
Ringk j ø b in g Landb o b ank A /S Page 65
Environmental information
For 2024, the bank presents information on climate
change based on the ESRS E1 reporting standards. The
bank has also incorporated information required by the
taxonomy regulation under environmental information.
Climate change
(ESRS E1)
Ringkjøbing Landbobank seeks to minimise its
environmental impact and its environment-related risks
along the value chain.
The bank supports the intentions of the Paris Agreement
and its implementation in the EU and on this basis has
set objectives for the reduction of CO
2
equivalents (i.e.
CO
2
e emissions corresponding to all greenhouse gases
comprised in the GHG Protocol).
2
e emissions are
attributable to the loan portfolio and investments made
as asset management on behalf of customers. The bank
intends to further develop the loan portfolio to climate-
investments in green solutions. The bank views
constructive dialogue and competitive financing as the
path to the green transition.
As appears from the corporate social responsibility and
sustainability policy, the bank wants to reduce its own
negative impact on the environment through a
continuous focus on reduction of resource consumption
environmental awareness and skills.
In the double materiality assessment, the bank identified
climate change mitigation and energy consumption as
material sustainability topics for 2024. The table below
provides an overview of the ESRS E1 disclosure
requirements with references to the relevant pages in the
statement.
Reservation is made for the data in the area, primarily on
scope 3 emissions, which are still of highly uncertain
quality. The reason for this is that data for loans are
model-based, while data for investments are obtained
from MSCI and others. In some cases, data have been
scaled up. As real data become available and calculation
methods develop, the reporting of CO
2
e emissions will
improve gradually. This means that the figures may be
changed in coming years - possibly with retroactive effect
- as the data quality and calculation methods improve. In
Appendix C from page 111.
Overview of disclosure requirements for climate change
ESRS E1
Disclosure requirement
Page no.
E1.GOV-3
Integration of sustainability-related performance in incentive schemes
57
E1-1
Transition plan for climate change mitigation
66
E1.SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business
model
66 - 67
E1.IRO-1
Description of the processes to identify and assess material climate-related impacts, risks
and opportunities
68
E1-2
Policies related to climate change mitigation and adaptation
68
E1-3
Action and resources in relation to climate policies
68 - 74
E1-4
Targets related to climate change mitigation and adaptation
68 - 74
E1-5
Energy consumption and mix
75
E1-6
Gross scopes 1, 2, 3 and total GHG emissions
76 - 78
E1-7
GHG removals and GHG mitigation projects financed through carbon credits
76
E1-8
Internal carbon pricing
76
E1-9
Anticipated financial effects from material physical and transition risks and potential climate-
related opportunities
-
“-” The bank uses the phase-in provision regarding the ESRS E1-9 disclosure requirement for the financial effects, see ESRS 1 Appendix C.
Ringk j ø b in g Landb o b ank A /S Page 66
Environmental information
Transition plan
(E1-1)
The corporate social responsibility and sustainability
policy is implemented via a separate transition plan for
initiatives for reducing CO
2
e emissions towards 2030 and
for achieving climate neutrality by 2050.
The indirect CO
2
e emissions from loans and investments
2
e
emissions and are therefore focus areas in the transition
plan. In 2023, the bank set the sub-targets of reducing
CO
2
e emissions by 45% per DKK million lent and by 50%
per DKK million invested in the period 2020 - 2030.
These targets took into account reductions already
achieved at society level. At EU level, CO
2
e emissions
were reduced by 32% in the period 1990-2020. To achieve
emissions in the EU must therefore be reduced by a
further 34% in the period 2020 - 2030. Against this
2
e reductions are
consistent with both the European Climate Law and the
Paris Agreement.
In setting the targets, it was essential that the bank can
continue its organic growth strategy and win additional
market share. The quantitative targets set for 2030 are
therefore intensity-based.
For the period until 2030, the bank has implemented and
planned a range of qualitative initiatives in the work
towards the CO
2
e targets. They include climate dialogues
with certain customers, ESG scoring of investments, new
ESG tools and product offers.
The bank will evaluate the initiatives on an ongoing basis
and implement any necessary additional initiatives in the
work towards reducing CO
2
e emissions, including setting
five-year sub-targets from 2030 until the 2050 target.
In 2024, the bank set the target that CO
2
e emissions from
reduced by 60% in the period 2019-2030. No embedded
CO
2
e emissions of significance are judged to exist. The
bank has implemented and planned various initiatives to
reduce emissions from its own operations.
section from page 68 for
climate-related targets, actions and initiatives and
Climate-related impacts, risks and
opportunities
(E1.SBM-3)
a strong customer focus, sound credit principles and
efficient business processes. The business model is
fundamentally robust in relation to climate change and is
generally judged to be resilient in different climate
scenarios.
value chain are generally judged to hold relatively limited
risks and opportunities. See the following table of
material impacts, risks and opportunities.
The bank is able to transition its business on an ongoing
basis and with a short time horizon if climate-related
conditions call for financing of other types of assets. The
business is, however, exposed to certain climate-related
risks, p
downstream value chain.
66, the
bank has set its climate targets in support of the
European Climate Law and the aim of the Paris
Agreement to keep the global temperature rise below 2
degrees and to pursue efforts to limit the increase to 1.5
degrees above pre-industrial level. The b
risks was carried out in accordance with the above
climate scenario even though the link between the
business has not yet been quantified, due to lack of CO
2
e
The bank also
follows financial sector analyses.
The time horizon and rate of change are decisive for the
thus have been repaid over a 10-year horizon and the
bank is generally judged to be robust to changes
occurring gradually over a period of 10 years or more.
The changes in the physical climate are therefore not
judged to pose any major risk per se. Climate change can
reach the financial system faster, however. The value of
assets, e.g. real property, may thus decrease due to
future expectations, and regulatory change can affect the
values of security provided.
Ringk j ø b in g Landb o b ank A /S Page 67
Environmental information
The bank’s material impacts, risks and opportunities - climate change (ESRS E1)
Subtopic
Description
Value chain
Type
Additional information
Climate
change
mitigation and
energy
Financing of sustainable assets
Loans for sustainable assets and
activities can help reduce CO
2
e
emissions, e.g. renewable energy
and energy efficiency in production
and buildings.
Downstream
Positive actual
impact in the short,
medium and long
term
Opportunity for
the bank
The bank has set targets
for CO
2
e reduction in the
loan portfolio and views
financing of sustainable
assets as an important
business area with
considerable earnings
potential.
Climate
change
mitigation and
energy
Financing of climate-stressing
assets
Loans for assets and activities may
generate considerable CO
2
e
emission but sourcing of energy
conditions of life.
Downstream
Negative actual
impact in the short,
medium and long
term
Transition risk for
the bank
The bank has set CO
2
e
reduction targets and
wants to help its
customers in the
transition to sustainable
production, including in
farming. Certain sectors
are excluded from the
loan portfolio.
Climate
change
mitigation and
energy
The bank’s own climate impact
activities result in CO
2
e emissions,
including from heating and
electricity consumption and
transport.
Own
operations
Negative actual
impact in the short,
medium and long
term
No significant risk
or opportunity for
the bank
The bank continuously
focuses on reducing its
own resource
consumption and CO
2
e
emissions per FTE. The
2
e
emissions are very low
compared to the entire
value chain.
Climate
change
mitigation and
energy
The bank’s climate impact through
data centres
The energy consumption through
operations in data centres, is
considerable and, depending on the
energy sources, may result in CO
2
e
emissions.
Upstream
Negative actual
impact in the short,
medium and long
term
No significant risk
or opportunity for
the bank
Bankdata and JN Data
focus on reducing their
CO
2
e emissions, in
particular by using
renewable energy, which
is already done through
the supply of electricity
from solar cells.
Climate
change
mitigation and
energy
Investment products with climate
impact
Asset management and
portfolio result in energy
consumption and CO
2
e emissions.
Upstream
Negative actual
impact in the short,
medium and long
term
No significant risk
or opportunity for
the bank
BankInvest focuses on
reducing CO
2
e emissions
in their portfolios. The
same goes for
investments which the
bank makes on behalf of
own investment portfolio
is limited and
consequently results in
relatively low CO
2
e
emissions.
Ringk j ø b in g Landb o b ank A /S Page 68
Environmental information
Additional information regarding the
process
(E1.IRO-1)
risks focuses on the entire value chain.
The upstream value chain essentially comprises IT
assessments and identification.
The bank’s own operations can basically be calculated
based on three processes: building operation, electricity
identified by going through its biggest expense items.
The bank estimates the climate impact by adding up the
actual physical activity in each area and multiplying by a
number of standards for emissions - for example from
travelling by car.
The biggest elements in the downstream value chain are
industries and sub-industries, each of which are
homogeneous compared to the total loan portfolio. The
climate impact was identified by multiplying the loans in
each industry by the emission intensity from Statistics
Denmark, which was obtained for each industry based on
emission data and loan data for each sector. The data
quality for CO
2
e emissions from financed loans is highly
uncertain, see Appendix C from page 111. Emission data
portfolio investments were calculated based on data
from external providers of company-specific emissions.
Here, the data quality for CO
2
e emissions is also
uncertain, see Appendix C from page 111.
In addition to the climate impact calculation, qualitative
screening was carried out for each area based on a gross
listing of transition risks and hazards, which includes
various climate-related circumstances. This was also
industries for loans. The
The identified climate-related risks are shown in the table
-
section from page 66. The bank has not identified
material risks of a physical nature. On the other hand, the
bank judges that certain climate-related transition risks
and opportunities are inherent in its business model.
The bank generally views agriculture as the most
transition-exposed industry in the loan portfolio at
present. Thus, loans to agriculture in particular account
considerable efforts in within agriculture are judged to be
required to achieve climate-neutral economy for this part
assets also requires a considerable effort to achieve
climate neutrality.
The bank has initially quantified this risk and allocated
management estimates for impairment charges to take
account of the current uncertainty about the framework
conditions announced under the Green Tripartite
Agreement.
Climate change policies
(E1-2)
-related impacts, risks and
opportunities originates in its corporate social
responsibility and sustainability policy and the transition
plan.
The fundamental objective is to mitigate climate change
by reducing CO
2
e emissions. Important elements in this
are to improve energy efficiency, increase renewable
energy deployment and support new technologies, in the
For the loan portfolio, the bank primarily implements
environment and climate-related initiatives through its
credit policy. The bank does so in relation to CO
2
e
reductions and the adaptation to physical risks in
connection with credit assessment and valuations.
For asset management and own portfolio investments,
the bank uses its policy for integration of sustainability
risks, which provides the framework for screening of
investments, active ownership via BankInvest and any
exclusion of companies from investment portfolios.
In order to achieve responsible supply, the bank has
introduced various environmental, social and ethical
standards in its responsible purchasing policy. In relation
constant attention to environmental legislation and seek
to minimise negative environmental impacts of their
activities, products and services.
We refer to Appendix E from page 145 for further details
on the mentioned policies.
Climate change targets and actions
(E1-3 and E1-4)
• Contribute to financing of the green transition,
including granting loans for renewable energy
Ringk j ø b in g Landb o b ank A /S Page 69
Environmental information
production and for the promotion of the transition of
manufacturing businesses to a more climate-friendly
future;
• Take the initiative to engage in constructive dialogue
by the end of 2025 to discuss climate strategy with
those customers that have the greatest impact on
•
improvements, including energy-related renovation of
homes and purchases of electric cars;
• Market, advise on and, through BankInvest,
contribute to developing sustainable investment
products;
•
environment as far as possible, including by buying
electricity based on renewable energy sources;
•
In 2023, the bank set its own targets for reduction of
CO
2
e emission intensity for the loan and investment
contribution to climate change mitigation. The bank has
been working towards carbon neutral operations for
several years and in 2024 set targets to achieve this.
Assuming an annual 5% increase in the business volume
in the period 2025 - 2030, all else being equal, the targets
2
e emissions in absolute
figures will be at the same level in 2030 as in 2020. The
scenario will have approximately doubled in 2030
compared to 2020. The projection is highly uncertain
since the growth in business volume could be bigger or
smaller, and the data quality for CO
2
e emissions is also
uncertain.
Internal stakeholders were involved in determining the
reduction targets. The targets are consistent with the EU
climate targets and the Paris Agreement. They have not
and sector composition, the bank judges that it is not
possible to set actual sector-specific targets.
Projections of the bank’s targets for reduction of CO
2
e emissions (index 2020 = 100)
(1) In 2020, the bank had total emissions of approx. 530,000 tonnes of CO
2
e in scope 1, 2 and 3, including a CO
2
e intensity of 10.32 tonnes per DKK million lent
and 9.66 tonnes per DKK million invested.
(2) With annual growth of 5% in both financed loans and investments in the period 2025 - 2030 and given the growth realised for 2020-2024, the total growth in
business volume will contribute emissions of approx. 287,000 tonnes of CO
2
e, equivalent to an increase of 54% in 2030 compared to 2020.
(3) The bank’s target of reducing the CO
2
e intensity of financed loans by 45% in 2020 - 2030 to 5.68 tonnes of CO
2
e per DKK million lent will contribute a
decrease of approx. 189,000 tonnes of CO
2
e in 2030, equivalent to -35% based on the 2020 loan portfolio.
(4) Similarly, the bank’s target of reducing the CO
2
e intensity of investments by 50% in 2020-2030 to 4.83 tonnes of CO
2
e per DKK million invested will
contribute a decrease of approx. 93,000 tonnes of CO
2
e in 2030, equivalent to -18% based on the 2020 investment portfolio.
(5) The target for the bank’s scope 1 and 2 emissions is a reduction to 135 tonnes of CO
2
e in 2030.
Ringk j ø b in g Landb o b ank A /S Page 70
Environmental information
Targets and actions for financed loans
With 2020 as the base year, the bank wants to reduce the
CO
2
e emission intensity from its loan portfolio by 45% per
DKK million lent by the end of 2030. The bank wants to be
CO
2
e-neutral by the end of 2050.
To calculate CO
2
e emissions from loans, the bank uses
the common principles and methods developed by the
financial sector in Denmark. For personal customers, on-
balance sheet loans for housing purposes and car
purchases are included in the calculation. Loans for
which a purpose cannot be determined are not included.
For business customers, total loans broken down by
industry are included. The computation is widely based
on average calculations and therefore highly uncertain.
The data quality will improve as company-specific data
can be obtained. We refer to Appendix C from page 111
for a description of methodology, assumptions and data
quality.
personal and business customers decreased by 7% to
366,753 tonnes of CO
2
e. This is equivalent to intensity of
7.09 tonnes of CO
2
e per DKK million lent at the end of
2024 compared to 8.34 tonnes at the end of 2023.
The main reason for the decrease in 2024 was that lower
emissions were recorded in several industries in the
business communities despite the growth in loans for the
year. Loans to business and agricultural customers
missions from
loans in 2024, with an average CO
2
e intensity of 8.79
tonnes per DKK million lent. Loans to agriculture
contributed intensity of 26.79 tonnes of CO
2
e per DKK
million lent, while the average intensity for business
excluding agriculture was 6.13 tonnes of CO
2
e.
For personal customers, emissions at the end of 2024
were calculated at 21,548 tonnes of CO
2
e, equivalent to
intensity of 1.73 tonnes of CO
2
e per DKK million lent,
compared to 1.87 tonnes of CO
2
e at the end of 2023.
finance businesses which pursue more sustainable ways
of producing and consuming and/or to help finance
investments that enable a business to move forward in
the green transition of its industry. These businesses do
The bank’s CO
2
e targets for financed loans
1
End of
2024
End of
2023
End of
2022
End of
2021
End of
2020
Target
2050
Target
2030
Change
2025 -
2030
On-balance sheet loans, DKK
million
Privat
2
12,485
11,533
11,280
10,071
8,444
- Housing
11,308
10,451
10,250
9,040
7,433
- Cars
1,177
1,082
1,030
1,031
1,011
Erhverv
3
39,275
35,578
33,425
28,138
24,842
Total loans
51,760
47,111
44,705
38,209
33,286
-
-
-
Emissions, tonnes of CO
2
e
Personal customers
21,548
21,532
22,871
25,168
24,633
- Housing
8,225
7,610
8,259
7,280
6,055
- Cars
13,323
13,922
14,612
17,888
18,578
Erhverv
3
345,205
371,326
349,997
357,344
318,868
CO
2
e emission
366,753
392,858
372,868
382,512
343,501
0
393,694
4
+26,941
Intensity, tonnes of CO
2
e per DKK million lent
Personal customers
1.73
1.87
2.03
2.50
2.92
- Housing
0.73
0.73
0.81
0.81
0.81
- Cars
11.32
12.87
14.18
17.34
18.38
Erhverv
3
8.79
10.44
10.47
12.70
12.84
CO
2
e intensity
7.09
8.34
8.34
10.01
10.32
0.00
5.68
-1.41
Total change since
2020
-31%
-19%
-19%
-3%
-
-100%
-45%
-14 pp
(1) CO
2
e emissions from financed loans are included in the downstream value chain as part of scope 3 emissions. There was no review of 2020 - 2023.
(2) In addition, the bank has provided loans to personal customers for which a purpose cannot be determined. These loans are not included in the statement
(DKK 4,077 million in 2024, DKK 3,770 million in 2023, DKK 3,637 million in 2022, DKK 2,970 million in 2021 and DKK 2,955 million in 2020).
(3) Business customers include agriculture.
(4) Projection based on an assumed annual growth of 5% in loans in the period 2025-2030. CO
2
e emissions from loans can increase towards 2030 since the
bank uses an intensity target. This is calculated with the realised growth in loans in 2020-2024.
Ringk j ø b in g Landb o b ank A /S Page 71
Environmental information
not necessarily have low CO
2
e emissions, but they need
finance for their transition to reduce their direct and
indirect CO
2
e emissions.
The bank has decided to implement the following actions
to reduce CO
2
transition plan for climate and environment:
• Dialogue on climate strategy with agricultural
customers, who represent at least 70% of CO
2
e
•
business customers who have CO
2
e intensity above
the average for business customers excluding
agriculture.
In 2024, the Danish government and a range of partners
entered into a Green Tripartite Agreement for agriculture
in Denmark. This agreement provides the long-term basis
for a conversion and transition of a share of the
agricultural land and of the food and agricultural
production in Denmark. This will support the target in
Denmark of reducing total GHG emissions by 70% by
2030 compared to the 1990 level.
The Tripartite Agreement contains a range of actions and
initiatives, including a CO
2
e tax on emissions from farm
animals, taking carbon-rich lowlands out of production,
forestation and strengthening of climate technologies. A
political compromise was entered into on the actions to
be implemented over the coming years. Through dialogue
and financing solutions, Ringkjøbing Landbobank will
contribute to adjustment by agricultural customers to the
changed framework conditions and initiate actions to
reduce CO
2
e emissions.
The bank will also use dialogue and financing solutions to
contribute to the green transition of business customers.
They must also address changed framework conditions.
For example, agreements have been entered into on
carbon taxes on emissions in industry and the
construction and transport sectors, for gradual
reduce their CO
2
e emissions are generally expected to be
intensified.
In the area of personal customers, a continually
increasing demand for electric cars will reduce the
emission intensity for car loans, while the general
transition of energy supply, including district heating and
electrification, and energy-improving initiatives in
buildings will reduce the emission intensity of home
loans.
It may also be relevant to deal with the adaptation to
physical climate risks in the dialogue with both personal
and business customers.
Targets and actions for investments
Based on 2020, the bank wants to achieve a 50%
reduction of the CO
2
e emission intensity per DKK million
portfolio by the end of 2030 and to be CO
2
e-neutral by the
end of 2050.
The model used to calculate CO
2
e emissions from
value. The value of assets under management
consequently changes with fluctuations in market prices.
The selection criterion for the investment portfolio is that
the bank has direct access to, or can influence, the
composition of the investments. Both issuer-specific and
estimated emission data were used in the calculation.
The data quality is still uncertain since the data coverage
for issuer-specific emissions is not yet 100%. We refer to
Appendix C from page 111 for additional descriptions of
methodology, assumptions and data quality.
calculated at 177,267 tonnes of CO
2
e at the end of 2024,
an increase of 40% compared to the end of 2023. The
increase is primarily attributable to shifts in several
2
e
intensity increased to 6.72 tonnes of CO
2
e per DKK
million invested in 2024. In 2022 and 2023, the intensity
was calculated at, respectively, 4.73 and 5.03 tonnes of
CO
2
e per DKK million invested by the bank. The bank still
follows the plan for meeting the CO
2
e intensity targets for
investments by 2030.
pooled scheme etc. Emissions from these in 2024
totalled 43,805 tonnes of CO
2
e. This is equivalent to
intensity of 3.4 tonnes of CO
2
e per DKK million invested
compared to 3.9 tonnes at the end of 2023.
At the end of 2024, emissions from other individual
mandates totalled 107,180 tonnes of CO
2
e, equivalent to
intensity of 9.2 tonnes of CO
2
e per DKK million invested
compared to 7.7 tonnes at the end of 2023. Emissions
tonnes of CO
2
e at the end of 2024, equivalent to 15.1
tonnes per DKK million invested.
The bank uses the CO
2
e calculation from investment
activities as the basis for the continuous work on the
-related impacts, risks and opportunities.
The bank focuses in particular on asset management
other mandates, because our investments on behalf of
customers account for the vast majority of emissions
from investments.
Ringk j ø b in g Landb o b ank A /S Page 72
Environmental information
From 3 October 2023, the statutory profiling of customers
in the categories low, medium or high level of
sustainability preference was replaced by specific
preference profiling. The bank has subsequently focused
on implementing the profiling and integrating the
advice as a supplement to their timeframe and risk
preferences.
The bank has decided the following actions to reduce
CO
2
e intensity for investments:
• Over the coming years the bank will develop
additional tools/IT support to manage investment
portfolios including incorporation of CO
2
e emissions
• The bank has a goal of allocating an ESG score to all
customers.
• The bank seeks to develop products with its
requirements.
The development of tools and dialogues with product
providers are initiatives which will help ensure:
•
2
e
emissions from the investment portfolios managed
by the bank, thereby creating a basis for focusing on
reducing emissions;
•
2
e
portfolios, thereby enabling a dialogue with the
• That the bank can engage in dialogue with relevant
providers of investment products on reducing the
CO
2
e emissions from their various products.
The bank’s CO
2
e targets for investments through asset management on behalf of customers and for the bank’s own
portfolio
1
End of
2024
End of
2023
End of
2022
End of
2021
End of
2020
Target
2050
Target
2030
Change
2025 -
2030
Market value of investments, DKK million
Asset management
products
9,476
9,314
11,863
10,582
9,556
Pooled scheme
3,472
5,702
4,864
5,266
4,594
Other mandates
11,695
8,855
5,026
5,222
3,525
Own portfolio
1,738
1,366
1,114
1,162
1,612
Total investments
26,381
25,237
22,867
22,232
19,287
Emissions, tonnes of CO
2
e
Asset management
products
29,994
34,279
49,596
97,661
114,299
Pooled scheme
13,811
24,757
23,783
31,686
41,907
Other mandates
107,180
67,932
34,777
64,688
29,955
Own portfolio
26,282
70
52
429
88
CO
2
e emission
177,267
127,038
108,208
194,464
186,249
0
170,695
2
-6,572
Intensity, tonnes of CO
2
e per DKK million invested
Asset management
products
3.17
3.68
4.18
9.23
11.96
Pooled scheme
3.98
4.34
4.89
6.02
9.12
Other mandates
9.16
7.67
6.92
12.39
8.50
Own portfolio
15.12
0.05
0.05
0.37
0.05
CO
2
e intensity
6.72
5.03
4.73
8.75
9.66
0.00
4.83
-1.89
Total change since 2020
-30%
-48%
-51%
-9%
-
-100%
-50%
-20 pp
(1) CO
2
e emissions from investments are included in the downstream value chain as part of scope 3 emissions. They include investments made on behalf of
customers as well as the bank’s own portfolio investments. However, the bank’s trading portfolios and shares in sector companies are not included in the bank’s
own portfolio. There was no review of 2020 - 2023.
(2) Projection based on an assumed annual growth of 5% in investments in the period 2025 - 2030. CO
2
e emissions from investments may increase towards 2030
since the bank uses an intensity target. This is calculated with the realised increased market value of investments in 2020 - 2024.
Ringk j ø b in g Landb o b ank A /S Page 73
Environmental information
Ringkjøbing Landbobank primarily distributes investment
important partner in the effort to reduce CO
2
e emissions
from investments. As a signatory to the Net Zero Asset
Managers initiative, BankInvest is committed to working
towards neutral greenhouse gas emissions from the
companies invested in by 2050, see Appendix C from
page 111. In the short term, BankInvest commits to
reducing CO
2
e emissions from the portfolios by 55% by
2030. Ringkjøbing Landbobank supports these targets.
As a distributor, the bank thus has a broad portfolio of
sustainable products available within global shares,
global bonds and Danish shares. Thus, the bank has a
broad range to choose from when investing on behalf of
its customers.
BankInvest classifies its funds in accordance with the
disclosure regulation. From spring 2023, BankInvest has
only offered article 8 and 9 funds. In 2024, BankInvest
introduced new article 8 funds called Optima Bæredygtig
nds are also Nordic
therefore now have more options of choosing investment
products that fit their sustainability preferences.
The following overview is a breakdown of article 6, 8 and
9 investment funds managed by the bank. The overview
covers products from BankInvest and other issuers.
Breakdown of managed article 6, 8 and 9 investment
funds
at 31 December
1
(%)
2024
2023
2022
2021
Article 6
2.4
2.3
16.4
7.4
Article 8
78.4
76.9
67.3
79.2
Article 9
0.8
0.1
0.0
0.0
Single-name
securities
18.4
20.7
16.3
13.4
Total
100.0
100.0
100.0
100.0
(1) Article 6 funds have no particular environmental or social
characteristics. Article 8 funds promote environmental and social
characteristics and integrate them into the investment decision. Article 9
funds have a sustainable investment objective. There was no review of
2020 - 2023.
Through the collaboration with Letpension, since 2021
customers of Ringkjøbing Landbobank have had the
option of investing part of their pension savings in
particularly climate-friendly products - with the specific
aim of reducing CO
2
e emissions.
By choosing particularly climate-friendly investments,
savings contribute to three ambitious climate targets, one
of which is already met by Letpension:
• From the very beginning, the equity portion emitted
60% less carbon than the global equity index.
• By 2025, the ambition is that the entire product must
be carbon-neutral.
• By 2030, the ambition is that the entire product must
be carbon-negative, i.e. remove more carbon from
the atmosphere than it emits.
Ringkjøbing Landbobank supports these ambitions and
offers the Letpension product to our customers as a
normal part of our advisory service.
Targets and actions for scope 1 and 2
As a responsible financial institution, the bank intends to
operate as a CO
2
e-neutral bank.
With 2019 as a base year, the bank wants to reduce its
total scope 1 and 2 CO
2
e emissions by 60% by 2030 in
the market-based statement. By 2050, the bank wants to
be CO
2
e-neutral for scope 1 and 2 and the parts of scope
2
e emissions in scope 1 and 2 are
calculated at 206 tonnes, equivalent to intensity of 0.31
tonnes of CO
2
on page 75, the bank covers its
electricity consumption by power generated from
renewable sources. Electricity consumption is therefore
included as zero emission while district heating in scope
2 represents emissions of 136 tonnes in the market-
based statement. The remaining 70 tonnes are scope 1
emissions.
The bank has also calculated emissions from district
heating in the location-based statement, where district
heating accounted for emissions of 230 tonnes of CO
2
e
in 2024. Emissions in the location-based statement are
higher than in the market-based statement, especially
Ringkøbing and its building in Nørresundby are connected
to local district heating plants which consume a lower
share of renewable energy than the Danish average, but
the Danish average is used in the market-based
statement. The district heating sector is generally
expected to switch to renewable energy sources before
2030.
Ringk j ø b in g Landb o b ank A /S Page 74
Environmental information
To meet the objective, the bank continuously focuses on
reducing its own resource consumption and CO
2
e
emissions. Our methods of doing this include:
• -engined cars with
electric cars as part of normal replacement (scope
1).
• Implementing profitable improvements of the energy
- heating).
• Focusing on energy consumption and energy
efficiency improvements when entering into or
renegotiating leases (scope 2 - heating).
In addition, district heating production in Denmark relies
to a high degree on renewable energy sources with
objectives of reaching CO
2
e neutrality within a number of
years.
their downward trend.
from business travel, IT operation, etc., see the
76.
The bank has taken action to reduce these, including by:
• Supporting charging stations for electric cars at the
.
• Holding virtual instead of physical meetings as far as
possible (scope 3).
The bank’s CO
2
e emissions and targets for scope 1 and 2
1
CO
2
e, tonnes
2024
2
2023
2022
2021
2020
Target
2050
Target
2030
Change
2025 -
2030
Company cars
57
49
56
58
63
Heating and electricity
3
13
12
11
12
13
Total scope 1
70
61
67
70
76
Electricity - market-based
0
0
0
0
0
District heating - market-based
136
130
122
169
211
Total scope 2, market-based
136
130
122
169
211
Electricity - location-based
4
174
-
-
-
-
District heating - location-based
4
230
-
-
-
-
Total scope 2, location-based
404
-
-
-
-
Total scope 1 and 2
5
206
191
189
239
287
0
135
-71
Per FTE
0.31
0.29
0.29
0.39
0.45
(1) Figures in the table were rounded. The calculation of scope 1 and 2 follow both the CSRD reporting standards and industry standards in Denmark, see
Appendix A from page 102. There was no review of 2020 - 2023.
(2) Covers the period from the fourth quarter of 2023 up to and including the third quarter of 2024, which is estimated to be representative of full-year 2024.
(3) Heating consumption from natural gas was moved from scope 2 to scope 1 for the period 2020-2023, and natural gas consumption for the same period was
adjusted for the period 2020 - 2023 because one lease was added.
(4) Emissions from electricity consumption in the location-based statement are based on the 200% method broken down into West Denmark and East Denmark
in Energinet’s annual environmental declaration because some of the electricity production in Denmark comes from district heating plants. Emissions from
heating consumption in the location-based statement are based on environmental declarations from the local district heating plants supplying district heating
to the bank’s buildings and premises.
(5) Scope 1 + Scope 2, market-based.
Ringk j ø b in g Landb o b ank A /S Page 75
Environmental information
Energy consumption
(E1-5)
indirect
energy consumption in the most recent year was
calculated at 3,968 MWh, of which 56% relates to district
The rest of the energy consumption was for travel in
company cars and natural gas heating.
As part of the effort to reduce the CO
2
e emission from its
own operations, the bank has an ongoing focus on
improving energy efficiency and reducing energy
68.
For example, the bank installed solar panels on the roof
of one of its branches in autumn 2024 to achieve a power
output of approximately 35 MWh per year.
The bank also covers its electricity consumption from
renewable energy, i.e. through contractual agreements on
the purchase of electricity produced from renewable
sources. In addition, an increasing share of district
heating is produced from renewable energy sources.
consumption came from renewable energy sources in
2024. This is an increase of 15 percentage points since
2020.
Water consumption and total energy consumption in GJ
1
2024
2
2023
2022
2021
2020
Water consumption, stated in m
3
3,854
4,160
4,085
3,462
3,076
Total energy consumption (scope 1 and 2), stated in
GJ
3
14,284
15,083
14,334
15,055
15,688
(1) These key figures follow industry standards in Denmark, see Appendix A from page 102, and are not part of the CSRD reporting standards. There was no
review of 2020 - 2023.
(2) Covers the period from the fourth quarter of 2023 up to and including the third quarter of 2024, which is estimated to be representative of full-year 2024.
(3) Heating consumption from natural gas was adjusted for the period 2020 - 2023 because one lease was added.
Energy consumption and mix
1
MWh
2024
2
2023
2022
2021
2020
Company cars
214
182
209
217
237
Heating and electricity
3
63
60
54
57
63
- of which self-generated heating and electricity
from renewable energy sources
0
0%
0
0%
0
0%
0
0%
0
0%
Direct energy consumption (scope 1)
277
242
263
274
300
Electricity
1,463
1,536
1,457
1,553
1,617
- of which based on renewable energy sources
1,463
100%
1,536
100%
1,457
100%
1,553
100%
1,617
100%
District heating
2,228
2,411
2,261
2,354
2,441
- of which district heating based on
renewable energy sources
4
1,738
78%
1,832
76%
1,628
72%
1,695
72%
1,269
52%
Indirect energy consumption (scope 2)
3,691
3,947
3,718
3,907
4,058
Total energy consumption (scope 1 and 2)
3,968
4,189
3,981
4,181
4,358
- of which generated with fossil energy sources
766
19%
820
20%
896
23%
933
22%
1,473
34%
- of which generated with renewable energy sources
3,202
81%
3,369
80%
3,085
77%
3,248
78%
2,885
66%
(1) Figures in the table were rounded. The bank has never covered its energy consumption with nuclear power. There was no review of 2020 - 2023.
(2) Covers the period from the fourth quarter of 2023 up to and including the third quarter of 2024, which is estimated to be representative of full-year 2024.
(3) Heating consumption from natural gas was moved from scope 2 to scope 1 for the period 2020 - 2023, and natural gas consumption for the same period
was adjusted for the period 2020 - 2023 because one lease was added. Until the date of the statement at the end of the third quarter of 2024, the bank had no
self-generated renewable energy in its buildings and uses no fuel for renewable energy sources.
(4) Calculated using the share of renewable energy in the district heating sector at national level (market-based statement).
Ringk j ø b in g Landb o b ank A /S Page 76
Environmental information
GHG emissions
(E1-6)
Ringkjøbing Landbobank has calculated its total CO
2
e
emissions at 545,348 million tonnes for 2024, compared
to 521,100 million tonnes for 2023 using the market-
based method.
from 243 tonnes of CO
2
e per DKK million of core income
by 87% in the same period.
As stated Additional information regarding the
processon page 68, the data for scope 3
emissions in particular are of uncertain quality.
Scope 1 emissions
tonnes to 70 tonnes of CO
2
e. The main reason for the
increase is an increase in the number of company cars.
scope 1 emissions in 2024, while the remaining 18% were
generated by heating production from natural gas which
is part
Scope 2 emissions
Scope 2 emissions in the market-based statement derive
exclusively from the district heating consumption in the
from page 75.
183 MWh from 2023 to 2024. At the same time the share
of renewable energy in district heating production
increased at national level. Scope 2 emissions
nevertheless increased by 6 tonnes of CO
2
e to 136
tonnes in 2024 in the market-based statement. The
increase is caused by higher emission intensity in the part
of the district heating production based on fossil fuels.
Scope 2 emissions in the location-based statement were
404 tonnes of CO
2
e in 2024.
Scope 3 emissions
3) are calculated at 545,142 tonnes of CO
2
e in 2024. In
the GHG Protocol, this covers emissions in category 6
(business travel) and category 15 (investments).
Category 15 emissions were 545,062 tonnes of CO
2
e in
2024, an increase of 24,248 tonnes compared to 2023.
2
e emissions from
financed loans, asset management investments, the
68, the increase in 2024 is
primarily attributable to shifts in investment portfolios
which resulted in a higher CO
2
e emission intensity for
investments. Emissions from investments thus increased
by 50,229 tonnes of CO
2
e from 2023 to 2024, whereas
emissions from financed loans decreased by 26,105
tonnes.
outsourced to Bankdata, which in turn has outsourced the
energy-hungry IT operations to JN Data. Emissions from
IT operations totalled 1,042 tonnes of CO
2
e for 2024, an
increase of 124 tonnes compared to 2023. With effect
from the beginning of 2023, electricity consumption has
been based on renewable energy sources because
Bankdata and JN Data have entered into a long-term
Power Purchase Agreement (PPA), which led to the
construction of a solar energy park.
tonnes of CO
2
e in 2024. Business travel comprises work-
transportation by taxi, train, ferry and aircraft. Emissions
from business travel decreased by 15 tonnes of CO
2
e
compared to 2023, particularly due to fewer kilometres
travelled and an increasing share of electric cars for
employee travel.
Business travel and IT operation are included in the
2
e statement for the first time in 2024.
Emissions in 2023 have been updated and now also
include business travel and IT operation in scope 3.
The fact box in Appendix C from page 111 gives an
overview of the definition of scope 3 emissions, and also
lists omitted categories judged to have low CO
2
e
emissions. We also refer to Appendix C for descriptions
of methodology and uncertainty of calculations.
CO
2
removal etc.
(E1-7 and E1-8)
The bank owns the forest Sæbygård Skov (via the
company Sæbygård Skov A/S), which is calculated to
have captured approximately 1,000 tonnes of carbon in
2024. Total carbon capture in the forest is calculated at
approximately 112,000 tonnes at the end of 2024. The
forest is not certified to an UN-recognised standard.
were calculated by an external party based on a model
prepared by the Danish Forest Association. Adjustments
were made based on a volume growth model for tree
varieties from the University of Copenhage
recommendations on carbon sequestration. Since the
calculation is model-based, it is obviously uncertain.
The bank does not buy carbon credits and does not use
carbon pricing arrangements.
Ringk j ø b in g Landb o b ank A /S Page 77
Environmental information
The bank’s CO
2
e emissions
1
CO
2
e, tonnes
Base
year
2023
2024
Change
2023 -
2024
2025
2030
2050
Annual
target
in % /
base
year
Scope 1 emissions
2
Scope 1 emissions
90
61
70
+15%
Share of scope 1 from regulated emission
trading schemes (%)
0
0
0
-
Scope 2 emissions
2
Location-based scope 2 emissions
404
-
Market-based scope 2 emissions
250
130
136
+5%
Scope 1 and 2 emissions, market-based
340
191
206
+8%
135
0
-8.0%
Material scope 3 emissions
3
Total indirect scope 3 emissions
520,909
545,142
+5%
1 Purchased goods and services
2 Capital goods
3 Fuel and energy-related activities
4 Upstream transportation and distribution
5 Waste generated in operations
6 Business travel
95
80
-16%
7 Employee commuting
8 Upstream leased assets
9 Downstream transportation
10 Processing of sold products
11 Use of sold products
12 End-of-life treatment of sold products
13 Downstream leased assets
14 Franchises
15 Investments
520,814
545,062
+5%
- IT operation at Bankdata and JN Data
918
1,042
+14%
- Financed loans
343,501
392,858
366,753
-7%
393,694
4
0
+1.4%
5
- Investment portfolio
186,249
127,038
177,267
+40%
170,695
6
0
-0.9%
Total GHG emissions
Total GHG emissions (location-based, tonnes
of CO
2
e)
545,536
7
Total GHG emissions (market-based, tonnes
of CO
2
e)
521,100
545,348
+5%
(1) Figures in the table were rounded. The statement follows the reporting standards in paragraphs 62 - 67 of ESRS 1, see the fact box in Appendix C from page
111, and industry standards in Denmark, see Appendix A from page 102. There was no review of 2023.
(2) Scope 1 and 2 emissions for 2024 cover the period from the fourth quarter of 2023 up to and including the third quarter of 2024, which is estimated to be
representative of full-year 2024. The target for scope 1 and 2 reflects the goal of 60% reduction by 2030 using the market-based method with 2019 as a base year.
The location-based method was used for the first time for 2024. The bank has not set a sub-target for 2025.
(3) Scope 3 emissions from business travel and outsourced IT operation were stated for the first time for 2023, see the description in Appendix C. Emissions from
IT operation for 2024 are based on 2023 figures from Bankdata and JN Data, which is estimated to be representative of full-year 2024. The targets for financed
loans and the investment portfolio reflect the bank’s 2030 goal of reducing CO
2
e intensity from them by 45% and 50% respectively with 2020 as a base year. The
bank has not set a sub-target for 2025 or targets for the other scope 3 categories.
(4) Projection based on an assumed annual growth of 5% in loans in the period 2025 - 2030. CO
2
e emissions from loans can increase towards 2030 since the bank
uses an intensity target. This is calculated with the realised growth in loans in 2020 - 2024.
(5) CO
2
e emissions from loans can increase in absolute figures towards 2030 since the bank uses an intensity target and assumes annual growth in loans.
(6) Projection based on an assumed annual growth of 5% in investments in the period 2025 - 2030. CO
2
e emissions from investments may increase towards 2030
since the bank uses an intensity target. This is calculated with the realised increased market value of investments in 2020 - 2024.
(7) Includes market-based emissions from external partners.
Ringk j ø b in g Landb o b ank A /S Page 78
Environmental information
The bank’s CO
2
e emission intensity relative to core income
1
Tonnes of CO
2
e per DKK million
2024
2
2023
2022
2021
2020
Change
2023 - 2024
Total scope 1, 2 and 3 emissions
3
Location-based emissions
134.1
Market-based emissions
134.1
136.1
168.2
237.3
243.3
-2%
(1) Intensity is calculated using the bank’s core income, see page 17. There was no review of 2020 - 2023.
(2) For 2024, scopes 1 and 2 cover the period from the fourth quarter of 2023 up to and including the third quarter of 2024, which is estimated to be
representative of full-year 2024.
(3) Compared to previous reports, heating consumption from natural gas was adjusted for 2020 - 2023 because one lease was added.
Ringk j ø b in g Landb o b ank A /S Page 79
Environmental information
EU taxonomy report
The purpose of the taxonomy regulation is to set criteria
by which business activities can be considered
sustainable. A financial activity is defined as sustainable
if it contributes substantially to one or more of six defined
climate objectives without significantly harming the other
objectives.
The bank does not explicitly use the taxonomy regulation
in its credit policy or policy for integration of
sustainability risks, but we actively consider sustainability
and ESG aspects both when granting credit and when
making investments.
The share of assets covered by the taxonomy regulation
was 87.0% at the end of 2024 compared to 84.1% at the
trading portfolio and deposits with the central bank of
Denmark, Danmarks Nationalbank, account for a smaller
The share of assets covered by the taxonomy regulation
but excluded from the numerator was 61.1% at the end of
2024 compared to 51.0% at the end of 2023. The main
reason for the increase from 2023 to 2024 is
recategorisation of financial institutions. All businesses
as covered by the taxonomy regulation. From 2024, the
bank considers these businesses to be covered by the
taxonomy regulation only if they meet the general
requirements for being covered by it.
There are several reasons for the large share of assets
which are excluded from the numerator in relation to the
taxonomy regulation. The taxonomy thus excludes the
they are not listed on a stock exchange. Rather, they are
SME customers with fewer than 500 employees. This
last--NFRD
The bank reports a GAR of 0.02% for 2024 in the turnover-
based statement. Measured on the basis of CapEX, the
figure is 0.06%. One of the reasons for this is that only
some of the financial undertakings present reports that
make it possible to determine a concrete climate target
for these assets. In addition, GAR figures in the available
reports are generally low. For loans to personal
customers, considerable uncertainty currently surrounds
the requirements for recognition as green assets and the
bank is consequently unable to provide a breakdown of
them.
The bank has contributed to financing the green
transition for more than 25 years, initially through loans
for wind turbine installation and advice in this regard.
This has now been expanded to include loans for solar
energy and biogas plants and other green technologies
and financial advice in this regard. However, all of these
businesses are categorised as non-NFRD undertakings
and therefore do not contribute to the green asset
statement.
Supporting local communities is key to sustainability in
the taxonomy regulation. The bank has always given high
priority to this.
communities and financing the green transition are
described in the sustainability statement, primarily under
environmental and social aspects respectively from page
65 and page 80.
Taxonomy reporting must include reports in accordance
with Annexes VI, XI and XII of the taxonomy regulation.
Reporting requirements in accordance with Annex XI are
covered above.
Annexes VI and XII comprise a number of templates in
English, all of which are integral parts of this annual
report, see Appendix D from page 115.
Green Asset Ratio and key figures for the breakdown of the bank’s total assets in accordance with the taxonomy
regulation
1
End of 2024
End of 2023
Definitions
Green Asset Ratio (GAR)
0.02%
0.00%
Proportion of total assets in the denominator (GAR
assets) classified as green assets (Aligned).
Assets covered by the
taxonomy regulation
87.0%
84.1%
Proportion of total assets covered by the taxonomy
regulation
Assets covered by the
taxonomy regulation and
excluded from the numerator
61.1%
51.0%
Proportion of total assets covered by the taxonomy
regulation and excluded from the numerator but included
in the denominator.
Assets not covered by the
taxonomy regulation
13.0%
15.9%
Proportion of total assets excluded from both numerator
and denominator.
(1) There was no review of 2023.
Ringk j ø b in g Landb o b ank A /S Page 80
Social information
Own workforce (ESRS S1)
Ringkjøbing Landbobank seeks to provide good working
conditions for its employees and to cooperate well with
its other stakeholders. The bank does not tolerate
discrimination in its working conditions or employments
employees rate their wellbeing as very satisfactory.
The table below provides an overview of the ESRS S1
disclosure requirements with references to the relevant
pages in the statement.
Overview of disclosure requirements regarding own workforce
ESRS S1
Disclosure requirement
Page
no.
S1.SBM-2
Interests and views of stakeholders
61
S1.SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
81 - 82
S1-1
Policies related to own workforce
83 - 84
S1-2
84 - 85
S1-3
Processes to remediate negative impacts and channels for own workforce to raise concerns
84 - 85
S1-4
Taking action on material impacts on own workforce, and approaches to managing material risks
and pursuing material opportunities related to own workforce, and effectiveness of those actions
85 - 87
S1-5
Targets related to managing material negative impacts, advancing positive impacts, and
managing material risks and opportunities
85 - 87
S1-6
87 - 89
S1-7
Characteristics of non-
81
S1-8
Collective bargaining and social dialogue
87 - 89
S1-9
Diversity metrics
85 - 87
S1-10
Adequate wages
87 - 89
S1-11
Social protection
-
S1-12
Persons with disabilities
-
S1-13
Training and skills development metrics
87 - 89
S1-14
Health and safety metrics
-
S1-15
Work-life balance metrics
-
S1-16
Remuneration metrics (pay gap and total compensation)
87 - 89
S1-17
Incidents, complaints and severe human rights impacts
87 - 89
-” specifies that the bank does not report on the disclosure requirement as it is not relevant to the bank’s material impacts, risks and opportunities.
Ringk j ø b in g Landb o b ank A /S Page 81
Social information
Workforce-related impacts, risks and
opportunities
(S1.SBM-3 and S1-7)
Ringkjøbing Landbobank places great emphasis on its
wellbeing, and seeks to ensure diversity and equal
opportunity for all irrespective of gender etc. Training and
development of employee skills are also given high
priority. As a knowledge workplace the bank considers
these factors essential for attracting and retaining skilled
employees with the right competences and qualifications.
The bank thus treats working conditions, equal treatment
and opportunity for all employees and protection of their
privacy as material sustainability topics for its own
workforce.
impacts, risks and opportunities.
In terms of material impacts, the bank assesses that all
workforce is consequently not divided into at-risk or
employees are covered by the local workplace agreement
and have an annual job appraisal review with pay
negotiation. They are also covered by the ban
etc. on conditions for employees, equal treatment,
remuneration and data ethics.
The bank registered no cases of material negative
impacts on its own workforce in relation to adequate
wages, collective agreements, equal treatment and
privacy protection in 2024.
In relation to the CSRD requirement on publication of
-employees, the bank
defines a non-employee as a person who works for the
bank without being employed directly by the bank, e.g. as
a consultant, temporary or self-employed. Non-
employees carry out tasks at the same locations as the
Therefore, they would typically not be covered by the
etc. The bank had no non-employees in 2024
Ringk j ø b in g Landb o b ank A /S Page 82
Social information
The bank’s material impacts, risks and opportunities - own workforce (ESRS S1)
Subtopic
Description
Value chain
Type
Additional information
Working
conditions
Adequate wages for the bank’s
employees
Wages are of significance to the
retain employees with the right
skills and qualifications.
Inadequate (insufficient) wages
can affect the possibilities of
this.
Own
operations
Negative actual
impact in the short
and medium term
No significant risk
or opportunity for
the bank
The bank has entered into a
local workplace agreement,
including an agreement on
wages, which covers all
employees in the bank.
In addition, an annual job
appraisal review with pay
negotiation is held with all
employees.
Working
conditions
Collective agreements for the
bank’s employees
Working hours and other working
conditions are of significance to
workplace and their conditions of
life. They also influence the
employees with the right skills
and qualifications. Poor working
conditions can affect the
possibilities of this.
Own
operations
Negative actual
impact in the short
and medium term
No significant risk
or opportunity for
the bank
The bank wants to ensure
good working conditions,
health and continued
wellbeing for its employees.
The bank follows the
standard agreement, which
covers all employees.
All employees are also
covered by healthcare and
dental insurance.
The bank also has a stress
policy, smoking policy and
alcohol policy and the
employees have the
opportunity to join a scheme
for seniors.
Equal
treatment and
opportunities
for all
Equal treatment of the bank’s
employees
Equal treatment and
opportunities for all is a right and
any impairment of this right can
of life.
Own
operations
Negative potential
impact in the short
and medium term
No significant risk
or opportunity for
the bank
The bank wants to ensure
diversity and equal
opportunities for all
employees regardless of
gender etc., including equal
pay for the same work,
responsibility, performance
etc.
Equal
treatment and
opportunities
for all
Training and skills development
of the bank’s employees
The bank focuses on advising
customers based on a high level
of expertise. Employee training is
therefore a central part of the
Own
operations
Positive actual
impact in the short
and medium term
No significant risk
or opportunity for
the bank
The bank wants to provide
equal access to relevant
training for all employees.
Employee training is a very
high priority and is provided
continually.
Other work-
related rights
Privacy protection for the bank’s
employees
The data protection rules apply
to all employees and any
violation of them may be a
breach of privacy.
Own
operations
Negative potential
impact in the short,
medium and long
term
No significant risk
or opportunity for
the bank
The bank gives high priority in
all respects to protecting the
data and privacy of its
employees and all other
stakeholders, including
customers.
Ringk j ø b in g Landb o b ank A /S Page 83
Social information
Policies related to own workforce
(S1-1)
own workforce is anchored in various policies etc., which
subsequently implemented in the bank.
The policies etc. contribute to establishing, developing,
conditions, equality, health and wellbeing throughout the
organisation.
the under-represented gender and data ethics policy in
particular determine the fundamental principles and
guidelines for managing the working conditions, equal
treatment, health and wellbeing of the employees.
determines how the bank wants to treat its employees in
areas such as working conditions, equal treatment,
diversity, health, wages, training and skills development
y on
conditions for employees applies to all employees in the
website.
-represented
gender is to increase the percentage of the under-
gender distribution as defined by the Danish Business
Authority has been achieved among the board members
elected by the shareholders' committee. Read more on
gender diversity on the board of directors in the
55.
The board of directors has also set a target for the
percentage of the under-represented gender at other
management levels and actions have been implemented
to achieve the target figure. Read more on this in the
page 85.
reporting to the board of directors at least annually on
compliance with the policy on conditions for employees
and the policy for the under-represented gender. The
general management also has the overall responsibility
for implementing them and taking the necessary action if
the policies are not complied with.
The board of directors supervises compliance with the
policies and ensures that they are implemented and
function as intended. On the recommendation of the
general management, it is also the responsibility of the
are reviewed
and possibly updated on an ongoing basis and at least
once a year.
page 91.
Diversity and inclusion
employees, the bank focuses on promoting diversity and
inclusion. The bank develops and maintains initiatives on
an ongoing basis which promote equal treatment and
diversity and provide attractive terms and conditions for
bank also wants to give its employees equal
opportunities for development.
The policy also states that the bank does not accept
discrimination on grounds of gender, gender
identity/perception, age, nationality, race, ethnic origin,
any disabilities, sexual orientation, religion and/or
political allegiance and has zero tolerance for bullying,
and sexual and other forms of harassment.
the policy and the bank has established a whistleblower
scheme enabling all employees to report - anonymously if
need be - any instances of discrimination, bullying,
harassment etc.
The head of the HR department or the authorised
individual under the whistleblower scheme examines and
follows up concerns about conduct which conflicts with
applicable law and the
report is received, an independent examination is initiated
immediately and should a state of dependency exist
between the parties, adequate mitigating actions will be
implemented.
The person conducting the examination has an obligation
to always report serious violations and related issues
directly to the general management. If the report
concerns a member of the general management, the
matter is reported directly to the chair of the board of
directors.
internal rules may result in legal consequences and/or
sanctions under employment law.
Human rights policy commitments
Ringkjøbing Landbobank supports international human
and labour rights, which are fundamental to in the Danish
labour market model and based on international
Ringk j ø b in g Landb o b ank A /S Page 84
Social information
conventions, norms and values, including the UN Guiding
Principles on Business and Human Rights and the ILO
Declaration on Fundamental Principles and Rights at
human and labour rights is based in part on th
policy on conditions for employees, responsible
purchasing policy and code of conduct.
The bank considers human and labour rights the
foundation of a secure, fair and equal society, and rejects
all forms of violation of these rights in relation to its
employees, customers and partners.
The bank sees it as a natural part of its responsibility to
work actively for equal rights. The effort to ensure
compliance with human and labour rights is thus an
ongoing process. Through an open culture, clear
reporting channels and structured policies, procedures
violations of human and labour rights, including
discrimination and harassment.
tolerate forced and compulsory labour, child labour and
human trafficking. These provisions are implemented in
chain.
As a Danish relations-based bank with close ties to both
customers and employees, Ringkjøbing Landbobank
believes the risk of it violating human or labour rights is
low. The bank only has branches in Denmark, where
employee conditions are well-regulated.
Working environment and workplace accident prevention
the employees are informed of guidelines and procedures
in the event of threatening behaviour from customers or
other external parties.
prepares the statutory workplace risk assessment (APV)
every three years to map the working environment.
Identifying focus areas and preparing an action plan to
improve the working environment in these areas are part
of the assessment, which contributes to minimising the
risk of workplace accidents.
Initiatives for engaging with own
workforce
(S1-2 and S1-3)
Processes for engaging with own workforce
The bank has various processes for engaging and
entering into dialogue with our own workforce. At the
general level, these include a collaboration committee, a
work environment committee, a pay committee,
employee representatives on the board of directors and
interaction with Financial Services Union Denmark. At
employee level, the bank conducts annual employee
surveys comprising employee satisfaction surveys and
job appraisal interviews.
The bank has appointed a collaboration committee with
four employees representing the employees and four
employer representatives. The purpose of the committee
is to discuss how the committee members can work
together to develop and protect the workplace and
increase both wellbeing and efficiency. The committee
generally meets once every quarter. It is the responsibility
of the chair of the committee that the meetings are held
and that agreements entered into are implemented.
During the meetings, the employees have the opportunity
to discuss various subjects with the management and
share their views and opinions about the workplace,
including the impacts on the workforce etc. Minutes of
each meeting are prepared and subsequently shared on
discussions and any actions.
The bank also has a work environment committee. Its
purpose is to plan, lead and coordinate the health and
safety work in the bank and to conduct an annual working
environment discussion. The work environment
committee consists of two employee representatives and
two management representatives.
board members who participate in the board work on
equal terms with the other board members.
Services Union Denmark. The bank is a member of
Finance Denmark, which from 1 January 2024 is also an
for the
Financial Sector.
The bank follows the standard collective agreement
Ringk j ø b in g Landb o b ank A /S Page 85
Social information
Association for the Financial Sector and Financial
Services Union Denmark in the first quarter of 2023. The
standard collective agreement helps to assure good
working conditions for the employees with regard to
working hours, minimum pay, overtime pay etc.
into a local workplace agreement containing details on
pay. The pay committee consists of four management
representatives and four employee representatives. A
s who are
members of the Financial Services Union was
subsequently held about the workplace agreement. Read
85.
The bank conducts an annual measurement of
measurement is an important element of the annual job
appraisal reviews with the employees.
With an overall score averaging 8.7 on a scale from 1 to
the 2024 measurement showed a historically high level of
employee wellbeing and satisfaction. For all 19
questions, the score was higher or the same as the year
increased from 8.8 in 2023 to 8.9 in 2024, and the score
unchanged at 9.1 in 2024.
The analysis is used as a management and employee
wellbeing and their view of the bank as a workplace. If a
response shows a low level of wellbeing, the HR
department contacts the employee directly for an open
dialogue on challenges and possible solutions.
interview with their leader at least annually to discuss
wellbeing, satisfaction, career aspirations, the need for
skills development, and pay. An annual follow-up
interview is conducted subsequently.
Both the job appraisal interviews and the annual
level of satisfaction with their workplace, tasks and
development.
Channels for employees to raise concerns and needs
The bank has established clear procedures to foster open
communication about employee needs and suspicions of
violation of applicable laws, rules etc.
If an employee wants to raise concerns about unlawful
and/or inappropriate behaviour in the bank, the employee
must contact their immediate superior, the HR
department and the compliance department. When
raising any needs, the employee must contact their
immediate superior.
regarding behaviour which conflicts with the code of
conduct or other internal rules and the whistleblower
culture and
95 and in
97.
ery year and
acknowledge that they have read and understood it.
Employees who are members of the Financial Services
Union also have trade union representatives available to
-à-vis
the management and ensure that contracts and collective
agreements are complied with. The trade union
representatives must also do their best to foster and
maintain good working conditions for all employees at
the workplace.
The employees also have the option of raising concerns
at the annual job appraisal interview with their manager
e 84.
Actions and targets for own workforce
(S1-4, S1-5 and S1-9)
Actions and targets for the under-represented gender at
other management levels
-represented
gender, the bank has set a target for the percentage of
the under-
management levels.
of the general management (reported to the Danish
Business Authority); employees placed at the same
management level, in organisational terms, as the general
management; and employees with staff responsibilities
reporting directly to the general management or to
employees placed at the same level, in organisational
terms, as the general management.
Ringk j ø b in g Landb o b ank A /S Page 86
Social information
The target figure and policy were prepared in accordance
with the rules on target figures and policy for the under-
represented gender, see section 79a of the Danish
Financial Business Act and section 139c of the Danish
Companies Act.
In 2022, the bank set a target figure for the under-
levels:
• The percentage of managers of the under-
represented gender (measured in FTEs) must be at
least 25% by 2025.
The bank launched the following actions in 2023 to
achieve the target:
• When recruiting for management positions with the
assistance of headhunters, the bank always requires
that candidates of both genders must be presented.
•
selecting candidates of both genders for interviews.
• General focus on diversity in employments to provide
the basis for more managers of both genders in the
bank in the future.
• When selecting employees for the role of sales
manager, focus is on motivating candidates of both
genders to seek this role.
• There is focus on selecting young employees of both
This role is a good way of preparing for a possible
subsequent leadership role.
The bank continued the work on the above actions in
in 2024 on developing and structuring a process that will
form the basis for potentially preparing more young
employees of both genders to take on the role of
manager or other job functions. The process is expected
to be implemented in 2025.
The percentage of the under-represented gender at other
management levels increased from 22.9% at the end of
2023 to 25.4% at the end of 2024. The bank thus met the
target of 25% at the end of 2024.
Following fulfilment of the target at the end of 2024 and
based on the Gender Balance Act, the bank in 2025
updated the target to 30% to be met by the end of 2030.
The policy to increase the percentage of the under-
levels is re-assessed annually by the board of directors
with a view to adjusting the targets and the policy to the
under-29.
The bank’s employees at other management levels
1
End of
2024
End of
2023
End of
2022
End of
2021
Men
44.0
43.0
45.0
45.0
Women
15.0
12.8
11.8
10.9
Total
59.0
55.8
56.8
55.9
Gender diversity URG
(%)
2
25.4
22.9
20.7
19.4
(1) The figures are stated in total number of employees (FTEs) at the end of
the year. There was no review of 2021 - 2023.
(2) Information on employee gender is based on CPR numbers and the
category “Other” therefore is not used. This key figure states the share of
the under-represented gender (URG) and follows both the CSRD reporting
standards and industry standards in Denmark, see Appendix A from page
102.
Actions and targets for adequate wages for own
workforce
The bank wants to pay adequate wages and give equal
pay for the same work, responsibility, performance etc.
Based on the framework of the standard collective
agreement which was entered into between the Danish
Financial Services Union Denmark in the first quarter of
development in 2023 - 2025.
The workplace agreement covers all employees in the
bank except apprentices, finance trainees, employees
working fewer than eight hours per week and employees
under 18. Employees who are not covered by the
workplace agreement follow the current provisions of the
standard collective agreement.
figures for pay development, including general pay
increases, the salary pool and one-off payments. The
target figures will help ensure that the bank pays
adequate wages in line with the market.
The target figures for pay development in 2024 were
followed up on achievement of the target figures for pay
development and reported this to the pay committee. The
directors annually about achievement of the defined
target figures etc.
Actions and targets for other material impacts on own
workforce
The policy on conditions for employees contributes to
disseminating information to the employees on the
the policy in 2024. It is a compilation of previously
Ringk j ø b in g Landb o b ank A /S Page 87
Social information
adopted guidelines from various documents. The policy
employee handbook, corporate social responsibility and
sustainability policy etc. For a further description of the
section from page 83.
employees, the bank will continue to work actively to
skills development, health and wellbeing and continue the
effort to foster diversity and ensure equal opportunities
for all regardless of gender etc. The bank will regularly
and at least annually evaluate compliance with the policy
guidelines are not followed.
Employee security and wellbeing are also supported by
alleviation plan which offer the employees various forms
of support as preventive measures and in the event of
actual health-related challenges. Support includes health
insurance, seniors schemes, business psychologist and
online doctor etc.
In addition, the bank seeks to continue to launch the
84. These initiatives
give the bank insight into employee wellbeing and their
view of the bank as a workplace. The initiatives also
enable the bank to assess whether to take additional
action to accommodate employee needs and ensure
employee satisfaction. In addition, the initiatives help to
prevent the bank from causing or contributing to material
negative impacts on its own workforce.
In 2024, the bank allocated resources to the annual
employees, the annual job appraisal interviews etc.
Characteristics of the workforce
(S1-6, S1-8, S1-10, S1-13, S1-16 and S1-17)
The bank employed an average of 664.4 FTEs in 2024.
Compared to the year before, this is an increase of 11.8
and an increased need for special skills. The percentage
of the under-represented gender based on FTEs was
44.6% in 2024.
The bank’s employees (FTEs) by gender
1
2024
2023
2022
2021
2020
Men
368.2
358.3
340.4
315.7
317.4
Women
296.2
294.3
300.7
303.1
314.8
Total employees
664.4
652.6
641.1
618.8
632.2
Gender diversity -
URG (%)
2
44.6
45.1
46.9
49.0
49.8
(1) The figures are stated in total number of employees (FTEs). Computed
as an average over 12 months. There was no review of 2020 - 2023.
(2) Information on employee gender is based on CPR numbers and the
category “Other” therefore is not used. This key figure states the share of
the under-represented gender (URG) and follows both the CSRD reporting
standards and industry standards in Denmark, see Appendix A from
page102.
Calculated based on the number of persons, the bank had
694 employees at the end of 2024, of which 44.5% were
of the under-
employees are located in Denmark.
The bank’s employees (persons) by gender
1
End of
2024
End of
2023
End of
2022
End of
2021
End of
2020
Men
385
371
369
342
331
Women
309
326
313
324
317
Total
employees
694
697
682
666
648
Gender
diversity -
URG (%)
2
44.5
46.8
45.9
48.6
48.9
(1) The figures are stated in number of persons at the end of the year. For
comparison please also see note 7 to the financial statements. There was
no review of 2020 - 2023.
(2) Information on employee gender is based on CPR numbers and the
category “Other” therefore is not used. This key figure states the share of
the under-represented gender (URG).
employees as the following table shows.
The bank’s employees (FTEs) by type of employment
2024
Women
Men
Total
Employees
1
296.2
368.2
664.4
Permanent employees
2
293.5
364.8
658.3
Temporary employees
3
0.9
1.0
1.9
Non-guaranteed hours
employees
4
1.8
2.4
4.2
(1) The figures are stated in total number of employees (FTEs).
Computed as an average over 12 months. Information on employee
gender is based on CPR numbers and the category “Other” therefore is
not used. This key figure follows both the CSRD reporting standards and
industry standards in Denmark, see Appendix A from page 102.
(2) Permanent employees are employees in open-ended jobs.
(3) Temporary employees are employees in temporary jobs which means
employment ends when a specific event occurs.
(4) Non-guaranteed hours employees are employees without fixed,
guaranteed working hours.
Ringk j ø b in g Landb o b ank A /S Page 88
Social information
In 2024, the employee turnover rate was 10.5% including
retirees, which means that the employees stay with the
bank for over 10 years on average.
This indicates a high level of wellbeing and job
satisfaction. A total of 69.7 employees (FTEs) retired or
left the bank in 2024.
The increase in absence due to sickness is attributable to
an increase in long-term sickness absences unrelated to
work, compared to 2023. Work-related absence due to
sickness actually decreased compared to the year before.
Whether their absence is work-related or otherwise, the
making a good return to their workplace.
Employee turnover ratio and sick days
1
2024
2023
2022
2021
2020
Number of
employees who
retired or left the
bank
2
69.7
57.8
66.7
64.9
91.7
Employee turnover
ratio
3
(%)
10.5
8.9
10.4
10.5
14.5
Key figures in accordance with industry standards
Sickness absence
(days/FTE)
4
8.2
6.9
7.4
7.6
5.7
(1) There was no review of 2020 - 2023.
(2) The figures are stated in total number of employees (FTEs).
Computed as an average over 12 months.
(3) The figures are computed as the number of FTEs who retired or left
the bank for other reasons over 12 months divided by the average
number of FTEs over the year. This key figure follows industry standards
in Denmark, see Appendix A from page 102.
(4) This key figure follows industry standards in Denmark, see Appendix
A from page 102, and is not part of the CSRD reporting standards.
age groups.
Age distribution of the bank’s employees
1
End of 2024
Number of
persons
Percent
Under 30 years
123
17.7
30-50 years
279
40.2
Over 50 years
292
42.1
Total
694
100.0
(1) The figures are stated in number of persons at the end of the year.
Collective agreements
The bank follows the standard collective agreement
Association for the Financial Sector and Financial
Services Union Denmark in 2023.
In 2024, an average of 99.93%
(FTEs) were covered by the standard collective
agreement. The remaining 0.07% were employed with
fewer hours than the minimum required for the
agreement to cover them (eight hours or less per week).
These employees are all covered by agreements and
terms comparable to collective agreements.
Wages for the bank’s employees
compliance with the applicable standard collective
agreement and workplace agreement.
The bank gives its employees equal pay for the same
work, responsibility, performance etc. The difference in
the average pay for men and women therefore results
from differences in gender representation in different
types of jobs - including management positions.
Pay gaps among the bank’s employees
1
2024
2023
2022
2021
Gender pay gap (%) - average
2
24.5
-
-
-
Key figures in accordance with industry standards
Gender pay gap (times) -
median at end of year
3
1.23
1.25
1.25
1.26
(1) There was no review of 2021 - 2023.
(2) (Average gross hourly pay level for male employees - average gross
hourly pay level for female employees) / average gross hourly pay level
for male employees x 100. The key figure was computed as an average
over 12 months based on FTEs. Employees with non-guaranteed hours
are not included in the calculations.
(3) Male median pay / female median pay. The figure was calculated at
the end of the year. This key figure follows industry standards in Denmark,
see Appendix A from page 102, and is not part of the CSRD reporting
standards.
Ringk j ø b in g Landb o b ank A /S Page 89
Social information
general management is
determined with a view to awarding them pay in line with
the market and retaining them in the bank. The CEO pay
ratio (times) increased from 13.5 times in 2023 to 13.7
times in 2024.
This level is lower than in other large Danish companies
(see note A in Appendix A on page 104). In addition, it has
been recommended internationally that the CEO pay ratio
should be no higher than 20 (see note B in Appendix A on
page 104).
Remuneration ratio
2024
2023
2022
2021
2020
CEO pay ratio (times)
1
16.1
-
-
-
-
Key figures in accordance with industry standards
CEO pay ratio (times)
2
13.7
13.5
11.5
10.7
10.7
(1) (Annual total remuneration of the highest paid person / Median annual
remuneration for all employees (excluding the highest paid person)
(2) CEO compensation / average employee pay (payroll and pension). This
key figure follows industry standards in Denmark, see Appendix A from
page 102, and is not part of the CSRD reporting standards. There was no
review of 2020 - 2023.
Incidents, complaints and severe human rights impacts
The bank recorded one case in 2024 where an employee,
measurement, stated that they had experienced a
the report and followed it up. The bank received no other
reports of concerns and/or violations of human rights in
2024.
in 2024, but it was not about discriminating acts or
concerns about and/or violation of human rights.
Training and skills development
The bank focuses on advising its customers based on a
high level of expertise. Employee training is therefore a
this high level of expertise, the bank places great
emphasis on both theoretical and practical training to
ensure that skills are always strong and up-to-date.
its basis for recruitment by training our own future
employees as far as possible. The in-house training
programmes developed by the bank, combined with its
cooperation with external educational institutions,
facilitate this strategy. The courses are thus designed to
2024 training programmes were offered to finance
apprentices, finance trainees, finance bachelors and
graduates.
Through dialogue, the bank wants to give all employees
access to education and in-service training and expects
them to attend if they and/or the bank judge that there is
a relevant need. Selected employees must regularly train
for statutory certifications.
The need for in-service training and skills development is
performance and career development.
hours in total, equivalent to an average 82.8 training
hours per employee during the year.
Training hours in 2024
1,2
FTEs
Training hours
Training hour
average per FTE
Men
368.2
34,916
94.8
Women
296.2
20,078
67.8
Total
664.4
54,994
82.8
(1) The recorded training hours are primarily training activities targeting the
bank’s finance apprentices, finance trainees and finance bachelors. The
figures also include courses, training programmes and in-service training of
the bank’s employees in specialised fields.
(2) Information on employee gender is based on CPR numbers and the
category “Other” therefore is not used.
one job appraisal interview/performance assessment.
Employees who joined the bank on 1 November 2024 or
later had not yet had their first job appraisal
interview/performance assessment by the end of the
year. Employees in some job functions do not have job
appraisal interviews/performance assessments due to
the number of working hours etc.
Job appraisal interviews etc.
1,2
Participation in job appraisal
interviews etc. in 2024
Men
95.1%
Women
97.1%
Total
96.0%
(1) When calculating the participation percentage, the denominator is the
number of persons employed in the bank at the end of 2024. The numerator
is calculated as all employees who participated in a job appraisal interview
etc. in 2024.
(2) Information on employee gender is based on CPR numbers and the
category “Other” therefore is not used.
Ringk j ø b in g Landb o b ank A /S Page 90
Social information
Entity-specific disclosures
The bank reports on data and IT security, taxes to society
and donations to the local community as entity-specific
topics under social information. The report includes
processes and handling of data and IT security and its
support for development in the local communities where
the bank has strong roots.
The bank’s material impacts, risks and opportunities - entity-specific disclosures
Subtopic
Description
Value chain
Type
Additional information
Data and IT
security
Data and IT security in the bank
Technical and organisational
measures ensure correct data
processing and storage, thus
securing data against threats.
IT risks are defined as risks
systems and data. Insufficient
management of IT risks in the
bank (by its employees) can have
a negative impact on people and
society.
Own
operations
and
upstream
Negative potential
impact in the
short, medium
and long term
Risk for the bank
Data and IT security
breaches, e.g. fraud and
identity theft, are possible
and can have major
consequences for the people
affected, and major financial
consequences for the bank.
Taxes to society
The bank’s taxes to society
The bank contributes positively to
society as a taxpayer and by
handling a range of other imposed
tasks free of charge, e.g. in tax
reporting and digitalisation. An
extra tax has been imposed on the
bank, as part of the financial
sector.
Own
operations
Positive actual
impact in the
short, medium
and long term
No significant risk
or opportunity for
the bank
contribute positively to
society, and the bank also
contributes to fulfilling a
major social task by
reporting tax details
regarding its customers and
employees.
Donations to the
local community
The bank’s donations to the local
community
The bank contributes positively to
the local community through
support and sponsorships of local
events, sports clubs and cultural
associations.
Own
operations
Positive actual
impact in the
short, medium
and long term
No significant risk
or opportunity for
the bank
sponsorships of clubs,
associations and events
benefit a large number of
people in the local
community.
Ringk j ø b in g Landb o b ank A /S Page 91
Social information
Data and IT security
As a financial undertaking, the bank stores and handles a
large quantity of financial and personal data, which
places heavy demands on data and IT security, data
protection etc. It is a high priority for the bank that
customer and employee data are processed and kept
confidential in conformity with the applicable data
has therefore adopted a data ethics policy, a privacy
policy, an IT security policy, a policy for stable IT
operation and IT preparedness and a policy for managing
third parties and IT operation.
policy are to ensure correct and confidential processing
of customer and employee data and to describe the
as well as the underlying principles. The policies provide
customers, internal initiatives and the outside world. The
policies deal with the customer and personal data
collected and processed by the bank as well as any other
data which the bank may receive.
The bank seeks to process data ethically, responsibly and
transparently. For example, customers of Ringkjøbing
Landbobank have, of course, a right to the secure
processing of their data. But customers also have a right
to be forgotten if they no longer use the bank. The bank is
obliged to delete data which it no longer has a legal
reason to preserve. In addition, customers can always
gain access to the data the bank has recorded, e.g.
through access to contracts and agreements etc. in their
online bank. The
constantly checks that the bank does not have any data
in contravention of GDPR compliance legislation.
must be observed by all employees and the bank gives
high priority to in-house training in this respect.
responsible for reporting on compliance with the data
general management also have the overall responsibility
for implementing the policies and taking the necessary
action if the policies, rules and guidelines are not
complied with.
data ethics on its website: www.landbobanken.dk/en/ir-
english/thebank/policies#dataethics
policy, policy for stable IT operation and IT preparedness
and policy for managing third parties and IT operation.
overall IT security objectives and to ensure continuity in
security department follows up IT security on an ongoing
basis, including carrying out preparedness exercises, and
ta.
The bank also continually follows up on and adapts its
systems and routines to keep data secure and prevent IT
and cybercrime. During 2023 and 2024, the bank
reorganised its IT security work to ISO standards.
This was in preparation for the Digital Operational
Resilience Act (DORA), which entered into force on 17
January 2025. The reorganisation of the work
and those of Bankdata and JN Data and thus makes
control and follow-up easier and more efficient.
During 2024, all employees had to complete three training
modules in IT awareness with associated comprehension
tests.
management are responsible for reporting on compliance
with the policies several times a year. The head of the
have the overall responsibility for implementing the
policies and taking the necessary action if the policies,
rules and guidelines are not complied with.
The board of directors supervises compliance with all of
the above policies and ensures that they are implemented
and function as intended.
On the recommendation of the general management, it is
that the policies are reviewed and possibly updated on an
ongoing basis and at least once a year.
Data and IT are critical to business and the bank does not
set quantitative targets for the area.
Taxes to society
The bank paid DKK 830 million in corporate tax and
payroll tax in 2024 and thus contributes to society as one
25 biggest corporate taxpayers (no. 13 in
the 2023 income year).
The bank also fulfils a major social task by reporting tax
details regarding its customers and employees.
From 2023, the financial sector - including Ringkjøbing
Landbobank - has been charged an extra tax, which in
Ringk j ø b in g Landb o b ank A /S Page 92
Social information
fact is a corporate tax increase, to finance early
retirement from the labour market. The extra corporate
tax levy payable by Ringkjøbing Landbobank for 2024 is
DKK 117 million more than companies with the same
profit in other industries have to pay.
Ringkjøbing Landbobank’s tax payments and
withholding taxes by type
1
DKK million
2024
2023
2022
2021
2020
Corporate tax
643
590
375
294
224
Extra tax
117
86
0
0
0
Payroll tax
70
65
58
57
58
Subtotal
830
741
433
351
282
Tax deducted from
income at source and
labour market
contribution -
employees
165
155
144
138
139
Withholding tax on
ordinary dividend -
shareholders
57
39
39
37
58
Total
1,052
935
616
526
479
(1) There was no review of 2020 - 2023.
policy determines the guidelines for the
matters.
The bank wants to have a transparent tax policy. The
bank must thus be able to explain and justify tax-related
transactions to which the bank contributes in its
collaboration with customers.
The bank pays to the Danish authorities the direct and
indirect taxes that the Danish Parliament and others have
decided to levy on banking activities and income, but the
bank has not determined any objectives for this.
The bank has no entities (in the form of subsidiaries
and/or branches) in other countries/tax jurisdictions,
including tax havens, and the bank consequently pays
payments are therefore not reported on a country-by-
country basis in the annual report.
for fulfilling the policy and taking action if the policy is not
complied with. On the recommendation of the general
of directors that the policy is reviewed and possibly
updated on an ongoing basis and at least once a year.
Donations to the local community
sustainability policy describes how the bank intends to
support local communities.
Although the bank now has activities throughout
Denmark - mainly in West, Central and North Jutland - the
bank remains a local bank with strong roots in the local
communities where the bank is physically present under
the two brands.
The bank will therefore use its comprehensive knowledge
responsible credit and competent, honest advice, which
benefits both the customers and the local communities.
Focusing on its intention to be an integral part of the local
communities, the bank is committed to playing an active
role in the development of local businesses. This
commitment extends to cultural and social purposes. The
bank thus supports local sporting and cultural life in the
areas we serve, because both sporting and cultural
experiences create solidarity and contribute to a healthy
and interesting life.
Through its operating activities and support the bank
contributes to almost 900 local events, sports clubs and
cultural associations. The bank has not determined
quantitative targets for the size of donations, but major
amounts are distributed annually. The bank also
encourages its employees to participate, preferably
actively, in community clubs, associations and cultural
life.
Distributions for charitable purposes in 2024 were made
from:
•
•
•
• Sulsted-Ajstrup Sognes Spare-
Memorial Fund
•
As a special appreciation of initiatives by associations
and individual members of local communities, the bank
contributed to the following awards in 2024:
• Association of the Year 2024 in West Jutland (six
awards)
• Ringkøbing-
of the Year and Entrepreneurship Challenge (two
awards)
•
awards)
Ringk j ø b in g Landb o b ank A /S Page 93
Social information
Relevant departments must comply with the corporate
social responsibility and sustainability policy in relation to
local donations, and the general management has the
overall responsibility for implementation of the policy. On
the recommendation of the general management, it is the
policy is reviewed and possibly updated on an ongoing
basis and at least once a year.
Ringk j ø b in g Landb o b ank A /S Page 94
Governance information
Governance information (ESRS G1)
and proper behaviour towards all stakeholders. It is
important for the bank, therefore, to ensure a sound
culture and conduct in the entire organisation, including
avoiding all forms of corruption and b
operations and payment transactions through the bank.
The table below provides an overview of the ESRS G1
disclosure requirements with references to the relevant
pages in the statement.
Business conduct
(G1.GOV-1)
work on business conduct, which includes openness and
risk and resource awareness. The bank works continually
to improve and strengthen its corporate culture and
business conduct through policies and training - but also
through management communication and management
conduct in the bank, which sets the standard for
operating the bank with integrity.
and general management make the final decisions
regarding business conduct.
The board of directors has the overall responsibility for
overall responsibility for following applicable rules in this
-to-day operations.
Overview of disclosure requirements for business conduct
ESRS G1
Disclosure requirement
Page no.
G1.GOV-1
The role of the administrative, management and supervisory bodies
94
G1.IRO-1
Description of the process to identify and assess material impacts, risks and opportunities
63 - 64
and 95
G1-1
Business conduct policies and corporate culture
95 - 97
G1-2
Management of relationships with suppliers
97
G1-3
Prevention and detection of corruption and bribery
98 - 99
G1-4
Incidents of corruption or bribery
98 - 99
G1-5
Political influence and lobbying activities
-
G1-6
Payment practices
-
-” specifies that the bank does not report on the disclosure requirement as it is not relevant to the bank’s material impacts, risks and opportunities.
Ringk j ø b in g Landb o b ank A /S Page 95
Governance information
Business conduct policies and corporate
culture
(G1-1)
conduct are
anchored in various policies etc., which have been
subsequently implemented. The policies etc. contribute
to establishing, developing, promoting and evaluating the
corporate culture and business conduct throughout the
organisation.
conduct, whistleblower policy, responsible purchasing
policy and anti-corruption and anti-bribery policy are
particularly relevant to culture and conduct. Other policies
rporate culture and business
conduct appear from Appendix E from page 145.
Policy for a sound corporate culture and code of conduct
the guidelines and must promote a sound corporate
culture in the bank and among its employees. The policy
all framework
within which the bank ensures a sound culture
throughout the organisation.
responsibility and good practice and contains rules and
observe in their day-to-day work.
The guidelines also cover the expected conduct towards
The policy for a sound corporate culture and the code of
conduct apply to and must be observed by all employees
in the bank, including its board of directors and general
management.
reporting to the board of directors at least annually on
compliance with the policy for a sound corporate culture
and the code of conduct. The general management also
has the overall responsibility for implementing them and
for taking the necessary action if the rules and guidelines
of the policy and code of conduct are not complied with.
The board of directors supervises the implementation of
the policy for a sound corporate culture and the code of
conduct and ensures that they are complied with and
function as intended. On the recommendation of the
general management, it is also the responsibility of the
possibly updated on an ongoing basis and at least once a
year.
The bank’s material impacts, risks and opportunities - business conduct (ESRS G1)
Subtopic
Description
Value chain
Type
Additional information
Corporate
culture
Corporate culture and business
conduct in the bank
The bank lives out its values of
competence, responsiveness and
proper behaviour through its
corporate culture and business
conduct. Conduct which does not
live up to these values can affect
others and the bank.
Own
operations
Negative actual
impact in the short
and medium term
Risk for the bank
On the basis of a code of
conduct and policies, the
bank seeks to ensure a
sound culture and conduct
throughout the
organisation.
Corruption
and bribery
Prevention and detection of
corruption and bribery
The bank uses policies,
procedures, training and systems
to prevent and detect corruption
and bribery. Any incidents can
affect others, society and the
bank.
Own
operations
Negative actual
impact in the short
and medium term
Risk for the bank
The bank has zero
tolerance of corruption and
bribery.
Corruption
and bribery
Incidents of corruption and
bribery
Failure to comply with applicable
rules can affect others, society
and the bank.
Own
operations
Negative potential
impact in the short
and medium term
Risk for the bank
The bank has zero
tolerance of corruption and
bribery.
Ringk j ø b in g Landb o b ank A /S Page 96
Governance information
Processes for promoting and developing the corporate
culture and business conduct
conduct and ensure ongoing employee training, all
year and acknowledge that they have read and
understood it. The guidelines for corporate culture and
internal employee handbook, which is also part of the
In addition, the bank gives priority to communicating the
corporate culture and business conduct to all new
employees during onboarding, when the employees
policy on conditions for employees and code of conduct,
which they must read and understand. All new employees
must also read the employee handbook.
Material information on changes, new initiatives or
culture and business conduct is communicated to the
that all employees are kept informed and up to date.
play an important role in promoting and influencing the
corporate culture and business conduct on a daily basis.
These people are responsible for taking the lead, being
good role models and open to dialogue on how
employees should respect the principles in the code of
conduct, employee handbook and policies, which
business conduct.
metric, the annual job appraisal interviews, customer
department and HR department as a basis for evaluating
onduct and
implementing any initiatives, should the evaluation call
for action.
report on compliance with the policy for a sound
corporate culture to the board of directors for
consideration and evaluation of whether any action
should be taken in relation to corporate culture and
busines
board of directors to the annual general meeting on
behalf of the board about implementation of the policy
for a sound corporate culture policy and compliance with
it.
Processes regarding conduct violating the bank’s code
of conduct or other internal rules
Through its policies etc. regarding corporate culture and
business conduct, the bank has established principles
and guidelines for what conduct it considers acceptable
and unacceptable among its employees and
management to avoid any violation of applicable law etc.
By complying with applicable law and other rules, the
bank endeavours to protect the integrity and reputation of
the bank and its employees.
The bank has introduced concrete procedures for
handling/examining violations and potential violations of
applicable law so as to ensure immediate, independent
and objective handling of them.
The bank has also established clear procedures to foster
open communication about any suspicions of violation of
financial rules etc., internally and towards the authorities.
If an employee raises a concern about unlawful and/or
inappropriate conduct in the bank, there must be no
negative consequences for the employee. However, if the
employee personally has violated rules and/or guidelines,
legal consequences and/or sanctions may be imposed
on the employee under employment law. In general, it is
decisive for the bank that information is never withheld,
internally or from the authorities.
Employees who become aware that they themselves or
conduct and/or other internal rules must at once inform
their immediate superior, the HR department and the
compliance function. HR and Compliance have an
obligation to report serious violations and related issues
directly to general management. Employees may also
scheme.
internal whistleblower scheme, the authorised individual
under the scheme, immediately examines concerns and
incidents relating to conduct which conflicts with
al rules.
Should a state of dependency exist or arise between the
parties, mitigating actions will be implemented. The
person conducting the examination has an obligation to
always report serious violations and related issues
directly to the general management, unless the report
involves a general management member, In which case
the matter must be reported directly to the chair of the
board of directors.
Violations of applicable law and/or failure to comply with
Ringk j ø b in g Landb o b ank A /S Page 97
Governance information
code of conduct, may result in the employee facing legal
consequences and/or sanctions under employment law.
The matter may also be reported to the relevant
authorities.
Whistleblower policy and scheme
(G1-1)
that the bank has an internal whistleblower scheme
enabling its employees to use a special, independent,
dedicated channel to report violations or potential
violations of applicable relevant law and internal rules.
Reports may be made anonymously or with identity
details.
The policy ensures that the scheme is administered in
accordance with applicable law, which cannot be
employees.
The bank is obliged to protect whistleblowers against
retaliation, including threats of or attempted retaliation,
The bank has designated an authorised individual, who
will ensure that the whistleblower scheme is put in place
and operated in a way that ensures confidentiality about
the identity of the whistleblower and any third parties
mentioned in the report.
The policy applies to all employees in the bank. The bank
informs its employees about the whistleblower scheme
via its intranet, code of conduct, employee handbook etc.
The employee handbook contains a detailed description
of the scheme so that the employees learn and
understand how the scheme can be used, what can be
reported and how reports are handled. There is also
information on the scheme in all employee contracts of
employment, and the employees are informed about the
scheme when they depart.
individual are overall responsible for implementing and
fulfilling the policy and taking action if the policy is not
complied with. On the recommendation of the general
management and the authorised individual, it is the
policy is reviewed and possibly updated on an ongoing
basis and at least once a year.
Responsible purchasing policy
(G1-2)
to ensure responsible supplier relationships and prevent
corruption and violation of applicable law.
The bank has defined environmental, social and ethical
standards in its responsible purchasing policy. The
standards function both as internal standards which the
bank undertakes to comply with and as standards which
the bank expects its suppliers and business partners to
respect to exercise responsibility.
The bank has defined standards in areas such as human
rights and working conditions, climate and environment,
anti-corruption and unacceptable behaviour, including
violation of human rights, participation in bribery,
corruption and fraudulent activity. It is also crucial that
applicable national law.
The standards were introduced to reduce risks
the standards both for selecting new suppliers and to
retain existing suppliers. Using a risk-based approach, the
bank follows up on individual suppliers
bank followed up on selected suppliers in 2024 and found
no need to take any action.
If the bank becomes aware that a supplier or the
-
current rules, the bank will initially start a dialogue to
clarify the circumstances. In the event of non-compliance,
the bank at first usually encourages, and possible
contributes to, improvements of social, ethical and
environment-related working conditions at the supplier or
sub-contractor. If unsuccessful, the bank re-assesses the
future collaboration and possibly reduces, suspends or
ends it.
that the bank always endeavours to make payment on
time to all its stakeholders, including suppliers and
partners.
The general management has the overall responsibility
for implementation and compliance with the policy and
for taking the necessary action if the policy is not
complied with. On the recommendation of the general
management, it is the responsibility of the board of
directors that the policy is reviewed and possibly updated
on an ongoing basis and at least once a year.
Ringk j ø b in g Landb o b ank A /S Page 98
Governance information
Prevention and combat of corruption and
bribery
(G1-3 and G1-4)
Anti-corruption and bribery policy
-corruption and anti-bribery policy sets out
the general guidelines and procedures for how the bank
should work to prevent and combat corruption and
bribery. The bank has zero tolerance for, and endeavours
to combat, corruption and bribery in all their forms.
In accordance with the concept of corruption referred to
in the Danish Penal Code and the international anti-
corruption conventions, including the UN Convention
against Corruption, corruption is defined as the abuse of
entrusted power for private gain. Corruption, possibly
deriving from a conflict of interests, takes many forms
including bribery, extortion and/or private treaty, which
induce someone to act illegally or in breach of their
duties.
The bank and its employees may neither accept nor offer
any bribes, and gifts must not be accepted if they exceed
-corruption and anti-bribery
policy applies to and must be observed by all employees
in the bank. Employees violating applicable law and/or
legal consequences may be imposed on them under
employment law.
intranet and website, which means that external
stakeholders can also read it.
The general management has the overall responsibility
for implementation and compliance with the policy. On
recommendation by the general management, it is the
policy is reviewed and possibly updated on an ongoing
basis and at least once a year.
Implemented procedures for prevention and combat of
corruption and bribery
for taking action if applicable law and/or the policy is not
complied with.
Any incidents of corruption and bribery must be reported
risk and anti-money laundering. The employees may also
rnal whistleblower
scheme.
the authorised individual under the scheme, will be the
person examining and handling potential incidents of
corruption or bribery. The person must immediately
examine the incident independently of the involved
parties. Mitigating actions will be taken if a conflict of
interests exists.
Material violations and related matters must always be
reported directly to the general management unless the
matter involves a general management member, in which
case the matter must be reported directly to the chair of
the board of directors. The bank continually supervises
-corruption
and anti-bribery rules. All suspicions of violations of
applicable law will be reported to the relevant authorities.
The board of directors will be informed of any incidents
of violation of the anti-corruption and anti-bribery
provisions and the consequences of such violations.
The bank has no recorded cases, convictions and/or
fines for violation of anti-corruption and anti-bribery
legislation in 2024.
Training
corruption and bribery and the consequences of violation
employee handbook, which are available to all employees
employee handbook thus define the boundaries to non-
acceptable conduct.
The bank assesses that customer-facing employees,
employees who make purchases and employees in
certain staff functions are particularly exposed to the risk
of corruption and bribery.
To ensure that the employees are updated and trained in
the area, all employees must read the code of conduct
annually and reaffirm that they understand it. New
employees receive the code of conduct for review as part
of their onboarding and must also read the employee
handbook. The bank thus endeavours to keep the
employees fully up to date through a training programme
which requires them to read and understand the code of
conduct. The bank also annually requests criminal record
certificates for selected employee groups.
Recorded cases, convictions and/or fines relating to
corruption and bribery
2024
2023
2022
Number of recorded cases,
convictions and/or fines for
violation of anti-corruption and
anti-bribery legislation
0
0
0
Ringk j ø b in g Landb o b ank A /S Page 99
Governance information
-service
training in various fields. This in-service training does not
specifically target anti-corruption and anti-bribery but
may include topics related to these areas. In addition,
applicable rules requi
board of directors to complete a basis course for board
members of financial undertakings. The course includes
training in anti-money laundering and operational risk.
information on an ongoing basis and participates in
annual meetings etc. at which they are informed of new
relevant circumstances and actions in the sector, e.g.
topics related to anti-corruption and anti-bribery.
Ringk j ø b in g Landb o b ank A /S Page 100
Governance information
Entity-specific disclosures
The bank reports on the combating of money laundering
and financing of terrorism as an entity-specific topic
under governance information. The statement includes
money-laundering and terrorist financi
policy on risk management in the area of anti-money
laundering.
Anti-money laundering
The bank wants actively to combat money laundering and
terrorist financing and supports the 25 recommendations
-Money Laundering Task
Force in November 2019. The objective of the
recommendations is to strengthen anti-money laundering
and counter-terrorist financing, and they target various
stakeholders, including relevant authorities, the financial
sector and individual financial institutions.
Based on the recommendations the bank has dedicated a
page on its websites to targeted and publicly available
information about its anti-money laundering and counter-
terrorist financing efforts. The page can be found at:
www.landbobanken.dk/en/ir-english/policies/
antimoneylaundering
The bank also undertakes to present a general statement
in the management's review on its efforts to counter
policy on risk management in the area of anti-money
laundering.
Under the policy, the bank wants to limit the risk that the
bank could be abused for money laundering or financing
from being used in unintended ways. The area is critical
to business and the bank does not set quantitative
targets.
employees and the bank gives high priority to in-house
training in this respect.
Through continuous development of employee skills and
in collaboration with system and IT suppliers on the use
of effective technology, the bank is dedicated to working
to protect its customers, society and the bank against
cybercrime and data abuse.
-money laundering officer and general
management are responsible for reporting on compliance
with the policy on risk management in the area of anti-
money laundering at least once a year. In addition, the
anti-money laundering officer must prepare an annual
-money laundering officer and general
management also have the overall responsibility for
implementing the policy and taking the necessary action
The bank’s material impacts, risks and opportunities - entity-specific disclosures
Subtopic
Description
Value chain
Type
Additional information
Anti-money
laundering
Anti-money laundering in the
bank
Without the necessary actions,
the bank risks becoming
involved in money laundering
and terrorist financing.
Downstream
Negative actual
impact in the short
and medium term
Risk for the bank
Money laundering and
terrorist financing are deeply
damaging to society.
Lack of focus and failure to
comply with applicable rules
can have very serious
consequences for the bank,
including reputational risk and
increased costs of legal
proceedings and fines.
Ringk j ø b in g Landb o b ank A /S Page 101
Governance information
The bank’s statement on its anti-money laundering and
counter-terrorist financing work
Action against money laundering and terrorist financing
is basically a task for all employees in Ringkjøbing
Landbobank, one reason being that the bank has a
statutory obligation to know all its customers, including
collect proper documentation of identity and details of
ownership structures of legal persons.
The bank must also have details of the individual
scope of the customer relationship and the origin of their
funds. This task is carried out by collecting data,
including by the individual customer advisers and/or via
-serve solutions.
-money laundering (AML)
department carries out the general work of combating
money-laundering and terrorist financing and
continuously checks that the necessary information on
registered.
The AML department also checks that the purpose and
are registered and updated.
In addition, the bank must monitor customer transactions
entitled and required to report unusual/suspicious
transactions or activities to the AML department.
The AML department thus supports the efforts of
customer advisers and other employees and is also
responsible for digital/automated monitoring of
unusual/suspicious transactions or activities and for
manual follow-up of them.
The AML department works continuously to set up and
adjust the criteria for identifying transactions that are
picked out for further investigation by the department.
Finally, the AML department also reports to the Money
Laundering Secretariat at the National Special Crime Unit
of the Danish police.
assessment in which the bank has divided the customers
into different risk categories. The risk assessment is
assessment.
Training
The current anti-money laundering and counter-terrorist
financing procedures are available to the employees on
-money laundering training is adapted to
New employees in the
bank must participate in an onboarding programme
which includes completing and passing the relevant anti-
money laundering training. Employees who switch to a
job function with other or additional requirements under
the anti-money laundering training programme must also
complete and pass the relevant training modules.
training in combating money laundering and terrorist
financing. Training is provided in the following ways:
• Basic modules must be completed by all employees
every two years. Training based on case studies and
bank-specific learning -
job functions - is also provided on a regular basis.
• New employees are trained on an ad-hoc basis in
basic modules and case studies depending on
whether they completed any training at previous
workplaces and if so which.
Ringk j ø b in g Landb o b ank A /S Page 102
Appendices to the sustainability statement
Appendix A - ESG key figures in accordance with Danish industry standards
ESG key figures defined by Nasdaq Copenhagen, CFA Society Denmark and FSR - Danish Auditors
Key figure
Explanation and definition
Reason
Page no.
Environment
CO
2
e scope 1
metric tonnes
Scope 1 emissions: Direct emissions resulting
materials.
Calculation: See table note A.
The development in CO2e emissions
compared with the quantities produced or
revenue is useful to identify the companies
that have been able to change to an
economy less based on fossil fuels - either
over time or compared with their
competitors.
74 and 77
CO
2
e scope 2
metric tonnes
Scope 2 emissions: Indirect emissions resulting
from the energy used to produce electricity, district
heating and district cooling, which the company
has purchased for its use from a third party. Scope
2 emissions are in principle calculated like scope 1
emissions but typically do not cover all seven
Kyoto gases/GHGs.
Calculation: See table note A.
The development in CO2e emissions
compared with the quantities produced or
revenue is useful to identify the companies
that have been able to change to an
economy less based on fossil fuels - either
over time or compared with their
competitors.
74 and 77
Energy
consumption
GJ
Energy, like emissions, is typically calculated
based on fuel consumption multiplied by
conversion factors. The energy consumed
includes scope 1 and scope 2 sources as well as
energy from renewable energy sources.
Calculation: See table note A.
The development in energy consumption
compared with the quantities produced or
revenue is useful to identify the companies
that have been able to change to an
economy based on less energy-consuming
processes/activities - either over time or
compared with their competitors.
75
Renewable energy
share
%
The share of total energy consumption coming
from renewable energy sources.
Calculation: (Renewable energy / total energy
consumption) x 100
The ratio can be used to identify companies
that have switched their activities and
energy consumption to renewable sources.
75
Water
consumption
m3
The sum of all water from all sources including
surface water, groundwater, rainwater and
municipal water supply.
Calculation: Sum of all water consumed gross
Water consumption illustrates the risk
relating to disruption of the water supply
and/or changes in water cost.
75
Social aspects
Full-time
workforce
FTE
Computed as a measure of the full-time workforce
required to perform the work that has generated
the financial ratios.
Calculation: Full-time employees + FTE-calculated
hourly workers and FTE-calculated temporary
workers
Please note that the bank has not taken
compensated overtime into account in its key
figure.
This is indirectly important, as the full-time
workforce is the base for a range of other
social indicators (see the following key
figures).
87
Ringk j ø b in g Landb o b ank A /S Page 103
Appendices to the sustainability statement
Key figure
Explanation and definition
Reason
Page no.
Gender diversity
%
Gender diversity is calculated for FTEs.
Calculation: (Female FTEs / full-time workforce) x
100
Please note that the bank has calculated its key
figure at FTE level since the number of temporary
employees in the bank is very low.
Several surveys show that gender diversity
correlates with better financial performance.
87
Gender diversity,
other
management
levels
%
computed using the same method as in the
percentage of the under-represented gender in the
Calculation: (Number of female managers at end
of year / total number of managers at end of year)
x 100
Please note that the bank has calculated its key
figure at the end of the year. See table note B.
Several surveys show that gender diversity
correlates with better financial performance.
An unequal gender distribution may also
indicate the risk of workplace inequality of a
more general nature and resulting inability to
attract female talent.
86
Gender pay ratio
Times
The bank gives its employees equal pay for the
same work, responsibility, performance etc.
Differences in the average pay for men and women
therefore results from differences in gender
representation in different types of jobs - including
as managers.
Calculation: Male median pay / female median
pay. Please note that the bank has calculated its
key figure at the end of the year. See also table
note C.
Several surveys show that gender diversity
correlates with better financial performance.
88
Employee turnover
ratio
%
The employee turnover ratio is calculated both for
voluntary and involuntary leavers. Retirees are
included as involuntary leavers.
Calculation: ((voluntary + involuntary FTE leavers)
/ FTEs) x 100
The voluntary turnover ratio in particular is
interesting as it shows how successful the
company is in retaining its employees and
consequently knowledge and skills.
88
Sickness absence
Days/FTE
The number of full days employees are off sick
compared to the total number of FTEs. Parental
leave is not included.
Calculation: Number of sick days for all own FTEs
for the period / total FTEs
If the undertaking has a disproportionate
amount of sick days per FTE, this may
indicate lower employee satisfaction and/or
safety issues.
This is costly and could also lead to inability
to attract talent.
88
Customer
retention ratio
%
Share of retained customers from one period to
the next.
Calculation: ((number of customers at end of
period) - (new customers in the period)) / (number
of customers at beginning of period)) x 100.
See also table note D.
This ratio can be seen as a proxy for
customer satisfaction measurements, which
are often not comparable between
companies.
A declining or low customer retention ratio
may indicate that maintaining revenue in the
future may be more costly and/or more
problematic.
60
Ringk j ø b in g Landb o b ank A /S Page 104
Appendices to the sustainability statement
Key figure
Explanation and definition
Reason
Page no.
Governance
Gender diversity,
board of directors
%
Gender diversity for the board members elected by
the shareholders' committee.
Calculation: (Number of women board members
elected by the shareholders' committee / total
number of board members elected by the
shareholders' committee) x 100
See also table note E.
Several surveys show that gender diversity
correlates with better financial performance.
55
Board meeting
attendance ratio
%
Measures the activity level of the board members.
of board meetings
attended) per board member / (total number of
board meetings x number of board members)) x
10
A relatively low or declining attendance ratio
may indicate lack of attention to the board
work. This may indicate a governance
culture at risk.
55
CEO pay ratio
Times
How many times the median employee pay can be
covered by the compensation paid to the CEO as a
proxy for social equality.
Calculation: CEO compensation / median
employee pay (payroll and pension)
Please note that the bank has used an average
instead of a median for employee pay to calculate
the key figure.
Note A:
Examination of all annual reports and
remuneration reports for 2023 for all C25
companies which published their CEO pay ratio.
Note B:
The recommendation has been put forward
internationally several times that the CEO pay ratio
should be no higher than 20. This limit was for
example advocated by Oxfam in the context of the
G20/OECD Principles of Corporate Governance
revision in 2022
https://web-archive.oecd.org/2022-11-09/645128-
Oxfam-2022-review-principles-corporate-
governance-comment.pdf
A relatively high or increasing CEO pay ratio
CEO compared to the regular employee. The
key figure may be compared to the
- and if the
latter is relatively low or declining, it could be
questioned whether the remuneration
package is socially appropriate. It may even
indicate a governance culture at risk.
89
(A) For detailed explanations, definitions and reasons, please see the publication “ESG key figures in the annual report” published by the CFA Society Denmark,
FSR - Danish Auditors and Nasdaq Copenhagen, January 2022.
(B) The definition of other management levels was changed in 2022. Other management levels are defined as: Members of the general management (reported
to the Danish Business Authority); employees placed at the same management level, in organisational terms, as the general management; and employees with
staff responsibilities reporting directly to the general management or to employees placed at the same level, in organisational terms, as the general
management. The comparative figures for the end of 2021 were adjusted to the new definition in the bank’s ESG report for 2022. The comparative figure for
(C) The key figure was included in the bank’s ESG report for the first time in 2022, when comparative figures for 2021 were also added.
(D) The key figure was included for the first time in the bank’s ESG report for 2022, when comparative figures for 2020 and 2021 were also added.
(E) The key figure was changed in the bank’s ESG report for 2022 and is now calculated on the basis of board members elected by the shareholders' committee
rather than the full board. The comparative figures for the end of 2020, and the end of 2021 were adjusted in the bank’s ESG report for 2022.
Ringk j ø b in g Landb o b ank A /S P ag e 1 05
Appendices to the sustainability statement
Appendix B - Disclosures deriving from other EU legislation
Datapoints in the bank’s sustainability statement that derive from other EU legislation
Disclosure
requirement
Datapoint
SFDR reference (
1
)
Pillar 3 reference (
2
)
Benchmark regulation
reference (
3
)
Climate Law
reference (
4
)
Material / Not
material
Page
no.
ESRS 2 GOV-1
21 d)
Indicator number 13 of
Table #1 of Annex 1
Commission Delegated
Regulation (EU)
2020/1816 (
5
), Annex II
Material
55 - 57
ESRS 2 GOV-1
21 (e)
Percentage of board members who are
independent paragraph
Delegated Regulation
(EU) 2020/1816, Annex II
Material
55 - 57
ESRS 2 GOV-4
30
Statement on due diligence
Indicator number 10 of
Table #3 of Annex 1
Material
57
ESRS 2 SBM-1
40 (d) i)
Involvement in activities related to
fossil fuel activities paragraph
Indicator number 4 of
Table #1 of Annex 1
Article 449a Regulation
(EU) No 575/2013
Commission
Implementing Regulation
(EU) 2022/2453 (
6
) Table
1: Qualitative information
on Environmental risk and
Table 2: Qualitative
information on Social risk
Delegated Regulation
(EU) 2020/1816, Annex II
Material
58 - 60
ESRS 2 SBM-1
40 (d) ii)
Involvement in activities related to
chemical production
Indicator number 9 of
Table #2 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Material
58 - 60
ESRS 2 SBM-1
40 (d) iii)
Involvement in activities related to
controversial weapons
Indicator number 14 of
Table #1 of Annex 1
Delegated Regulation (EU)
2020/1818 (
7
), Article
12(1) Delegated
Regulation (EU)
2020/1816, Annex II
Material
58 - 60
ESRS 2 SBM-1
40 (d) iv)
Involvement in activities related to
cultivation and production of tobacco
Delegated Regulation (EU)
2020/1818, Article 12(1)
Delegated Regulation (EU)
2020/1816, Annex II
Material
58 - 60
ESRS E1-1
14
Transition plan to reach climate
neutrality by 2050
Regulation (EU)
2021/1119,
Article 2(1)
Material
66
ESRS E1-1
16 (g)
Undertakings excluded from Paris-
aligned Benchmarks paragraph
Article 449a Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
(EU) 2022/2453 Template
1: Banking book - Climate
Change transition risk:
Credit quality of
exposures by sector,
emissions and residual
maturity
Delegated Regulation (EU)
2020/1818, Article 12.1
(d) to (g), and Article 12.2
Material
66
Ringk j ø b in g Landb o b ank A /S P ag e 1 06
Appendices to the sustainability statement
Disclosure
requirement
Datapoint
SFDR reference (
1
)
Pillar 3 reference (
2
)
Benchmark regulation
reference (
3
)
Climate Law
reference (
4
)
Material / Not
material
Page
no.
ESRS E1-4
34
GHG emission reduction targets
Indicator number 4 of
Table #2 of Annex 1
Article 449a Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
(EU) 2022/2453 Template
3: Banking book - Climate
change transition risk:
Alignment metrics
Delegated Regulation (EU)
2020/1818, Article 6
Material
68 - 74
ESRS E1-5
38
Energy consumption from fossil
sources disaggregated by sources
(only high climate impact sectors)
Indicator number 5 of
Table #1 and Indicator
number 5 of Table #2 of
Annex 1
Material
75
ESRS E1-5
37
Energy consumption and mix
Indicator number 5 of
Table #1 of Annex 1
Material
75
ESRS E1-5
40-43
Energy intensity associated with
activities in high climate impact
sectors
Indicator number 6 of
Table #1 of Annex 1
Material
75
ESRS E1-6
44
Gross Scope 1, 2, 3 and Total GHG
emissions
Indicators number 1 and
2 of Table #1 of Annex 1
Article 449a Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
(EU) 2022/2453 Template
1: Banking book - Climate
change transition risk:
Credit quality of
exposures by sector,
emissions and residual
maturity
Delegated Regulation (EU)
2020/1818, Article 5(1), 6
and 8(1)
Material
76 - 78
ESRS E1-6
53-55
Gross GHG emissions intensity
Indicator number 3 of
Table #1 of Annex 1
Article 449a Regulation
(EU) No 575/2013
Commission
Implementing Regulation
(EU) 2022/2453 Template
3: Banking book - Climate
change transition risk:
Alignment metrics
Delegated Regulation (EU)
2020/1818, Article 8(1)
Material
76 - 78
ESRS E1-7
56
GHG removals and carbon credits
Regulation (EU)
2021/1119,
Article 2(1)
Material
76
ESRS E1-9
66
Exposure of the benchmark portfolio to
climate-related physical risks
Delegated Regulation (EU)
2020/1818, Annex II
Delegated Regulation (EU)
2020/1816, Annex II
Not material
-
ESRS E1-9
66 (a)
66 (c)
Disaggregation of monetary amounts
by acute and chronic physical risk
Location of significant assets at
material physical risk
Article 449a Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
Not material
-
Ringk j ø b in g Landb o b ank A /S P ag e 1 07
Appendices to the sustainability statement
Disclosure
requirement
Datapoint
SFDR reference (
1
)
Pillar 3 reference (
2
)
Benchmark regulation
reference (
3
)
Climate Law
reference (
4
)
Material / Not
material
Page
no.
(EU) 2022/2453
paragraphs 46 and 47:
Template 5: Banking book
- Climate change physical
risk: Exposures subject to
physical risk.
ESRS E1-9
67 (c)
Breakdown of the carrying value of its
real estate assets by energy-efficiency
classes
Article 449a Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
(EU) 2022/2453
paragraph 34; Template 2:
Banking book - Climate
change transition risk:
Loans collateralised by
immovable property -
Energy efficiency of the
collateral
Not material
-
ESRS E1-9
69
Degree of exposure of the portfolio to
climate-related opportunities
Delegated Regulation (EU)
2020/1818, Annex II
Not material
-
ESRS E2-4
28
Amount of each pollutant listed in
Annex II of the E-PRTR Regulation
(European Pollutant Release and
Transfer Register) emitted to air, water
and soil
Indicator number 8 of
Table #1 of Annex 1,
Indicator number 2 of
Table #2 of Annex 1,
Indicator number 1 of
Table #2 of Annex 1,
Indicator number 3 of
Table #2 of Annex 1
Not material
-
ESRS E3-1
9
Water and marine resources
Indicator number 7 of
Table #2 of Annex 1
Not material
-
ESRS E3-1
13
Dedicated policy
Indicator number 8 of
Table #2 of Annex 1
Not material
-
ESRS E3-1
14
Sustainable oceans and seas
Indicator number 12 of
Table #2 of Annex 1
Not material
-
ESRS E3-4
28 (c)
Total water recycled and reused
Indicator number 6.2 of
Table #2 of Annex 1
Not material
-
ESRS E3-4
29
Total water consumption in m3 per net
revenue on own operations
Indicator number 6.1 of
Table #2 of Annex 1
Not material
-
ESRS 2 SBM-3 E4
16 (a) (i)
Indicator number 7 of
Table #1 of Annex 1
Not material
-
ESRS 2 SBM-3 E4
16 (b)
Indicator number 10 of
Table #2 of Annex 1
Not material
-
ESRS 2 SBM-3 E4
16 (c)
Indicator number 14 of
Table #2 of Annex 1
Not material
-
ESRS E4-2
24 (b)
Sustainable land / agriculture practices
or policies
Indicator number 11 of
Table #2 of Annex 1
Not material
-
Ringk j ø b in g Landb o b ank A /S P ag e 1 08
Appendices to the sustainability statement
Disclosure
requirement
Datapoint
SFDR reference (
1
)
Pillar 3 reference (
2
)
Benchmark regulation
reference (
3
)
Climate Law
reference (
4
)
Material / Not
material
Page
no.
ESRS E4-2
24 (c)
Sustainable oceans / seas practices or
policies
Indicator number 12 of
Table #2 of Annex 1
Not material
-
ESRS E4-2
24 (d)
Policies to address deforestation
Indicator number 15 of
Table #2 of Annex 1
Not material
-
ESRS E5-5
37 (d)
Non-recycled waste
Indicator number 13 of
Table #2 of Annex 1
Not material
-
ESRS E5-5
39
Hazardous waste and radioactive
waste
Indicator number 9 of
Table #1 of Annex 1
Not material
-
ESRS 2 SBM-3 S1
14 (f)
Risk of incidents of forced labour
Indicator number 13 of
Table #3 of Annex 1
Material
81 - 82
ESRS 2 SBM-3 S1
14 (g)
Risk of incidents of child labour
Indicator number 12 of
Table #3 of Annex 1
Material
81 - 82
ESRS S1-1
20
Human rights policy commitments
Indicator number 9 of
Table #3 and Indicator
number 11 of Table #1
of Annex I
Material
83 - 84
ESRS S1-1
21
Due diligence policies on issues
addressed by the fundamental
International Labor Organisation
Conventions 1 to 8
Delegated Regulation (EU)
2020/1816, Annex II
Material
83 - 84
ESRS S1-1
22
Processes and measures for
preventing trafficking in human beings
Indicator number 11 of
Table #3 of Annex 1
Material
83 - 84
ESRS S1-1
23
Workplace accident prevention policy
or management system
Indicator number 1 of
Table #3 of Annex 1
Material
83 - 84
ESRS S1-3
32 (c)
Grievance/complaints handling
mechanisms
Indicator number 5 of
Table #3 of Annex I
Material
84 - 85
ESRS S1-14
88 (b)
88 (c)
Number of fatalities and number and
rate of work-related accidents
Indicator number 2 of
Table #3 of Annex I
Delegated Regulation (EU)
2020/1816, Annex II
Not material
-
ESRS S1-14
88 (e)
Number of days lost to injuries,
accidents, fatalities or illness
Indicator number 3 of
Table #3 of Annex I
Not material
-
ESRS S1-16
97 (a)
Unadjusted gender pay gap
Indicator number 12 of
Table #1 of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II
Material
87 - 89
ESRS S1-16
97 (b)
Excessive CEO pay ratio
Indicator number 8 of
Table #3 of Annex I
Material
87 - 89
ESRS S1-17
103 (a)
Incidents of discrimination
Indicator number 7 of
Table #3 of Annex I
Material
87 - 89
ESRS S1-17
104 (a)
Non-respect of UNGPs on Business
and Human Rights and OECD
Guidelines
Indicator number 10 of
Table #1 and Indicator
number 14 of Table #3
of Annex I
Delegated Regulation (EU)
2020/1816, Annex II,
Delegated Regulation (EU)
2020/1818 Article 12(1)
Material
87 - 89
ESRS 2 SBM-3 S2
11 (b)
Significant risk of child labour or forced
labour in the value chain
Indicators number 12
and n. 13 of Table #3 of
Annex I
Not material
-
ESRS S2-1
17
Human rights policy commitments
Indicator number 9 of
Table #3 and Indicator
Not material
-
Ringk j ø b in g Landb o b ank A /S P ag e 1 09
Appendices to the sustainability statement
Disclosure
requirement
Datapoint
SFDR reference (
1
)
Pillar 3 reference (
2
)
Benchmark regulation
reference (
3
)
Climate Law
reference (
4
)
Material / Not
material
Page
no.
n. 11 of Table #1 of
Annex 1
ESRS S2-1
18
Policies related to value chain workers
Indicator number 11 and
n. 4 of Table #3 of
Annex 1
Not material
-
ESRS S2-1
19
Non-respect of UNGPs on Business
and Human Rights and OECD
Guidelines
Indicator number 10 of
Table #1 of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II,
Delegated Regulation (EU)
2020/1818 Article 12(1)
Not material
-
ESRS S2-1
19
Due diligence policies on issues
addressed by the fundamental
International Labor Organisation
Conventions 1 to 8
Delegated Regulation (EU)
2020/1816, Annex II
Not material
-
ESRS S2-4
36
Human rights issues and incidents
connected to its upstream and
downstream value chain
Indicator number 14 of
Table #3 of Annex 1
Not material
-
ESRS S3-1
16
Human rights policy commitments
Indicator number 9 of
Table #3 of Annex 1 and
Indicator number 11
Table #1 of Annex 1
Not material
-
ESRS S3-1
17
Non-respect of UNGPs on Business
and Human Rights, ILO principles or
OECD guidelines
Indicator number 10 of
Table #1 of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II,
Delegated Regulation (EU)
2020/1818 Article 12(1)
Not material
-
ESRS S3-4
36
Human rights issues and incidents
Indicator number 14 of
Table #3 of Annex 1
Not material
-
ESRS S4-1
16
Policies related to consumers and end-
users
Indicator number 9 of
Table #3 and Indicator
n. 11 of Table #1 of
Annex 1
Not material
-
ESRS S4-1
17
Non-respect of UNGPs on Business
and Human Rights and OECD
Guidelines
Indicator number 10 of
Table #1 of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II,
Delegated Regulation (EU)
2020/1818 Article 12(1)
Not material
-
ESRS S4-4
35
Human rights issues and incidents
Indicator number 14 of
Table #3 of Annex 1
Not material
-
ESRS G1-1
10 (b)
United Nations Convention against
Corruption
Indicator number 15 of
Table #3 of Annex 1
Material
95 - 97
ESRS G1-1
10 (d)
Protection of whistleblowers
Indicator number 6 of
Table #3 of Annex 1
Material
95 - 97
ESRS G1-4
24 (a)
Fines for violation of anti-corruption
and anti-bribery laws
Indicator number 17 of
Table #3 of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II
Material
98 - 99
ESRS G1-4
24 (b)
Standards of anti-corruption and anti-
bribery
Indicator number 16 of
Table #3 of Annex 1
Material
98 - 99
-” specifies that the bank does not report on the disclosure requirement as it is not relevant to the bank’s material impacts, risks and opportunities.
(1) Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (Sustainable Finance Disclosures Regulation) (OJ L 317, 9.12.2019, p. 1).
Ringk j ø b in g Landb o b ank A /S P ag e 1 10
Appendices to the sustainability statement
Disclosure
requirement
Datapoint
SFDR reference (
1
)
Pillar 3 reference (
2
)
Benchmark regulation
reference (
3
)
Climate Law
reference (
4
)
Material / Not
material
Page
no.
(2) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (Capital Requirements
Regulation “CRR”) (OJ L 176, 27.6.2013, p. 1).
(3) Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending
Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, p. 1).
(4) Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’)
(OJ L 243, 9.7.2021, p. 1).
(5) Commission Delegated Regulation (EU) 2020/1816 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards the explanation in the benchmark statement of how environmental, social
and governance factors are reflected in each benchmark provided and published (OJ L 406, 3.12.2020, p. 1).
(6) Commission Implementing Regulation (EU) 2022/2453 of 30 November 2022 amending the implementing technical standards laid down in Implementing Regulation (EU) 2021/637 as regards the disclosure of environmental, social and
governance risks (OJ L 324,19.12.2022, p.1.).
(7) Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-
aligned Benchmarks (OJ L 406, 3.12.2020, p. 17).
Ringk j ø b in g Landb o b ank A /S Page 111
Appendices to the sustainability statement
Appendix C - Definitions and data quality of CO
2
e emissions etc.
Fact box: Definitions of CO
2
e emissions
Scope 1
Direct CO
2
e emissions
Reported based on the Greenhouse Gas (GHG) Protocol and comprise all direct emissions resulting from the
combustion of fuels and materials.
Scope 2
Energy-related indirect CO
2
e emissions
Reported based on the GHG Protocol and comprise all indirect emissions resulting from the energy used to
produce electricity, district heating and district cooling, which the bank has purchased for its use from a third
party.
Location-based emissions are based on the average emission intensity of energy sources where the energy is
used.
Market-based emissions are calculated using the location-based emissions from which purchases of energy
generated from renewable energy sources are subtracted.
Scope 3
Other indirect CO
2
e emissions
Reported based on the GHG Protocol and comprise all indirect emissions of significance resulting from non-
energy-related operations.
Significant scope 3 categories
Category 6: Business travel
(automobile travel by employees, rail
travel and air travel).
Category 15: Investments (IT
operation, loans, and investments
made on behalf of customers and in
own portfolio).
Non-significant scope 3 categories
Category 1: Purchased goods and services
Category 2: Capital goods
Category 3: Fuel and energy-related activities not included in scope 1
or 2
Category 4: Upstream transportation and distribution
Category 5: Waste generated in operations
Category 7: Employee commuting
Category 8: Upstream leased assets
Category 9: Downstream transportation and distribution
Category 10: Processing of sold products
Category 11: Use of sold products
Category 12: End-of-life treatment/disposal of sold products
Category 13: Downstream leased assets
Category 14: Franchises
Ringk j ø b in g Landb o b ank A /S Page 112
Appendices to the sustainability statement
Data quality of the CO
2
e calculation for loans
To calculate CO
2
e emissions, the bank has used the
common principles and methods developed under the
auspices of Finance Denmark (CO
2
model for the
financial sector) for measurement and calculation of
financed emissions from loans (before impairment
charges).
It is not possible to calculate CO
2
e emissions for the
entire loan portfolio for personal customers because
loans to personal customers often have no specific
purpose. An example of this is overdraft facilities. The
specific purposes of loans are most often homes and
cars. In accordance with the CO
2
model, only emissions
financed from home and car loans are therefore included
for personal customers. Only emissions from loans on
mortgage credit loans are thus not included in the
statement.
CO
2
e emissions from home loans are a calculated
average based on the average CO
2
e emission per DKK
million lent. The bank is working with data providers to
calculate the future CO
2
e emissions from home loans
age, size and location.
CO
2
e emissions from car loans are stated using emission
data calculated by the Danish Centre for Environment and
Energy (DCE) at Aarhus University. A calculated average
value is used for all financing of cars.
CO
2
e emissions from loans to business customers are
primarily based on a sector average broken down by
industry. The data for determining the sector average are
obtained from Statistics Denmark, which shows total
CO
2
e emissions excluding combustion of biomass in its
-specific data are used for the
biggest single sources of emissions.
after reallocation of emissions from electricity and
district heating. The bank has customers in a range of
sectors where this method cannot be readily applied
since no sector average can be calculated. For these
sectors, the bank has used an average for the other
sectors and in this way calculated emissions for all loans
leasing companies is stated using the same intensity
figures as for its financing of cars for personal use.
The data quality of the CO
2
e emissions stated is not yet
satisfactory as they are based on sector data and
statistics. As more individual data become available or if
the bank receives relevant data from utilities etc., the
underlying data will improve. The bank expects this will
happen over the coming years. In 2024, the bank included
company-specific emission data for one major business
commitment.
A data quality score in the range 1 - 5 is specified for
each of the loan types stated. The score reflects the
quality of the data used to calculate the emissions. A
data quality score of 1 is the highest and 5 the lowest.
The data classification is consistent with Finance
Data quality of emission data for financed loans
Score 1
Highest
quality
Score 2
Score 3
Score 4
Score 5
Lowest
quality
Total
Home loans
0%
0%
0%
0%
100%
100%
Car loans
0%
0%
0%
0%
100%
100%
Loans to business customers
0%
0%
0.6%
0%
99.4%
100%
Ringk j ø b in g Landb o b ank A /S Page 113
Appendices to the sustainability statement
Data quality of the CO
2
e calculation for investments
To calculate CO
2
e emissions, the bank has used the
common principles developed by Finance Denmark, the
business association for the banking sector in Denmark,
for measurement and calculation methods for financed
emissions from investments.
The basis for the statement is that Ringkjøbing
Landbobank has direct access to, or can influence, the
composition of the investments. The statement covers:
•
-
• Investments managed under other individual
-
-
•
•
portfolios and shares in banking sector companies).
The statement includes investments in shares,
investment fund certificates, corporate bonds and
mortgage credit bonds. The excluded part of the
business volume for investment activities consists mainly
of government bonds for which CO
2
e calculation
methods are not yet fully developed and investment
activities for which the individual businesses have not
reported any carbon data. Upscaling was applied to
compensate for lack of data coverage.
Data from MSCI were used to calculate CO
2
e emissions
from investments in shares, investment fund certificates
and corporate bonds. The data comprise both issuer-
specific and estimated emission data. For BankInvest
-level CO
2
e
calculations were used. For mortgage credit bonds
issued by DLR Kredit, Jyske Kredit, Nordea Kredit and
Realkredit Danmark, emission estimates published by the
issuers were used.
As stated, both issuer-specific and estimated emission
data were used. The proportion of assets for which data
are available has increased and the general data quality
has thus improved over the years. This can be seen from
the fact that the data coverage ratio, which indicates the
percentage of the portfolio for which businesses have
reported carbon data, increased from 64% in 2020 to 79%
in 2024. Until the data coverage ratio reaches 100%, the
figures will remain uncertain. Data coverage and data
quality are expected to continue to increase over time. An
actual data quality score is not computed.
Data quality of emission data for investments
%
Data coverage ratio
at end of 2024
Asset management products
- FormuePlejen
90.0
- Den Globale Aktieportefølje
100.0
- RLB - Danske Aktier
100.0
Investments managed under
other individual mandates
- RLB - Fuldmagt
70.8
- RLB - Wealth Management
72.4
Puljeinvestering Bankvalg
98.9
The bank’s own portfolio
19.8
Total
79.0
Data quality of the CO
2
e calculation for IT operation
CO
2
development comprise total scope 1, 2 and 3 emissions
2
e emissions. The market-
based method is used to calculate the electricity
consumption. Both Bankdata and JN Data have based
their electricity consumption on renewable sources from
the beginning of 2023. Uncertainty surrounds the
calculation.
Data quality of the CO
2
e calculation for business travel
CO
2
e emissions from business travel comprise work-
transportation by taxi, train, ferry and aircraft.
registration number as the basis for paying mileage
petrol, diesel or hybrid) and its carbon emissions per
kilometre travelled are obtained from the Danish Register
of Motor Vehicles. Work-related travel by electric cars is
included at zero emissions.
The calculation of purchased transportation is currently
based on expense receipts without carbon data.
Averages and assumptions are used and the carbon
calculation for taxi, train, ferry and aircraft is
consequently uncertain.
Net Zero Asset Managers
BankInvest has joined the Net Zero Asset Manager
initiative. The initiative has the support of more than 325
investment managers from all over the world, who
Ringk j ø b in g Landb o b ank A /S Page 114
Appendices to the sustainability statement
assets. Among the founders are the UN PRI (the UN-
backed principles for responsible investment) and CDP,
measurement. BankInvest is a member of both.
Via the Net Zero Asset Manager initiative and in line with
the Paris Agreement, BankInvest has committed to both
achieving a 55% reduction of carbon emissions from the
portfolios by 2030 and to neutralising carbon emissions
from the investments by 2050 or sooner. The target
usable carbon data are available, i.e. at the moment 62%.
This is unchanged relative to the end of 2023. At the end
of 2022, 43% were included and the main reason for the
increase from 2022 to 2023 is that mortgage credit
bonds were now included.
Ring k j ø bi n g L an d b oba n k A/S Sid e 115
Appendices to the sustainability statement
Appendix D - Reporting under the EU taxonomy
The following pages contain reporting for Ringkjøbing Landbobank A/S in accordance with Commission Delegated Regulation (EU) 2021/2178 supplementing Article 8 of Regulation (EU)
2020/852 (the taxonomy regulation).
Comments on the templates in Annex VI to the taxonomy regulation
Template 0: Summary
Template 0 summarises key information from the other templates in Annex VI. As the bank has very few assets defined as green
two KPIs.
Template 1: Assets for the calculation of GAR
There are two versions of the template: one is based on CapEx, the other on turnover. Financial NFRD undertakings published reports for the first time during 2024 (for the 2023 financial
year). The bank has collected these reports and used them as a basis
the numerator for GAR--NFRD undertakings.
- ge mitigation, which is considered to be
the most fitting description for them. However, the bank does not have the information needed to assess whether some of the loans qualify as green in the taxonomy.
Template 2: GAR sector information
than 500 employees. The bank therefore does not wish to
disclose sector information on them.
Template 3: GAR KPI stock
The KPIs calculated on the basis of the information provided by the bank in template 1 are shown here.
Template 4: GAR KPI flow
The template covers the development from 2023 to 2024. It shows new customers and increases in existing exposures in 2024. Figures in the template are stated in percent and measure the
share of new aligned and eligible exposures compared to total new exposures in each category.
Template 5: KPI off-balance sheet exposures
The template comprises off-balance sheet financial guarantees and assets under management where the counterparty is an NFRD undertaking with at least 500 employees. The bank has no
such customers, and the template therefore contains no information.
Template 6: KPI on fee and commission income
KPI on fee and commission income derived from services that are not lending or asset management. This template will only apply from the 2026 financial year.
Template 7: KPI trading book portfolio
This template will only apply from the 2026 financial year.
Ring k j ø bi n g L an d b oba n k A/S Sid e 116
Appendices to the sustainability statement
Reporting under Annex VI
Template 0: Summary of KPIs to be disclosed by credit institutions under Article 8 Taxonomy Regulation
Total environmentally
Sustainable assets (Mio. DKK)
KPI****
KPI*****
% coverage
(over total assets)***
% of assets excluded from the numerator of the GAR
(Article 7(2) and (3) and Section 1.1.2. of Annex V)
% of assets excluded from the denominator of the
GAR (Article 7(1) and Section 1.2.4 of Annex V)
Main KPI
Green asset ratio (GAR) stock
14.43
0.02%
0.06%
87.0
61.1
13.0
Total environmentally
sustainable activities
KPI
KPI
% coverage (over total assets)
% of assets excluded from the numerator of the GAR
(Article 7(2) and (3) and Section 1.1.2. of Annex V)
% of assets excluded from the denominator of the
GAR (Article 7(1) and Section 1.2.4 of Annex V)
Additional KPIs
GAR (flow)
0.01%
0.01%
Trading book*
Not for
2024
Not for
2024
Financial guarantees
0
0
Assets under management
0
0
Fees and commissions income**
Not for
2024
Not for
2024
* For credit institutions that do not meet the conditions of Article 94(1) of the CRR or the conditions set out in Article 325a(1) of the CRR.
**Fees and commissions income from services other than lending and AuM Instutitons shall dislcose forwardlooking information for this KPIs, including information in terms of targets, together with relevant explanations on the methodology
applied.
*** % of assets covered by the KPI over banks´ total assets.
****based on the Turnover KPI of the counterparty.
*****based on the CapEx KPI of the counterparty, except for lending activities where for general lending Turnover KPI is used.
Ring k j ø bi n g L an d b oba n k A/S Sid e 117
Appendices to the sustainability statement
Template 1: Assets for the calculation of GAR - Turnover (1:8)
a
b
c
d
e
f
g
h
i
j
k
l
m
n
Million DK
2024
Total [gross]
carrying amount
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator and
denominator
1
Loans and advances, debt securities and equity
instruments not HfT eligible for GAR calculation
20,323.3
9,546.3
7.0
0
4.0
0.5
0
0
0
0
0
0
0
0
2
Financial undertakings
3,344.1
112.6
3.0
0
0
0.5
0
0
0
0
0
0
0
0
3
Credit institutions
3,344.1
112.6
3.0
0
0
0.5
0
0
0
0
0
0
0
0
4
Loans and advances
251.6
0
0
0
0
0
0
0
0
0
0
0
0
0
5
Debt securities, including UoP
1,627.7
112.6
3.0
0
0
0.5
0
0
0
0
0
0
0
0
6
Equity instruments
1,464.8
0
0
0
0
0
0
0
0
0
0
7
Other financial corporations
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
148.9
4.0
4.0
0
4.0
0
0
0
0
0
0
0
0
0
21
Loans and advances
148.9
4.0
4.0
0
4.0
0
0
0
0
0
0
0
0
0
22
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
24
Households
16,820.0
9,429.6
0
0
0
0
0
0
0
0
25
of which loans collateralised by residential
immovable property
8,531.3
8,531.3
0
0
0
0
0
0
0
0
26
of which building renovation loans
0
0
0
0
0
0
0
0
0
0
27
of which motor vehicle loans
898.3
898.3
0
0
0
28
Local governments financing
10.4
0
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local government financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession:
residential and commercial immovable properties
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 118
Appendices to the sustainability statement
Template 1: Assets for the calculation of GAR - Turnover (2:8)
o
p
q
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
af
Million DK
2024
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Taxonomy eligible
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
GAR - Covered assets in both numerator and
denominator
1
Loans and advances, debt securities and
equity instruments not HfT eligible for GAR
calculation
7.4
7.4
0
0
0
0
0
0
0
0
0
0
9,553.7
14.5
0
4.0
0.5
2
Financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
112.6
3.0
0
0
0.5
3
Credit institutions
0
0
0
0
0
0
0
0
0
0
0
0
112.6
3.0
0
0
0.5
4
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
112.6
3.0
0
0
0.5
6
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
7
Other financial corporations
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
7.4
7.4
0
0
0
0
0
0
0
0
0
0
11.5
11.5
0
4.0
0
21
Loans and advances
7.4
7.4
0
0
0
0
0
0
0
0
0
0
11.5
11.5
0
4.0
0
22
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
24
Households
0
0
0
0
9,429.6
0
0
0
0
25
of which loans collateralised by
residential immovable property
0
0
0
0
8,531.3
0
0
0
0
26
of which building renovation loans
0
0
0
0
0
0
0
0
0
27
of which motor vehicle loans
898.3
0
0
0
0
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local government financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession:
residential and commercial immovable
properties
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 119
Appendices to the sustainability statement
Template 1: Assets for the calculation of GAR - Turnover (3:8)
a
b
c
d
e
f
g
h
i
j
k
l
m
n
Million DK
2024
Total [gross]
carrying amount
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
32
Assets excluded from the numerator for GAR
calculation (covered in the denominator)
48,078.6
0
0
0
0
0
0
0
0
0
0
0
0
0
33
Financial and Non-financial undertakings
38,857.8
34
SMEs and NFCs (other than SMEs) not subject
to NFRD disclosure obligations
38,857.8
35
Loans and advances
38,857.8
36
of which loans collateralised by commercial
immovable property
12,823.6
37
of which building renovation loans
0
38
Debt securities
0
39
Equity instruments
0
40
Non-EU country counterparties not subject to
NFRD disclosure obligations
0
41
Loans and advances
0
42
Debt securities, including UoP
0
43
Equity instruments
0
44
Derivatives
87.6
45
On demand interbank loans
0
46
Cash and cash-related assets
70.8
47
Other categories of assets (e.g. Goodwill,
commodities etc.)
9,062.4
48
Total GAR assets
68,401.9
0
0
0
0
0
0
0
0
0
0
0
0
0
49
Assets not covered for GAR calculation
10,231.3
50
Central governments and Supranational issuers
0
51
Central banks exposure
5,773.7
52
Trading book
4,457.6
53
Total assets
78,633.2
0
0
0
0
0
0
0
0
0
0
0
0
0
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
54
Financial guarantees
0
0
0
0
0
0
0
0
0
0
0
0
0
0
55
Assets under management
0
0
0
0
0
0
0
0
0
0
0
0
0
0
56
Of which debt securities
0
0
0
0
0
0
0
0
0
0
0
0
0
0
57
Of which equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 120
Appendices to the sustainability statement
Template 1: Assets for the calculation of GAR - Turnover (4:8)
o
p
q
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
af
Million DK
2024
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Taxonomy eligible
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
32
Assets excluded from the numerator for GAR
calculation (covered in the denominator)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
33
Financial and Non-financial undertakings
34
SMEs and NFCs (other than SMEs) not
subject to NFRD disclosure obligations
35
Loans and advances
36
of which loans collateralised by
commercial immovable property
37
of which building renovation loans
38
Debt securities
39
Equity instruments
40
Non-EU country counterparties not subject
to NFRD disclosure obligations
41
Loans and advances
42
Debt securities, including UoP
43
Equity instruments
44
Derivatives
45
On demand interbank loans
46
Cash and cash-related assets
47
Other categories of assets (e.g. Goodwill,
commodities etc.)
48
Total GAR assets
7.4
7.4
0
0
0
0
0
0
0
0
0
0
9,553.7
14.4
0
4.0
0.5
49
Assets not covered for GAR calculation
50
Central governments and Supranational
issuers
51
Central banks exposure
52
Trading book
53
Total assets
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
54
Financial guarantees
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
55
Assets under management
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
56
Of which debt securities
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
57
Of which equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 121
Appendices to the sustainability statement
Template 1: Assets for the calculation of GAR - Turnover (5:8)
a
b
c
d
e
f
g
h
i
j
k
l
m
n
Million DK
2023
Total [gross]
carrying amount
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator and
denominator
1
Loans and advances, debt securities and equity
instruments not HfT eligible for GAR calculation
24,358.2
8,441.7
0
0
0
0
0
0
0
0
0
0
0
0
2
Financial undertakings
8,819.4
0
0
0
0
0
0
0
0
0
0
0
0
0
3
Credit institutions
2,986.2
0
0
0
0
0
0
0
0
0
0
0
0
0
4
Loans and advances
243.5
0
0
0
0
0
0
0
0
0
0
0
0
0
5
Debt securities, including UoP
1,337.4
0
0
0
0
0
0
0
0
0
0
0
0
0
6
Equity instruments
1,405.3
0
0
0
0
0
0
0
0
0
0
7
Other financial corporations
5,833.3
0
0
0
0
0
0
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
21
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
24
Households
15,538.7
8,441.7
0
0
0
0
0
0
0
0
25
of which loans collateralised by residential
immovable property
7,805.0
7,805.0
0
0
0
0
0
0
0
0
26
of which building renovation loans
0
0
0
0
0
0
0
0
0
0
27
of which motor vehicle loans
636.8
636.8
0
0
0
28
Local governments financing
0.7
0
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local government financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession:
residential and commercial immovable properties
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 122
Appendices to the sustainability statement
Template 1: Assets for the calculation of GAR - Turnover (6:8)
o
p
q
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
af
Million DK
2023
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Taxonomy eligible
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
GAR - Covered assets in both numerator and
denominator
1
Loans and advances, debt securities and
equity instruments not HfT eligible for GAR
calculation
0
0
0
0
0
0
0
0
0
0
0
0
8,441.7
0
0
0
0
2
Financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
Credit institutions
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
7
Other financial corporations
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
21
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
24
Households
0
0
0
0
8,441.7
0
0
0
0
25
of which loans collateralised by
residential immovable property
0
0
0
0
7,805.0
0
0
0
0
26
of which building renovation loans
0
0
0
0
0
0
0
0
0
27
of which motor vehicle loans
636.8
0
0
0
0
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local government financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession:
residential and commercial immovable
properties
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 123
Appendices to the sustainability statement
Template 1: Assets for the calculation of GAR - Turnover (7:8)
a
b
c
d
e
f
g
h
i
j
k
l
m
n
Million DK
2023
Total [gross]
carrying amount
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
32
Assets excluded from the numerator for GAR
calculation (covered in the denominator)
37,478.9
0
0
0
0
0
0
0
0
0
0
0
0
0
33
Financial and Non-financial undertakings
34
SMEs and NFCs (other than SMEs) not subject
to NFRD disclosure obligations
35
Loans and advances
36
of which loans collateralised by commercial
immovable property
37
of which building renovation loans
38
Debt securities
39
Equity instruments
40
Non-EU country counterparties not subject to
NFRD disclosure obligations
41
Loans and advances
42
Debt securities, including UoP
43
Equity instruments
44
Derivatives
45
On demand interbank loans
46
Cash and cash-related assets
47
Other categories of assets (e.g. Goodwill,
commodities etc.)
48
Total GAR assets
61,837.1
8,441.7
0
0
0
0
0
0
0
0
0
0
0
0
49
Assets not covered for GAR calculation
50
Central governments and Supranational issuers
51
Central banks exposure
52
Trading book
53
Total assets
73,519.6
0
0
0
0
0
0
0
0
0
0
0
0
0
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
54
Financial guarantees
0
0
0
0
0
0
0
0
0
0
0
0
0
0
55
Assets under management
0
0
0
0
0
0
0
0
0
0
0
0
0
0
56
Of which debt securities
0
0
0
0
0
0
0
0
0
0
0
0
0
0
57
Of which equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 124
Appendices to the sustainability statement
Template 1: Assets for the calculation of GAR - Turnover (8:8)
o
p
q
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
af
Million DK
2023
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Taxonomy eligible
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
32
Assets excluded from the numerator for GAR
calculation (covered in the denominator)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
33
Financial and Non-financial undertakings
34
SMEs and NFCs (other than SMEs) not
subject to NFRD disclosure obligations
35
Loans and advances
36
of which loans collateralised by
commercial immovable property
37
of which building renovation loans
38
Debt securities
39
Equity instruments
40
Non-EU country counterparties not subject
to NFRD disclosure obligations
41
Loans and advances
42
Debt securities, including UoP
43
Equity instruments
44
Derivatives
45
On demand interbank loans
46
Cash and cash-related assets
47
Other categories of assets (e.g. Goodwill,
commodities etc.)
48
Total GAR assets
0
0
0
0
0
0
0
0
0
0
0
0
8,441.7
0
0
0
0
49
Assets not covered for GAR calculation
50
Central governments and Supranational
issuers
51
Central banks exposure
52
Trading book
53
Total assets
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
54
Financial guarantees
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
55
Assets under management
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
56
Of which debt securities
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
57
Of which equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 125
Appendices to the sustainability statement
Template 2: GAR sector information (1:2)
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
Breakdown by sector - NACE
4 digits level
(code and label)
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
Million DK
Of which
environment
ally
sustainable
(CCM)
Million DK
Of which
environment
ally
sustainable
(CCM)
Million DK
Of which
environment
ally
sustainable
(CCA)
Million DK
Of which
environment
ally
sustainable
(CCA)
Million DK
Of which
environment
ally
sustainable
(WTR)
Million DK
Of which
environment
ally
sustainable
(WTR)
Million DK
Of which
environment
ally
sustainable
(CE)
Million DK
Of which
environment
ally
sustainable
(CE)
1
0
0
0
0
0
0
0
0
2
0
0
0
0
0
0
0
0
3
0
0
0
0
0
0
0
0
4
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Template 2: GAR sector information (2:2)
q
r
s
t
u
v
w
x
y
z
aa
ab
Breakdown by sector - NACE
4 digits level
(code and label)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
Million DK
Of which
environment
ally
sustainable
(PPC)
Million DK
Of which
environment
ally
sustainable
(PPC)
Million DK
Of which
environment
ally
sustainable
(BIO)
Million DK
Of which
environment
ally
sustainable
(BIO)
Million DK
Of which
environmentally
sustainable (CCM
+ CCA + WTR + CE
+ PPC + BIO)
Million DK
Of which
environmentally
sustainable (CCM
+ CCA + WTR + CE
+ PPC + BIO)
1
0
0
0
0
0
0
2
0
0
0
0
0
0
3
0
0
0
0
0
0
4
0
0
0
0
0
0
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 126
Appendices to the sustainability statement
Template 3: GAR KPI Stock - CapEx (1:4)
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to total covered assets in the
denominator)
2024
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator
and denominator
1
Loans and advances, debt securities and
equity instruments not HfT eligible for GAR
calculation
47.1
0.2
0
0
0
0.2
0
0
0
0
0
0
0
0
0
0
0
2
Financial undertakings
3.0
0.1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
Credit institutions
3.0
0.1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5
Debt securities, including UoP
6.3
0.2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
7
Other financial corporations
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
25.9
25.9
0
0
0
31.0
0
0
0
0
0
0
0
0
0
0
0
21
Loans and advances
25.9
25.9
0
0
0
31.0
0
0
0
0
0
0
0
0
0
0
0
22
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
24
Households
56.1
0
0
0
0
0
0
0
0
0
0
0
0
25
of which loans collateralised by
residential immovable property
100.0
0
0
0
0
0
0
0
0
0
0
0
0
26
of which building renovation loans
0
0
0
0
0
0
0
0
0
0
0
0
0
27
of which motor vehicle loans
100.0
0
0
0
0
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local government financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession:
residential and commercial immovable
properties
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
32
Total GAR assets
14.0
0.1
0
0
0
0.1
0
0
0
0
0
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 127
Appendices to the sustainability statement
Template 3: GAR KPI Stock - CapEx (2:4)
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
af
% (compared to total covered assets in the denominator)
2024
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total
assets covered
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
GAR - Covered assets in both numerator and
denominator
1
Loans and advances, debt securities and equity
instruments not HfT eligible for GAR calculation
0
0
0
0
0
0
0
0
47.3
0.2
0
0
0
29.7
2
Financial undertakings
0
0
0
0
0
0
0
0
3.0
0.1
0
0
0
4.9
3
Credit institutions
0
0
0
0
0
0
0
0
3.0
0.1
0
0
0
4.9
4
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0.4
5
Debt securities, including UoP
0
0
0
0
0
0
0
0
6.3
0.2
0
0
0
2.4
6
Equity instruments
0
0
0
0
0
0
0
0
0
0
2.1
7
Other financial corporations
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
0
0
0
0
0
0
0
0
57.8
26.8
0
0
0
0.2
21
Loans and advances
0
0
0
0
0
0
0
0
57.8
26.8
0
0
0
0.2
22
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
24
Households
56.1
0
0
0
0
24.6
25
of which loans collateralised by residential
immovable property
100.0
0
0
0
0
12.5
26
of which building renovation loans
0
0
0
0
0
0
27
of which motor vehicle loans
1.3
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local government financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession:
residential and commercial immovable properties
0
0
0
0
0
0
0
0
0
0
0
0
0
0
32
Total GAR assets
0
0
0
0
0
0
0
0
14.1
0.1
0
0
0
70.3
Ring k j ø bi n g L an d b oba n k A/S Sid e 128
Appendices to the sustainability statement
Template 3: GAR KPI Stock - CapEx (3:4)
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to total covered assets in the
denominator)
2023
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator
and denominator
1
Loans and advances, debt securities and
equity instruments not HfT eligible for GAR
calculation
34.7
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2
Financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
Credit institutions
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
7
Other financial corporations
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
21
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
24
Households
54.3
0
0
0
0
0
0
0
0
0
0
0
0
25
of which loans collateralised by
residential immovable property
100.0
0
0
0
0
0
0
0
0
0
0
0
0
26
of which building renovation loans
0
0
0
0
0
0
0
0
0
0
0
0
0
27
of which motor vehicle loans
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local government financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession:
residential and commercial immovable
properties
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
32
Total GAR assets
13.7
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 129
Appendices to the sustainability statement
Template 3: GAR KPI Stock - CapEx (4:4)
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
af
% (compared to total covered assets in the denominator)
2023
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total
assets covered
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
GAR - Covered assets in both numerator and
denominator
1
Loans and advances, debt securities and equity
instruments not HfT eligible for GAR calculation
0
0
0
0
0
0
0
0
34.7
0
0
0
0
39.4
2
Financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
14.3
3
Credit institutions
0
0
0
0
0
0
0
0
0
0
0
0
0
4.8
4
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0.4
5
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
2.2
6
Equity instruments
0
0
0
0
0
0
0
0
0
0
2.3
7
Other financial corporations
0
0
0
0
0
0
0
0
0
0
0
0
0
9.4
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
21
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
24
Households
54.3
0
0
0
0
25.1
25
of which loans collateralised by residential
immovable property
100.0
0
0
0
0
12.6
26
of which building renovation loans
0
0
0
0
0
0
27
of which motor vehicle loans
100.0
0
0
0
0
1.0
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local government financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession:
residential and commercial immovable
properties
0
0
0
0
0
0
0
0
0
0
0
0
0
0
32
Total GAR assets
0
0
0
0
0
0
0
0
0
0
0
0
0
60.6
Ring k j ø bi n g L an d b oba n k A/S Sid e 130
Appendices to the sustainability statement
Template 3: GAR KPI Stock - Turnover (1:4)
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to total covered assets in the
denominator)
2024
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator
and denominator
1
Loans and advances, debt securities and
equity instruments not HfT eligible for GAR
calculation
47.0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2
Financial undertakings
3.4
0.1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
Credit institutions
3.4
0.1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5
Debt securities, including UoP
6.9
0.2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
7
Other financial corporations
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
2.7
2.7
0
2.7
0
0
0
0
0
0
0
0
0
0
0
0
0
21
Loans and advances
2.7
2.7
0
2.7
0
0
0
0
0
0
0
0
0
0
0
0
0
22
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
24
Households
56.1
0
0
0
0
0
0
0
0
0
0
0
0
25
of which loans collateralised by
residential immovable property
100.0
0
0
0
0
0
0
0
0
0
0
0
0
26
of which building renovation loans
0
0
0
0
0
0
0
0
0
0
0
0
0
27
of which motor vehicle loans
100.0
0
0
0
0
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local government financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession:
residential and commercial immovable
properties
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
32
Total GAR assets
14.0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 131
Appendices to the sustainability statement
Template 3: GAR KPI Stock - Turnover (2:4)
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
af
% (compared to total covered assets in the denominator)
2024
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total
assets covered
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
GAR - Covered assets in both numerator and
denominator
1
Loans and advances, debt securities and equity
instruments not HfT eligible for GAR calculation
0
0
0
0
0
0
0
0
47.0
0.1
0
0
0
29.7
2
Financial undertakings
0
0
0
0
0
0
0
0
3.4
0.1
0
0
0
4.9
3
Credit institutions
0
0
0
0
0
0
0
0
3.4
0.1
0
0
0
4.9
4
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0.4
5
Debt securities, including UoP
0
0
0
0
0
0
0
0
6.9
0.2
0
0
0
2.4
6
Equity instruments
0
0
0
0
0
0
0
0
0
0
2.1
7
Other financial corporations
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
0
0
0
0
0
0
0
0
7.7
7.7
0
2.7
0
0.2
21
Loans and advances
0
0
0
0
0
0
0
0
7.7
7.7
0
2.7
0
0.2
22
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
24
Households
56.1
0
0
0
0
24.6
25
of which loans collateralised by residential
immovable property
100.0
0
0
0
0
12.5
26
of which building renovation loans
0
0
0
0
0
0
27
of which motor vehicle loans
1.3
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local government financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession:
residential and commercial immovable
properties
0
0
0
0
0
0
0
0
0
0
0
0
0
0
32
Total GAR assets
0
0
0
0
0
0
0
0
14.0
0
0
0
0
70.3
Ring k j ø bi n g L an d b oba n k A/S Sid e 132
Appendices to the sustainability statement
Template 3: GAR KPI Stock - Turnover (3:4)
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to total covered assets in the
denominator)
2023
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator
and denominator
1
Loans and advances, debt securities and
equity instruments not HfT eligible for GAR
calculation
34.7
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2
Financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
Credit institutions
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
7
Other financial corporations
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
21
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
24
Households
54.3
0
0
0
0
0
0
0
0
0
0
0
0
25
of which loans collateralised by
residential immovable property
100.0
0
0
0
0
0
0
0
0
0
0
0
0
26
of which building renovation loans
0
0
0
0
0
0
0
0
0
0
0
0
0
27
of which motor vehicle loans
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local government financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession:
residential and commercial immovable
properties
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
32
Total GAR assets
13.7
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 133
Appendices to the sustainability statement
Template 3: GAR KPI Stock - Turnover (4:4)
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
af
% (compared to total covered assets in the denominator)
2023
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total
assets covered
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
GAR - Covered assets in both numerator and
denominator
1
Loans and advances, debt securities and equity
instruments not HfT eligible for GAR calculation
0
0
0
0
0
0
0
0
34.7
0
0
0
0
39.4
2
Financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
14.3
3
Credit institutions
0
0
0
0
0
0
0
0
0
0
0
0
0
4.8
4
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0.4
5
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
2.2
6
Equity instruments
0
0
0
0
0
0
0
0
0
0
2.3
7
Other financial corporations
0
0
0
0
0
0
0
0
0
0
0
0
0
9.4
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
21
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
24
Households
54.3
0
0
0
0
25.1
25
of which loans collateralised by residential
immovable property
100.0
0
0
0
0
12.6
26
of which building renovation loans
0
0
0
0
0
0
27
of which motor vehicle loans
100.0
0
0
0
0
1.0
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local government financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession:
residential and commercial immovable
properties
0
0
0
0
0
0
0
0
0
0
0
0
0
0
32
Total GAR assets
0
0
0
0
0
0
0
0
13.7
0
0
0
0
60.6
Ring k j ø bi n g L an d b oba n k A/S Sid e 134
Appendices to the sustainability statement
Template 4: GAR KPI Flow - CapEx (1:2)
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to flow of total eligible assets)
2024
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator
and denominator
1
Loans and advances, debt securities and
equity instruments not HfT eligible for GAR
calculation
53.4
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2
Financial undertakings
12.5
0.3
0
0
0.1
0
0
0
0
0
0
0
0
0
0
0
0
3
Credit institutions
12.5
0.3
0
0
0.1
0
0
0
0
0
0
0
0
0
0
0
0
4
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5
Debt securities, including UoP
15.1
0.4
0
0
0.1
0
0
0
0
0
0
0
0
0
0
0
0
6
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
7
Other financial corporations
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
21
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
24
Households
56.4
0
0
0
0
0
0
0
0
0
0
0
0
25
of which loans collateralised by
residential immovable property
100.0
0
0
0
0
0
0
0
0
0
0
0
0
26
of which building renovation loans
0
0
0
0
0
0
0
0
0
0
0
0
0
27
of which motor vehicle loans
100.0
0
0
0
0
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local government financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession:
residential and commercial immovable
properties
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
32
Total GAR assets
15.7
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 135
Appendices to the sustainability statement
Template 4: GAR KPI Flow - CapEx (2:2)
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
af
% (compared to flow of total eligible assets)
2024
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total
assets covered
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
GAR - Covered assets in both numerator and
denominator
1
Loans and advances, debt securities and equity
instruments not HfT eligible for GAR calculation
0
0
0
0
0
0
0
0
53.4
0
0
0
0
29.5
2
Financial undertakings
0
0
0
0
0
0
0
0
12.5
0.3
0
0
0.1
2.0
3
Credit institutions
0
0
0
0
0
0
0
0
12.5
0.3
0
0
0.1
2.0
4
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5
Debt securities, including UoP
0
0
0
0
0
0
0
0
15.1
0.4
0
0
0.1
1.7
6
Equity instruments
0
0
0
0
0
0
0
0
0
0
0.3
7
Other financial corporations
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
21
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
24
Households
56.4
0
0
0
0
27.5
25
of which loans collateralised by residential
immovable property
100.0
0
0
0
0
13.0
26
of which building renovation loans
0
0
0
0
0
0
27
of which motor vehicle loans
2.5
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local government financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession:
residential and commercial immovable
properties
0
0
0
0
0
0
0
0
0
0
0
0
0
0
32
Total GAR assets
0
0
0
0
0
0
0
0
15.7
0
0
0
0
70.5
Ring k j ø bi n g L an d b oba n k A/S Sid e 136
Appendices to the sustainability statement
Template 4: GAR KPI Flow - Turnover (1:2)
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to flow of total eligible assets)
2024
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator
and denominator
1
Loans and advances, debt securities and
equity instruments not HfT eligible for GAR
calculation
53.5
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2
Financial undertakings
14.3
0.3
0
0
0.1
0
0
0
0
0
0
0
0
0
0
0
0
3
Credit institutions
14.3
0.3
0
0
0.1
0
0
0
0
0
0
0
0
0
0
0
0
4
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5
Debt securities, including UoP
17.3
0.3
0
0
0.1
0
0
0
0
0
0
0
0
0
0
0
0
6
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
7
Other financial corporations
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
21
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
0
0
24
Households
56.4
0
0
0
0
0
0
0
0
0
0
0
0
25
of which loans collateralised by
residential immovable property
100.0
0
0
0
0
0
0
0
0
0
0
0
0
26
of which building renovation loans
0
0
0
0
0
0
0
0
0
0
0
0
0
27
of which motor vehicle loans
100.0
0
0
0
0
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local government financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession:
residential and commercial immovable
properties
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
32
Total GAR assets
15.8
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 137
Appendices to the sustainability statement
Template 4: GAR KPI Flow - Turnover (2:2)
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
af
% (compared to flow of total eligible assets)
2024
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total
assets covered
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
GAR - Covered assets in both numerator and
denominator
1
Loans and advances, debt securities and equity
instruments not HfT eligible for GAR calculation
0
0
0
0
0
0
0
0
53.5
0
0
0
0
29.5
2
Financial undertakings
0
0
0
0
0
0
0
0
14.3
0.3
0
0
0.1
2.0
3
Credit institutions
0
0
0
0
0
0
0
0
14.3
0.3
0
0
0.1
2.0
4
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5
Debt securities, including UoP
0
0
0
0
0
0
0
0
17.3
0.3
0
0
0.1
1.7
6
Equity instruments
0
0
0
0
0
0
0
0
0
0
0.3
7
Other financial corporations
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
0
0
21
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22
Debt securities, including UoP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
0
0
24
Households
56.4
0
0
0
0
27.5
25
of which loans collateralised by residential
immovable property
100.0
0
0
0
0
13.0
26
of which building renovation loans
0
0
0
0
0
0
27
of which motor vehicle loans
2.5
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local government financing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession:
residential and commercial immovable properties
0
0
0
0
0
0
0
0
0
0
0
0
0
0
32
Total GAR assets
0
0
0
0
0
0
0
0
15.8
0
0
0
0
70.5
Ring k j ø bi n g L an d b oba n k A/S Sid e 138
Appendices to the sustainability statement
Template 5: KPI off-balance sheet exposures - Stock (1:2)
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to total eligible off-balance sheet
assets)
2024
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
1
Financial guarantees (FinGuar KPI)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2
Assets under management (AuM KPI)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Template 5: KPI off-balance sheet exposures - Stock (2:2)
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
% (compared to total covered assets in the
denominator)
2024
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
1
Financial guarantees (FinGuar KPI)
0
0
0
0
0
0
0
0
0
0
0
0
0
2
Assets under management (AuM KPI)
0
0
0
0
0
0
0
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 139
Appendices to the sustainability statement
Template 5: KPI off-balance sheet exposures - Flow (1:2)
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to total eligible off-balance sheet
assets)
2024
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
1
Financial guarantees (FinGuar KPI)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2
Assets under management (AuM KPI)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Template 5: KPI off-balance sheet exposures - Flow (2:2)
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
% (compared to total covered assets in the
denominator)
2024
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transitional
Of which
enabling
1
Financial guarantees (FinGuar KPI)
0
0
0
0
0
0
0
0
0
0
0
0
0
2
Assets under management (AuM KPI)
0
0
0
0
0
0
0
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 140
Appendices to the sustainability statement
Comments on the templates in Annex XII to the taxonomy regulation
Template 1: Nuclear energy and fossil gas-related activities
The bank has no nuclear energy or fossil gas-related activities.
Templates 2 - 5:
The templates are judged not to be relevant for Ringkjøbing Landbobank as the bank has no activities in this area, see template 1.
Reporting under Annex XII
Template 1: Nuclear and fossil gas related activities
Nuclear energy related activities
1
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity
generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
No
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity
or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety
upgrades, using best available technologies.
No
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process
heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as
their safety upgrades.
No
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity
using fossil gaseous fuels.
No
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power
generation facilities using fossil gaseous fuels.
No
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that
produce heat/cool using fossil gaseous fuels
No
Ring k j ø bi n g L an d b oba n k A/S Sid e 141
Appendices to the sustainability statement
Template 2: Taxonomy-aligned economic activities (denominator) - Turnover
Economic activities
DKK millions
Amount and proportion (the information is to be presented in monetary amounts and as percentages)
CCM + CCA
Climate change mitigation (CCM)
Climate change adaptation (CCA)
Amount
%
Amount
%
Amount
%
1
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
2
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
3
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
4
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
5
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
6
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the
denominator of the applicable KPI
0
0
0
0
0
0
8
Total applicable KPI
0
0
0
0
0
0
Template 2: Taxonomy-aligned economic activities (denominator) - CapEx
Economic activities
DKK millions
Amount and proportion (the information is to be presented in monetary amounts and as percentages)
CCM + CCA
Climate change mitigation (CCM)
Climate change adaptation (CCA)
Amount
%
Amount
%
Amount
%
1
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
2
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
3
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
4
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
5
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
6
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the
denominator of the applicable KPI
0
0
0
0
0
0
8
Total applicable KPI
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 142
Appendices to the sustainability statement
Template 3: Taxonomy-aligned economic activities (numerator) - Turnover
Economic activities
DKK millions
Amount and proportion (the information is to be presented in monetary amounts and as percentages)
CCM + CCA
Climate change mitigation (CCM)
Climate change adaptation (CCA)
Amount
%
Amount
%
Amount
%
1
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
2
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
3
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
4
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
5
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
6
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the
numerator of the applicable KP
0
0
0
0
0
0
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI
0
0
0
0
0
0
Template 3: Taxonomy-aligned economic activities (numerator) - CapEx
Economic activities
DKK millions
Amount and proportion (the information is to be presented in monetary amounts and as percentages)
CCM + CCA
Climate change mitigation (CCM)
Climate change adaptation (CCA)
Amount
%
Amount
%
Amount
%
1
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
2
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
3
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
4
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
5
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
6
Amount and proportion of taxonomy aligned economic activity referred to in Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0
0
0
0
0
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the
numerator of the applicable KP
0
0
0
0
0
0
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 143
Appendices to the sustainability statement
Template 4: Taxonomy-eligible but not taxonomy-aligned economic activities - Turnover
Economic activities
DKK millions
Amount and proportion (the information is to be presented in monetary amounts and as percentages)
CCM + CCA
Climate change mitigation (CCM)
Climate change adaptation (CCA)
Amount
%
Amount
%
Amount
%
1
Amount and proportion of taxonomy eligible but not taxonomy-aligned economic activity referred to in Section
4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
0
0
0
0
0
0
2
Amount and proportion of taxonomy eligible but not taxonomy-aligned economic activity referred to in Section
4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
0
0
0
0
0
0
3
Amount and proportion of taxonomy eligible but not taxonomy-aligned economic activity referred to in Section
4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
0
0
0
0
0
0
4
Amount and proportion of taxonomy eligible but not taxonomy-aligned economic activity referred to in Section
4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
0
0
0
0
0
0
5
Amount and proportion of taxonomy eligible but not taxonomy-aligned economic activity referred to in Section
4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
0
0
0
0
0
0
6
Amount and proportion of taxonomy eligible but not taxonomy-aligned economic activity referred to in Section
4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
0
0
0
0
0
0
7
Amount and proportion of other taxonomy eligible but not taxonomy-aligned economic activities not referred
to in rows 1 to 6 above in the numerator of the applicable KPI
0
0
0
0
0
0
8
Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the
denominator of the applicable KPI
0
0
0
0
0
0
Template 4: Taxonomy-eligible but not taxonomy-aligned economic activities - CapEx
Economic activities
DKK millions
Amount and proportion (the information is to be presented in monetary amounts and as percentages)
CCM + CCA
Climate change mitigation (CCM)
Climate change adaptation (CCA)
Amount
%
Amount
%
Amount
%
1
Amount and proportion of taxonomy eligible but not taxonomy-aligned economic activity referred to in Section
4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
0
0
0
0
0
0
2
Amount and proportion of taxonomy eligible but not taxonomy-aligned economic activity referred to in Section
4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
0
0
0
0
0
0
3
Amount and proportion of taxonomy eligible but not taxonomy-aligned economic activity referred to in Section
4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
0
0
0
0
0
0
4
Amount and proportion of taxonomy eligible but not taxonomy-aligned economic activity referred to in Section
4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
0
0
0
0
0
0
5
Amount and proportion of taxonomy eligible but not taxonomy-aligned economic activity referred to in Section
4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
0
0
0
0
0
0
6
Amount and proportion of taxonomy eligible but not taxonomy-aligned economic activity referred to in Section
4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
0
0
0
0
0
0
7
Amount and proportion of other taxonomy eligible but not taxonomy-aligned economic activities not referred
to in rows 1 to 6 above in the numerator of the applicable KPI
0
0
0
0
0
0
8
Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the
denominator of the applicable KPI
0
0
0
0
0
0
Ring k j ø bi n g L an d b oba n k A/S Sid e 144
Appendices to the sustainability statement
Template 5: Taxonomy non-eligible economic activities - Turnover
Economic activities
DKK millions
Amount
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0
0
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0
0
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0
0
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0
0
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0
0
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0
0
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above
in the denominator of the applicable KPI
0
0
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable
KPI
0
0
Template 5: Taxonomy non-eligible economic activities - CapEx
Economic activities
DKK millions
Amount
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0
0
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0
0
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0
0
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0
0
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0
0
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0
0
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above
in the denominator of the applicable KPI
0
0
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable
KPI
0
0
Ringk j ø b in g Landb o b ank A /S Page 145
Appendices to the sustainability statement
Appendix E - Overview of the bank’s policies etc.
Policy etc.
Description of the policy etc.
Impacts, risks and opportunities to
which the policy etc. relates
Code of conduct
section from page 95 for a description.
The code of conduct is available on the bank's website at:
www.landbobanken.dk/policies
G1 - Corporate culture and business
conduct in the bank
G1 - Prevention and detection of
corruption and bribery
G1 - Incidents of corruption and bribery
S1 -
employees
S1 -
employees
S1 -
employees
S1 -
employees
S4 -
customers
Entity-specific -
society
Entity-specific - Anti-money laundering in
the bank
Business model
The bank wants to be a customer-focused relationship bank and
endeavours to live out its values of competence, responsiveness
and proper behaviour towards customers, employees, society
and shareholders.
Ringkjøbing Landbobank wants to be a full-service retail bank
focusing on full-service banking for both personal and business
North Jutland and other defined areas.
The bank also wants to focus on niche concepts, using its
special competences to add value to its customers.
These niche concepts are offered to customers throughout
Denmark both if they place all of their business and if they place
only parts of their business with the bank.
The niches are: Renewable energy financing, medical
practitioners and dentists, private banking and selected
wholesale accounts.
The bank wants to work towards a sustainable society by always
organisation and the products offered.
The general management has the overall responsibility for
implementation and compliance with the business model. The
board of directors supervises the implementation of the
business model and compliance with it and ensures that the
policy functions as intended.
On recommendation by the general management, it is also the
responsibility of the board of directors that the business model
is reviewed and possibly updated on an ongoing basis and at
least once a year.
58.
E1 - Financing of sustainable assets
E1 - Financing of climate-stressing
assets
E1 - Investment products with climate
impact
S1 - Training and skills development of
G1 - Corporate culture and business
conduct in the bank
Ringk j ø b in g Landb o b ank A /S Page 146
Appendices to the sustainability statement
Policy etc.
Description of the policy etc.
Impacts, risks and opportunities to
which the policy etc. relates
Investor relations policy
The object of the bank's investor relations policy is to ensure
constructive dialogue with its shareholders, investors and other
stakeholders. This contributes to a fair valuation of the
Ringkjøbing Landbobank share and other issues.
fulfilling the policy and taking action if the policy is not complied
with.
On recommendation by the general management, it is the
updated on an ongoing basis and at least once a year.
The policy is available on the bank's website at
www.landbobanken.dk/policies
G1 - Corporate culture and business
conduct in the bank
Credit policy
The
the general guidelines for granting loans, credits and guarantees.
in the credit area, principles for the size, type and scope of credit
and geography, limits to large exposures and concentration risk
management, credit approval procedures, various aspects of
collateral, and follow-up and control procedures.
ESG risks are described as part of the basis for credit approval.
On the recommendation of the general management, it is the
reviewed and possibly updated on an ongoing basis and at least
once a year. The board of directors and the general management
have the overall responsibility for ensuring that the policy is
complied with.
E1 - Financing of sustainable assets
E1 - Financing of climate-stressing
assets
S1 - Training and skills development of
Remuneration policy
guidelines for remuneration which support sound and effective
risk management and do not encourage excessive risk taking.
-term interests
and business model.
The general policy state that a fixed amount of remuneration is
directors and the general management. Remuneration paid to
other major risk takers and employees in control functions is
primarily a fixed amount and only a limited amount of variable
remuneration may be paid to them.
On the recommendation of the general management, it is the
of directors that the policy is reviewed and possibly updated on
an ongoing basis and at least once a year with a view to
adjusting the
remuneration committee and board of directors have the overall
responsibility for ensuring and checking that the policy is
complied with.
On all significant changes and at least every four years, the
general meeting for approval.
The policy is available on the bank's website at
www.landbobanken.dk/policies
S1 -
employees
S1 -
employees
G1 - Corporate culture and business
conduct in the bank
Ringk j ø b in g Landb o b ank A /S Page 147
Appendices to the sustainability statement
Policy etc.
Description of the policy etc.
Impacts, risks and opportunities to
which the policy etc. relates
Transition plan for
climate and the
environment
66 for a
policy.
The transition plan is available on the bank's website at
www.landbobanken.dk/policies
E1 - Financing of sustainable assets
E1 - Financing of climate-stressing
assets
E1 -
E1 -
data centres
E1 - Investment products with climate
impact
Responsible purchasing
policy
97 for a description.
The policy is available on the bank's website at
www.landbobanken.dk/policies
E1 -
E1 -
data centres
G1 - Corporate culture and business
conduct in the bank
G1 - Prevention and detection of
corruption and bribery
G1 - Incidents of corruption and bribery
Anti-corruption and
bribery policy
98 for a description.
The policy is available on the bank's website at
www.landbobanken.dk/policies
G1 - Corporate culture and business
conduct in the bank
G1 - Prevention and detection of
corruption and bribery
G1 - Incidents of corruption and bribery
Privacy policy
on page 91 for a
description.
The policy is available on the bank's website at
https://www.landbobanken.dk/banken/information/betingelser.
G1 - Corporate culture and business
conduct in the bank
S4 -
customers
S4 -
customers
Data and IT security in the bank
Data ethics policy
on page 91 for a
description.
G1 - Corporate culture and business
conduct in the bank
S4 -
customers
S4 -
customers
Data and IT security in the bank
Policy for the under-
represented gender
-represented gender
is to increase the percentage of the under-represented gender in
the management.
An equal gender distribution as defined by the Danish Business
Authority has been achieved among the board members elected
by the shareholders' committee.
The board of directors has set a target for the percentage of the
under-represented gender at other management levels and
actions have been implemented to achieve the target figure.
for working to achieve the target figure for the under-represented
On recommendation by the general management, it is the
reviewed and possibly updated on an ongoing basis and at least
once a year with a view to adjusting the policy, including the
G1 - Corporate culture and business
conduct in the bank
S1 -
employees
Ringk j ø b in g Landb o b ank A /S Page 148
Appendices to the sustainability statement
Policy etc.
Description of the policy etc.
Impacts, risks and opportunities to
which the policy etc. relates
Policy for integration of
sustainability risks
advice to customers in relation to sustainability risks.
The policy includes a description of the scope of application, a
description of integration of sustainability risks, principles for
selection of business partners, including screening of
investments, active ownership via voting and dialogue, and
exclusion. Monitoring of investment partners and reporting from
them are also included in the policy.
On the recommendation of the general management, it is the
reviewed and possibly updated on an ongoing basis and at least
once a year. The board of directors and the general management
have the overall responsibility for ensuring that the policy is
complied with.
The policy is available on the bank's website at
www.landbobanken.dk/policies
E1 - Investment products with climate
impact
S1 - Training and skills development of
G1 - Corporate culture and business
conduct in the bank
IT security policy
91 for a
description.
G1 - Corporate culture and business
conduct in the bank
S4 -
customers
S4 -
customers
Entity-specific - Data and IT security in
the bank
Policy for stable IT
operation and IT
preparedness
91 for a
description.
G1 - Corporate culture and business
conduct in the bank
S4 -
customers
S4 -
customers
Data and IT security in the bank
Board diversity policy
board diversity which is relevant and necessary for the bank.
The aim is that members of the board of directors should have
diverse competences and backgrounds, with emphasis on
diversity in their professional qualifications, work experience,
gender and age.
Board diversity is considered a strength which can contribute
robustness, success and growth.
On recommendation by the general management, it is the
directors that the policy is reviewed and possibly updated on an
ongoing basis and at least once a year with a view to adjusting it
to the
and board of directors have the overall responsibility for
ensuring that the policy is complied with.
The policy is available on the bank's website at
www.landbobanken.dk/policies
G1 - Corporate culture and business
conduct in the bank
Ringk j ø b in g Landb o b ank A /S Page 149
Appendices to the sustainability statement
Policy etc.
Description of the policy etc.
Impacts, risks and opportunities to
which the policy etc. relates
Policy on conditions for
employees
page 83 for a description.
The policy is available on the bank's website at
www.landbobanken.dk/policies
S1 -
employees
S1 -
employees
S1 -
employees
S1 - Training and skills development of
S1 -
employees
G1 - Corporate culture and business
conduct in the bank
Policy on risk
management in the area
of anti-money
laundering
-100
for a description.
G1 - Corporate culture and business
conduct in the bank
Entity-specific - Anti-money laundering in
the bank
Corporate social
responsibility and
sustainability policy
policy describes how the bank works with and considers
sustainability aspects in the
stakeholders, including customers, employees, business
partners and society at large.
The policy establishes guidelines for how the bank can be a
responsible and value-creating bank that shows social
responsibility, through responsible financing and investment etc.
The policy must be observed by all employees in the bank.
The general management has the overall responsibility for
implementation of the corporate social responsibility and
sustainability policy.
On recommendation by the general management, it is the
the transition plan are reviewed and possibly updated on an
ongoing basis and at least once a year.
92
The policy is available on the bank's website at
www.landbobanken.dk/policies
E1 - Financing of sustainable assets
E1 - Financing of climate-stressing
assets
E1 -
E1 -
data centres
E1 - Investment products with climate
impact
S1 -
employees
S1 -
employees
S1 -
employees
S1 - Training and skills development of
S1 -
employees
G1 - Corporate culture and business
conduct in the bank
G1 - Prevention and detection of
corruption and bribery
G1 - Incidents of corruption and bribery
Entity-specific -
society
Entity-specific -
the local community
Entity-specific - Anti-money laundering in
the bank
Policy for managing
third parties and IT
operation
91 for a
description.
G1 - Corporate culture and business
conduct in the bank
S4 -
customers
S4 -
customers
Entity-specific - Data and IT security in
the bank
Policy for a sound
corporate culture
section from page 95 for a description.
The policy is available on the bank's website at
www.landbobanken.dk/policies
G1 - Corporate culture and business
conduct in the bank
Ringk j ø b in g Landb o b ank A /S Page 150
Appendices to the sustainability statement
Policy etc.
Description of the policy etc.
Impacts, risks and opportunities to
which the policy etc. relates
Anti-money laundering
principles
which aim to enhance and unify the commitment to anti-money
laundering (AML) and counter-terrorist financing (CTF) by all
Danish banks.
-money laundering principles support the
objective of doing everything possible to prevent the bank from
being exploited for money laundering, terrorist financing,
financial crime or other unlawful activity.
The policy must be observed by all employees in the bank.
The AML-responsible general management member and the
anti-money laundering manager (the head of AML and
Operational Risk) are overall responsible for ensuring that the
principles are implemented, complied with and function as
intended.
The principles can be found on the bank's website at
www.landbobanken.dk/en/ir-
english/policies/antimoneylaundering
S1 - Training and skills development of
G1 - Corporate culture and business
conduct in the bank
Entity-specific - Anti-money laundering in
the bank
Tax policy
The bank pursues a transparent tax policy under which the bank
can explain and justify all tax-related transactions for its
stakeholders.
This includes transactions to which the bank contributes in its
collaboration with customers.
fulfilling the policy and taking action if the policy is not complied
with.
On recommendation by the general management, it is the
reviewed and possibly updated on an ongoing basis and at least
once a year.
The policy is available on the bank's website at
www.landbobanken.dk/policies
S1 - Training and skills development of
S1 -
employees
S4 -
customers
G1 - Corporate culture and business
conduct in the bank
Entity-specific -
society
Entity-specific - Anti-money laundering in
the bank
Whistleblower policy
page 97 for a description.
G1 - Corporate culture
Ringk j ø b in g Landb o b ank A /S Page 151
eport on the sustainability statement
sustainability statement
To the stakeholders of Ringkjøbing Landbobank A/S
Limited assurance conclusion
We have conducted a limited assurance engagement on the sustainability statement of Ringkjøbing Landbobank A/S (the
sustainability s52 - 150, for the financial year 1 January
- 31 December 2024.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that
causes us to believe that the sustainability statement is not prepared, in all material respects, in accordance with the Danish
Financial Business Act chapter 13, including:
● compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the
management to identify the information reported in the sustainability s
the description set out in subsection The process of double materiality assessment; and
● compliance of the disclosures in subsection EU taxonomy report within the environmental section of the sustainability
s
Basis for conclusion
We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements
(ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information
The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a
reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is
substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been
performed.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our
responsibilities under this standard are further described in the Auditor’s responsibilities for the assurance engagement
section of our report.
Our independence and quality management
Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark.
We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.
Our firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a
system of quality management including policies or procedures regarding compliance with ethical requirements,
professional standards and applicable legal and regulatory requirements.
Management’s responsibilities for the sustainability statement
Management is responsible for designing and implementing a process to identify the information reported in the
sustainability statement in accordance with the ESRS and for disclosing this Process as included in The process of double
materiality assessment of the sustainability statement. This responsibility includes:
●
understanding of its affected stakeholders;
● the identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as
financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term;
● the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability matters by
selecting and applying appropriate thresholds; and
● making assumptions that are reasonable in the circumstances.
Ringk j ø b in g Landb o b ank A /S Page 152
eport on the sustainability statement
Management is further responsible for the preparation of the sustainability statement, which includes the information
identified by the Process, in accordance with the Danish Financial Business Act chapter 13, including:
● compliance with the ESRS;
● preparing the disclosures as included in subsection EU taxonomy report within the environmental section of the
sustainability statement, in compliance with Article 8 of the Taxonomy Regulation;
● designing, implementing and maintaining such internal control that management determines is necessary to enable the
preparation of the sustainability statement that is free from material misstatement, whether due to fraud or error; and
● the selection and application of appropriate sustainability reporting methods and making assumptions and estimates
that are reasonable in the circumstances.
Inherent limitations in preparing the sustainability statement
In reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking
information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by
the Bank. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.
Auditor’s responsibilities for the assurance engagement
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the
sustainability statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance
report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the
sustainability statement as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and
maintain professional scepticism throughout the engagement.
Our responsibilities in respect of the Process include:
● Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the
Process, including the outcome of the Process;
● Considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and
●
Process, as disclosed in The process of double materiality assessment.
Our other responsibilities in respect of the sustainability statement include:
● Identifying where material misstatements are likely to arise, whether due to fraud or error; and
● Designing and performing procedures responsive to disclosures in the sustainability statement where material
misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
Summary of the work performed
A limited assurance engagement involves performing procedures to obtain evidence about the sustainability statement. The
nature, timing and extent of procedures selected depend on professional judgement, including the identification of
disclosures where material misstatements are likely to arise, whether due to fraud or error, in the sustainability statement.
In conducting our limited assurance engagement, with respect to the Process, we:
● Obtained an understanding of the Process by performing inquiries to understand the sources of the information used by
● Evaluated whether the evidence obtained from our procedures about the Process implemented by the Bank was
consistent with the description of the Process set out in Process for double materiality assessment.
In conducting our limited assurance engagement, with respect to the sustainability statement, we:
● sustainability statement
preparation of the sustainability statement but not evaluating the design of particular control activities, obtaining
evidence about their implementation or testing their operating effectiveness;
Ringk j ø b in g Landb o b ank A /S Page 153
eport on the sustainability statement
● Evaluated whether the information identified by the Process is included in the sustainability statement;
● Evaluated whether the structure and the presentation of the sustainability statement are in accordance with the ESRS;
● Performed inquiries of relevant personnel and analytical procedures on selected information in the sustainability
statement;
● Performed substantive assurance procedures on selected information in the sustainability statement;
● Where applicable, compared disclosures in the sustainability statement with the corresponding disclosures in the
financial statements
● Evaluated the methods, assumptions and data for developing estimates and forward-looking information and
● -eligible and taxonomy-aligned economic
activities and the corresponding disclosures in the sustainability statement.
Other Matter
The comparative information included in the sustainability statement of the Bank for the financial year 1 January - 31
December 2024 was not subject to an assurance engagement. Our conclusion is not modified in respect of this limitation of
scope.
Herning, 5 February 205
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR-nr. 33 77 12 31
Per Rolf Larssen
State Authorised Public Accountant
mne24822
Carsten Jensen
State Authorised Public Accountant
mne10954
Ringk j ø b in g Landb o b ank A /S Page 154
Environmental information
Financial statements
Page
155 Management statement
156
157
161 Statements of income and comprehensive income
161 Proposed distribution of profit
162 Balance sheet
164 Statement of changes in equity
165 Statement of capital
166 Overview of notes
167 Notes
217 Five-year key figures
219 Five-year key ratios
Ringk j ø b in g Landb o b ank A /S Page 155
Management statement
The board of directors and the general management have today discussed and approved the annual report of Ringkjøbing
Landbobank A/S for the financial year 1 January to 31 December 2024.
The annual report was prepared in accordance with statutory requirements, including the provisions of the Danish Financial
Business Act.
We consider the chosen accounting policies to be appropriate and the estimates made responsible, so that the financial
he
result of
description of the most important risks and uncertainties which can affect the bank.
To the best of our knowledge, the sustainability statement, which is part of the management's review, has been prepared in
accordance with Part 13 of the Danish Financial Business Act with the rules issued pursuant to that Act, including the
European Sustainability Reporting Standards (ESRS). To the best of our knowledge, also, the process followed by the
management to identify the information reported in the sustainability statement is
EU taxonomy reportin compliance with Article 8 of
The annual report for 2024 for the first time implements a sustainability statement in accordance with Part 13 of the Danish
Financial Business Act with respect to ESRS requirements. Clearer guidelines and practice in various areas are expected to
be issued in the coming years. The sustainability statement is also forward-looking, including objectives based on published
assumptions of events that may occur in the future and possible future actions by the bank. Actual outcomes are likely to be
different since anticipated events frequently do not occur as expected.
In our opinion, the annual report of Ringkjøbing Landbobank A/S for the financial year 1 January to 31 December 2024,
RILBA-2024-12-31-en is prepared, in all material respects, in compliance with the ESEF regulation.
The annual report is recommended for approval by the general meeting.
Ringkøbing, 5 February 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
Ringk j ø b in g Landb o b ank A /S Page 156
To the shareholders of Ringkjøbing Landbobank A/S
Auditor’s report on the financial statements
Opinion
liabilities and financial position at 31 December 2024, and of the results of the bank operations for the financial year 1
January to 31 December 2024 in accordance with the Danish Financial Business Act.
My opinion is consistent with my long-form audit report to the audit committee and the board of directors.
The audit
I have audited the financial statements for Ringkjøbing Landbobank A/S for the financial year 1 January to 31 December
2024, which comprise income statement and statement of comprehensive income, balance sheet, statement of changes in
equity, statement of capital and notes, including accounting policies, and five-year key figures and ratios. The financial
statements were prepared in accordance with the Danish Financial Business Act.
Financial Groups, and in accordance with international auditing standards regarding planning and performing the audit.
I have planned and performed the audit to obtain reasonable assurance that the financial statements are free from material
misstatement. I participated in the audit of all material and high-risk areas.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.
Statement on management review
Management is responsible for the management review.
My opinion on the financial statements does not cover the management review, and I express no form of assurance
conclusion on that review.
In connection with my audit of the financial statements, my responsibility is to read the management review and, in doing so,
consider whether it is materially inconsistent with the financial statements or with my knowledge obtained in the audit, or
otherwise appears to be materially misstated.
I also considered whether the management review includes the disclosures required by the Danish Financial Business Act.
This does not include the requirements of Part 13 of the Danish Financial Business Act with respect to sustainability
statements covered
Based on the work I have performed, in my view, the management review is in accordance with the financial statements and
has been prepared in accordance with the requirements of the Danish Financial Business Act except the requirements in
part 13 of the Act with respect to sustainability statements, see above.
I did not identify any material misstatement in the management review.
Ringkøbing, 5 February 2025
Henrik Haugaard
Chief internal auditor
Ringk j ø b in g Landb o b ank A /S Page 157
To the shareholders of Ringkjøbing Landbobank A/S
Auditor’s report on the financial statements
Opinion
In our opinion, the Financial Statements give a true and fair view of the financial position of the Bank at 31 December 2024,
and of the results of the Bank operations for the financial year 1 January to 31 December 2024 in accordance with the
Danish Financial Business Act.
-form Report to the Audit Committee and the Board of Directors.
What we have audited
December 2024 comprise the
income statement and statement of comprehensive income, the balance sheet, the statement of changes in equity, the
statement of capital and notes, including summary of significant accounting policies, and five-year financial high
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements
applicable in Denmark. Our responsibilities under those standards and
responsibilities for the audit of the Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark. We have also fulfilled our
other ethical responsibilities in accordance with these requirements and the IESBA Code.
To the best of our knowledge, no prohibited non-audit services as referred to in Article 5(1) of Regulation (EU) No 537/2014
have been provided.
Appointment
We were first appointed auditors of Ringkjøbing Landbobank A/S on 8 June 2018 for the financial year 2018. We have been
re-appointed annually by shareholder resolution for a total period of uninterrupted engagement of seven years up to and
including the 2024 financial year.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
Financial Statements for 2024. These matters were addressed in the context of our audit of the Financial Statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter
How our audit addressed the key audit matter
Loan impairment charges
Loans and advances are measured at amortised cost less
impairment charges.
Impairment of loans and advances constitutes
and advances at the balance sheet date. We refer to note
56 to the Financial Statements for a detailed description of
the accounting policies applied.
We reviewed and assessed the impairment charges
recognised in the income statement for 2024 and in the
balance sheet at 31 December 2024.
We carried out risk assessment procedures to gain an
understanding of IT systems, business practices and
relevant controls relating to the calculation of loan
impairment charges.
Ringk j ø b in g Landb o b ank A /S Page 158
Key audit matter
How our audit addressed the key audit matter
As a result of the geopolitical and macroeconomic
situation as reflected in the risk of a slowdown of the
economy, Management has recognised a significant
increase in loan impairment charges by way of an
of the geopolitical and macroeconomic situation on the
Bank's customers is largely undetermined, which implies
that the estimation uncertainty related to the calculation of
the indication of impairment is increased.
Since accounting estimates are inherently complex and
subjective, and thus subject to considerable estimation
uncertainty, loan impairment charges constitute a central
focus area.
The following areas are central to the calculation of loan
impairment charges:
• Determination of credit classification.
• Model-based impairment charges in stages 1 and 2,
•
registration of credit-impaired loans (stage 3) or loans
with significant increase in credit risk (stage 2).
• Most significant assumptions and estimates applied
by Management in the calculations of impairment
charges, including principles for the assessment of
(scenarios) and for the assessment of collateral value
of, for example, properties included in the calculations
of impairment.
•
at the balance sheet date as a result of possible
changes in conditions and which are not included in
the model-based calculations or individually assessed
impairment charges (management estimate), including
in particular the impact of the geopolitical and
We refer to
s the Financial Statements which
show factors that may affect the impairment of loans and
advances.
We assessed whether the controls have been designed and
implemented to effectively address the risk of material
misstatement. Selected controls, which we planned to rely
on, were tested to check whether they had been carried out
on a consistent basis.
We assessed the impairment model applied, prepared by
the data centre Bankdata, and its use, including the division
of responsibilities between Bankdata and the Bank.
-
based impairment charges in stages 1 and 2, including
adaptation of model variables to own issues.
methods applied for the calculation of expected credit
losses as well as the procedures designed to ensure that
credit-impaired loans in stage 3 and underperforming loans
in stage 2 are identified and recorded on a timely basis.
We assessed and tested the principles applied by the Bank
for the determination of impairment scenarios and for the
measurement of collateral value of, for example, properties
included in the calculations of impairment of credit-
impaired loans and advances, and loans and advances that
are significantly underperforming (underperforming loans
in stage 2).
We tested a sample of credit-impaired loans in stage 3 and
underperforming loans in stage 2 by testing the
calculations of impairment charges and applied data to
underlying documentation.
We tested a sample of other loans by making an
assessment of stage and credit classification. This
included samples of large loans as well as loans with
generally increased exposure.
We reviewed and challenged the material assumptions
losses not included in the model-based calculations or
individually assessed impairment charges based on our
knowledge of the portfolio, the sectors and current market
conditions. We focused specifically on the Bank's
calculation of management estimates for hedging of
expected credit losses as a result of the geopolitical and
macroeconomic situation.
We assessed whether the factors which may affect loan
impairment charges had been disclosed appropriately.
Ringk j ø b in g Landb o b ank A /S Page 159
Statement on management review
Management is responsible for the management review.
assurance conclusion thereon as part of our audit.
in the audit, or otherwise appears to be materially misstated.
Act. This does not include the requirements in Part 13 of the Danish Financial Business Act regarding sustainability
statements covered by the separate limited assurance report thereon.
and has been prepared in accordance with the requirements of the Danish Financial Business Act except the requirements in
Part 13 of the Act with respect to sustainability statements, see above. We did not identify any material misstatement in
Management’s responsibilities for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the
Danish Financial Business Act and for such internal control as Management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the Financial Statements, Management is responsible for
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in
preparing the Financial Statements unless Management either intends to liquidate the Bank or to cease operations, or has
no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material
assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the
additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these Financial Statements.
As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by Management.
•
Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cas
Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
Ringk j ø b in g Landb o b ank A /S Page 160
to cease to continue as a going concern.
• Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and
whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and
fair view.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and, where applicable, safeguards in place or measures taken to eliminate threats.
Based on the matters communicated with those charged with governance, we determine those matters that were of the
most significance in our audit of the Financial Statements for the current period, and which thus constitute key audit
matters. We describe th
matter.
Report on compliance with the ESEF Regulation
As part of our audit of the Financial Statements of Ringkjøbing Landbobank A/S, we have performed procedures for the
purpose of expressing an opinion as to whether the Annual Report for the financial year 1 January to 31 December 2024,
with the file name RILBA-2023-12-31-da.xhtml, has been prepared in accordance with the Commission Delegated Regulation
(EU) 2019/815 on the single electronic reporting format (the ESEF Regulation), which requires the preparation of an annual
report in XHTML format.
Management is responsible for preparing an annual report in compliance with the ESEF Regulation, including the preparation
of an annual report in XHTML format.
Based on the evidence obtained, our responsibility is to obtain reasonable assurance whether the Annual Report, in all
material respects, has been prepared in accordance with the ESEF Regulation, and to express an opinion. Our procedures
include verifying whether the Annual Report has been prepared in XHTML format.
In our opinion, the Annual Report of Ringkjøbing Landbobank A/S for the financial year 1 January to 31 December 2023, with
the file name RILBA-2024-12-31-da.xhtml, has, in all material respects, been prepared in accordance with the ESEF
Regulation.
Herning, 5 February 2025
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR no 33 77 12 31
Per Rolf Larssen
State Authorised Public Accountant
mne24822
Carsten Jensen
State Authorised Public Accountant
mne10954
Ringk j ø b in g Landb o b ank A /S Page 161
Statements of income and comprehensive income
Note
no.
2024
DKK 1,000
2023
DKK 1,000
1
Interest income
3,783,746
3,325,508
2
Interest expenses
1,091,746
785,976
Net interest income
2,692,000
2,539,532
3
Dividends from shares etc.
118,788
90,214
4
Fee and commission income
1,133,604
1,029,411
4
Fee and commission expenses
106,765
93,419
Net interest and fee income
3,837,627
3,565,738
5
Value adjustments
+284,706
+253,354
Other operating income
7,305
5,829
6,7,8,9
Staff and administration expenses
1,008,206
939,121
10
Amortisation, depreciation and write-downs on intangible and
tangible assets
44,479
33,377
Other operating expenses
10,618
10,044
11
Impairment charges for loans and other receivables etc.
+2,801
-5,792
Results from investments in associated companies and subsidiaries
-3
+84
Profit before tax
3,069,133
2,836,671
12
Tax
768,287
681,449
Net profit for the year
2,300,846
2,155,222
Other comprehensive income
0
0
Total comprehensive income for the year
2,300,846
2,155,222
2024
DKK 1,000
2023
DKK 1,000
Total comprehensive income for the year
2,300,846
2,155,222
Total amount available for distribution
2,300,846
2,155,222
Appropriated for ordinary dividend
293,774
274,913
Appropriated for charitable purposes
2,000
2,000
Transfer to net revaluation reserve under the equity method
-3
+84
Transfer to retained earnings
2,005,075
1,878,225
Total distribution of the amount available
2,300,846
2,155,222
Proposed distribution of profit
Ringk j ø b in g Landb o b ank A /S Page 162
Balance sheet
Note
no.
31 December
2024
DKK 1,000
31 December
2023
DKK 1,000
Assets
Cash in hand and demand deposits with central banks
5,844,446
4,913,795
13
Receivables from credit institutions and central banks
251,577
243,490
14,15
Total loans and other receivables at amortised cost
55,837,006
50,880,954
16
Bonds at fair value
6,015,535
8,126,555
17
Shares etc.
1,534,566
1,470,945
Investments in associated companies
465
485
Investments in subsidiaries
12,080
12,063
18
Assets linked to pooled schemes
7,126,019
5,845,400
19
Intangible assets
992,652
1,012,161
20
Total land and buildings
210,972
214,031
Investment properties
829
3,667
Domicile properties
189,470
194,684
Domicile properties (leasing)
20,673
15,680
21
Other tangible assets
16,949
16,140
Current tax assets
77,732
42,753
22
Deferred tax assets
19,492
20,006
Temporary assets
100
350
23
Other assets
674,037
702,186
Prepayments
19,558
18,326
Total assets
78,633,186
73,519,640
Ringk j ø b in g Landb o b ank A /S Page 163
Balance sheet
Note
no.
31 December
2024
DKK 1,000
31 December
2023
DKK 1,000
Liabilities and equity
24
Debt to credit institutions and central banks
2,287,890
2,209,887
Total deposits and other debt
56,651,758
52,626,495
25
Deposits and other debt
49,525,739
46,781,095
18
Deposits in pooled schemes
7,126,019
5,845,400
26
Issued bonds at amortised cost
5,718,268
5,063,778
Preferred senior capital
1,383,980
2,251,655
Non-preferred senior capital
4,334,288
2,812,123
27
Other liabilities
1,085,016
1,042,253
Deferred income
126
240
Total debt
65,743,058
60,942,653
15
Provisions for losses on guarantees
35,553
60,025
15
Other provisions for liabilities
24,696
26,648
Total provisions for liabilities
60,249
86,673
Tier 2 capital
1,795,609
2,039,110
28
Total subordinated debt
1,795,609
2,039,110
29
Share capital
26,707
27,491
Net revaluation reserve under the equity method
472
475
Retained earnings
10,711,317
10,146,325
Proposed dividend etc.
295,774
276,913
Total shareholders’ equity
11,034,270
10,451,204
Total liabilities and equity
78,633,186
73,519,640
Ringk j ø b in g Landb o b ank A /S Page 164
Statement of changes in equity
DKK 1,000
Share
capital
Net revaluation
reserve under the
equity method
Retained
earnings
Proposed
dividend
etc.
Total share-
holders’
equity
2023
Shareholders’ equity at the end of the previous
financial year
28,380
391
9,065,333
200,658
9,294,762
Comprehensive income
Net profit for the year
84
1,878,225
276,913
2,155,222
Total comprehensive income
0
84
1,878,225
276,913
2,155,222
Transactions with shareholders
Reduction of share capital
-889
889
0
Dividend etc. paid
-200,658
-200,658
Dividend received on own shares
6,714
6,714
Purchase of own shares
-1,801,436
-1,801,436
Sale of own shares
973,032
973,032
Other equity transactions (employee shares)
23,568
23,568
Total transactions with shareholders
-889
0
-797,233
-200,658
-998,780
Shareholders’ equity on the balance sheet date
27,491
475
10,146,325
276,913
10,451,204
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
Ringk j ø b in g Landb o b ank A /S Page 165
Statement of capital
31 December
2024
DKK 1,000
31 December
2023
DKK 1,000
Credit risk
47,080,974
41,658,951
Market risk
1,469,899
1,532,667
Operational risk
6,572,588
5,541,119
Total risk exposure
55,123,461
48,732,737
11,034,270
10,451,204
Proposed dividend etc.
-295,774
-276,913
Addition for IFRS 9 transitional arrangements
214,562
359,171
Deduction for insufficient coverage of non-performing exposures
-20,477
-5,680
Deduction for the sum of equity investments etc. above 10%
-137,773
-188,016
Deduction for prudent valuation
-15,237
-16,095
Deduction for intangible assets
-992,652
-1,012,162
Deferred tax on intangible assets
11,804
15,629
Deferred tax assets
-31,296
-35,634
Deduction of amount of share buyback programme
-2,025,000
-770,000
Actual utilisation of amount of share buyback programme
1,434,685
749,299
Deduction for trading limit for own shares
-15,000
-15,000
Actual utilisation of the trading limit for own shares
36
0
Deduction for indirect ownership of own shares
-27,718
-30,623
Common equity tier 1
9,134,430
9,225,180
Tier 1 capital
9,134,430
9,225,180
Tier 2 capital
1,795,609
2,040,628
Deduction for the sum of equity investments etc. above 10%
-42,073
-78,297
Total capital
10,887,966
11,187,511
Non-preferred senior capital
4,407,393
2,909,546
MREL subordinated capital
15,295,359
14,097,057
Contractual senior funding
596,796
-
MREL capital
15,892,155
14,097,057
Common equity tier 1 capital ratio
16.6
18.9
Tier 1 capital ratio
16.6
18.9
Total capital ratio
19.8
23.0
MREL subordination ratio
27.7
-
MREL capital ratio
28.8
28.9
Pillar I capital requirements
4,409,877
3,898,619
Subordination requirement (%) - fixed by the Danish FSA
22.8
-
Excess cover in percentage points relative to the subordination requirement
4.9
-
MREL requirement (%) fixed by the Danish FSA
18.9
17.9
Excess cover in percentage points relative to MREL requirement
9.9
11.0
MREL requirement (%) fixed by the Danish FSA including buffers
24.4
22.9
Excess cover in percentage points relative to MREL requirement including buffers
4.4
6.0
Ringk j ø b in g Landb o b ank A /S Page 166
Overview of notes
Overview of notes
Page
1 Interest income 167
2 Interest expenses 167
3 Dividends from shares etc. 167
4 Fees and commission 167
5 Value adjustments 168
6 Staff and administration expenses 168
7 Number of full-time employees 169
8 Salaries paid to other major risk-takers and employees in control functions 169
9 Fees to the auditor elected by the annual general meeting 169
10 Amortisation, depreciation and write-downs on intangible and tangible assets 169
11 Impairment charges for loans and other receivables etc. 170
12 Tax 170
13 Receivables from credit institutions and central banks 171
14 Loans and other receivables at amortised cost 171
15 Impairment charges for loans and other receivables etc. 171
16 Bonds at fair value 173
17 Shares etc. 173
18 Assets linked to pooled schemes 173
19 Intangible assets 174
20 Land and buildings 175
21 Other tangible assets 175
22 Deferred tax assets 176
23 Other assets 176
24 Debt to credit institutions and central banks 176
25 Deposits and other debt 177
26 Issued bonds at amortised cost 177
27 Other liabilities 177
28 Subordinated debt 178
29 Share capital 178
30 Own shares 179
31 Contingent liabilities etc. 179
32 Assets furnished as security 179
33 Contractual obligations 180
34 Legal proceedings etc. 180
35 Related parties 180
36 Fair value of financial instruments 182
37 Hedging 184
38 Risks and risk management 185
39 Credit risks 186
40 Market risks 196
41 Foreign exchange risks 196
42 Interest rate risks 197
43 Share price risks 198
44 Value at Risk 199
45 Property risks 200
46 Liquidity risks 201
47 Non-financial risks 203
48 Derivative financial instruments 205
49 Accounting estimates and judgments 207
50 Accounting policies etc. 208
Ringk j ø b in g Landb o b ank A /S Page 167
Notes
Note
no.
2024
DKK 1,000
2023
DKK 1,000
1
Interest income
Receivables from credit institutions and central banks
141,499
121,484
Loans and other receivables
3,391,881
3,008,420
Discounts - amortisation concerning loans taken over etc.
0
4,506
Loans - interest on the impaired part of loans
-57,641
-63,594
Bonds
296,640
235,514
Total derivative financial instruments
9,559
18,614
of which currency contracts - net
-14,782
8,251
of which interest-rate contracts - net
24,341
10,363
Other interest income
1,808
564
Total interest income
3,783,746
3,325,508
of which interest income from collateralised repurchase agreements/reverse
repo transactions booked under the item
3,214
5,800
2
Interest expenses
Credit institutions and central banks
20,409
36,453
Deposits and other debt
725,999
476,184
Issued bonds
226,966
177,930
Subordinated debt
111,568
94,645
Other interest expenses
6,804
764
Total interest expenses
1,091,746
785,976
3
Dividends from shares etc.
Shares
118,788
90,214
Total dividends from shares etc.
118,788
90,214
4
Fees and commission
Gross fee and commission income
Securities trading
204,350
171,585
Asset management and custody accounts
256,569
233,776
Payment handling
188,875
176,097
Loan fees
81,653
86,870
Guarantee commission and mortgage credit commission etc.
276,163
248,293
Pension and insurance commission
85,867
76,795
Other fees and commission
40,127
35,995
Total gross fee and commission income
1,133,604
1,029,411
Fee and commission expenses
Securities trading
15,073
13,204
Asset management and custody accounts
17,924
15,442
Payment handling
57,102
50,303
Loan fees
9,518
7,792
Other fees and commission
7,148
6,678
Total fee and commission expenses
106,765
93,419
Ringk j ø b in g Landb o b ank A /S Page 168
Notes
Note
no.
2024
DKK 1,000
2023
DKK 1,000
5
Value adjustments
Other loans and receivables, fair value adjustment*
3,980
8,835
Bonds*
76,410
107,217
Shares etc.
141,492
110,006
Investment properties
6,112
0
Foreign exchange
87,213
77,192
Total derivative financial instruments*
10,945
18,468
of which currency contracts
23,282
24,727
of which interest-rate contracts
-12,204
-6,261
of which share contracts
-133
2
Assets linked to pooled schemes
658,655
507,479
Deposits in pooled schemes
-658,655
-507,479
Issued bonds etc.*
-33,476
-58,354
Debt to credit institutions*
-7,970
-10,010
Total value adjustments
284,706
253,354
Value adjustments for the year relating to the fair value hedging accounts are
distributed as follows:
Other loans and receivables, fair value adjustment
4,010
10,445
Bonds
530
8,172
Currency contracts
25,451
27,868
Interest-rate contracts
11,454
21,878
Issued bonds
-33,476
-53,917
Tier 2 capital
0
-4,436
Debt to credit institutions
-7,969
-10,010
Total value adjustment for hedging
0
0
* See also note 37.
6
Staff and administration expenses
committee:
General management (4/4 persons):
Salary
20,294
18,948
Pension
3,251
2,820
Total payments
23,545
21,768
The total taxable values of company cars amounting to tDKK 705 in
2024 and tDKK 630 in 2023 are not included in the salary amounts
stated.
Board of directors (12/13 persons):
Total payments
5,380
5,665
Shareholders' committee (41/41 persons):
Total payments
980
978
Total
29,905
28,411
Staff expenses:
Salaries
441,654
406,093
Pensions
49,127
46,464
Social security expenses
5,737
6,053
Costs depending on number of staff
77,077
69,970
Total
573,595
528,580
Other administration expenses
404,706
382,130
Total staff and administration expenses
1,008,206
939,121
Information on the remuneration paid to the individual members of the board of directors and general management is
www.landbobanken.dk/policies
Ringk j ø b in g Landb o b ank A /S Page 169
Notes
Note
no.
2024
DKK 1,000
2023
DKK 1,000
7
Number of full-time employees
Average number of employees during the financial year converted into full-
time equivalent (FTE)
664
653
Number of full-time employees (FTE) at the end of the period
665
661
8
Salaries paid to other major risk-takers and employees in
control functions
Fixed salary
21,877
18,826
Variable salary
530
385
Pension
2,455
2,141
Total
24,862
21,352
Number of full-time employees (FTE) at the end of the year
21
21
9
Fee to the auditor elected by the general meeting
Statutory audit
972
956
Other assurance engagements (statutory reports etc.)
266
115
Total for statutory audit and statutory reports etc.
1,238
1,071
Advice on tax
77
89
Other services
248
449
Total non-audit services
325
538
Total fee to the auditor elected by the general meeting
1,563
1,609
Fees for other assurance engagements primarily concern reports to public authorities and others.
Fees for
verification of regular recognition of profit in common equity tier 1.
The bank also has an internal auditor.
10
Amortisation, depreciation and write-downs on intangible and
tangible assets
Intangible assets
Customer relationships, amortisation
19,509
19,509
Total intangible assets
19,509
19,509
Tangible assets
Domicile properties, depreciation
1,165
1,212
Domicile properties, write-down to reassessed value (net)
0
-1,000
Domicile properties (leasing), depreciation
5,422
5,184
Other tangible assets, depreciation
18,280
8,368
Other tangible assets (leasing), depreciation
103
104
Total tangible assets
24,970
13,868
Total amortisation, depreciation and write-downs on intangible and tangible
assets
44,479
33,377
Ringk j ø b in g Landb o b ank A /S Page 170
Notes
Note
no.
2024
DKK 1,000
2023
DKK 1,000
11
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
39,957
32,418
Actual realised net losses
14,883
36,968
Interest on the impaired part of loans
-57,641
-63,594
Total impairment charges for loans and other receivables etc.
-2,801
5,792
12
Tax
Tax calculated on income for the year including factor increase
759,851
675,491
Adjustment of deferred tax for the year
3,355
4,127
Adjustment of deferred tax due to change in tax rate (factor increase)
0
-616
Adjustment of tax calculated for previous years
5,081
2,447
Total tax
768,287
681,449
Effective tax rate (%):
Tax rate currently paid by the bank
22.0
22.0
Factor increase (extra tax imposed on financial undertakings)
4.0
3.2
Non-taxable income and non-deductible costs*
-1.2
-1.3
Adjustment of tax calculated for previous years
0.2
0.1
Total effective tax rate
25.0
24.0
* Primarily value adjustment of and dividends from sector shares.
Ringk j ø b in g Landb o b ank A /S Page 171
Notes
Note
no.
31 Dec. 2024
DKK 1,000
31 Dec. 2023
DKK 1,000
13
Receivables from credit institutions and central banks
On demand
251,577
243,490
Total receivables from credit institutions and central banks
251,577
243,490
Distributed as follows:
Receivables from credit institutions
251,577
243,490
14
Loans and other receivables at amortised cost*
On demand
11,233,326
7,978,024
Up to and including 3 months
2,129,418
2,968,599
More than 3 months and up to and including 1 year
11,372,041
10,578,051
More than 1 year and up to and including 5 years
13,705,681
12,396,714
More than 5 years
17,396,540
16,959,566
Total loans and other receivables at amortised cost
55,837,006
50,880,954
of which collateralised repurchase agreements/reverse repo transactions
0
145,682
* See also notes 5 and 37.
15
Impairment charges for loans and other receivables and provisions for losses on guarantees,
unutilised credit facilities and credit 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
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
35,553
Unutilised credit facilities and credit 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
2023
Loans and other receivables at amortised cost
381,396
1,034,615
831,905
2,247,916
Guarantees
5,336
13,548
41,141
60,025
Unutilised credit facilities and credit undertakings
12,519
14,129
0
26,648
Total impairment charges and provisions by stages
399,251
1,062,292
873,046
2,334,589
of which management estimates**
257,186
493,756
199,026
949,968
* Including credit-impaired on initial recognition
** See the description of distribution by stages on pages 192 - 194.
31 Dec. 2024
31 Dec. 2023
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
100,852
155,343
Changes during the year
-27,215
-54,491
Total stage 3 impairment charges and provisions taken over
73,637
100,852
Ringk j ø b in g Landb o b ank A /S Page 172
Notes
Note
no.
15
Impairment charges for loans and other receivables and provisions for losses on guarantees,
unutilised credit facilities and credit undertakings - continued
Impairment charges and provisions by stages
Stage 1
Stage 2
Stage 3
Total
Impairment
charges etc.
taken to
income
statement
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
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 year, 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 year to stage 1
207,564
-187,450
-20,114
0
0
Migration of impairment charges and
provisions at beginning of year to stage 2
-30,746
130,014
-99,268
0
0
Migration of impairment charges and
provisions at beginning of year 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
2023
Impairment charges and provisions at the end
of the previous financial year
226,760
1,040,582
1,034,829
2,302,171
-
Impairment charges and provisions for new
exposures during the year, including new
accounts for existing customers
115,671
75,989
86,003
277,663
277,663
Reversed impairment charges and provisions
for repaid accounts
-51,074
-169,305
-72,303
-292,682
-292,682
Migration of impairment charges and
provisions at beginning of year to stage 1
236,583
-233,187
-3,396
0
-
Migration of impairment charges and
provisions at beginning of year to stage 2
-14,914
68,415
-53,501
0
-
Migration of impairment charges and
provisions at beginning of year to stage 3
-361
-51,408
51,769
0
-
Impairment charges and provisions during the
year resulting from credit risk change
-113,414
331,206
-106,475
111,317
111,317
Previously written down, now definitively lost
-
-
-63,880
-63,880
-
Lost, not previously written down
-
-
-
-
9,305
Received on claims previously written off
-
-
-
-
-36,217
Interest on the impaired part of loans
-
-
-
-
-63,594
Total impairment charges and provisions
399,251
1,062,292
873,046
2,334,589
5,792
of which regarding credit institutions etc.
593
0
0
593
202
Ringk j ø b in g Landb o b ank A /S Page 173
Notes
Note
no.
31 Dec. 2024
DKK 1,000
31 Dec. 2023
DKK 1,000
16
Bonds at fair value
Government bonds
0
367,089
Mortgage credit bonds
4,134,116
6,246,164
Corporate bonds etc.
1,881,419
1,513,302
Total bonds at fair value
6,015,535
8,126,555
Bonds at fair value by rating classes
Percent
Percent
Aaa/AAA
69
82
A1/A+
0
1
A2/A
5
1
A3/A-
1
3
Baa1/BBB+
1
1
Baa2/BBB
4
2
Not rated
20
10
Total
100
100
The percentage of unrated bonds increased in 2024 due to a decrease in the total bond portfolio and a small increase
in the holding of corporate bonds.
Ratings from the credit
specification. If an issue has more than one rating, the lowest is used.
17
Shares etc.
Listed on Nasdaq Copenhagen
56,053
45,377
Investment fund certificates
1,755
8,911
Unlisted shares at fair value
12,002
11,339
Sector shares at fair value
1,464,756
1,405,318
Total shares etc.
1,534,566
1,470,945
18
Assets linked to pooled schemes
Cash deposits
172,766
136,038
Bonds:
Other bonds
1,521,856
1,532,816
Total bonds
1,521,856
1,532,816
Shares:
Other shares
378,223
541,782
Investment fund certificates
5,053,174
3,634,764
Total shares
5,431,397
4,176,546
Total assets linked to pooled schemes
7,126,019
5,845,400
Ringk j ø b in g Landb o b ank A /S Page 174
Notes
Note
no.
31 Dec. 2024
DKK 1,000
31 Dec. 2023
DKK 1,000
19
Intangible assets
Goodwill
Cost at the end of the previous financial year
923,255
923,255
Total cost on the balance sheet date
923,255
923,255
Total goodwill on the balance sheet date
923,255
923,255
Customer relationships
Cost at the end of the previous financial year
195,088
195,088
Total cost on the balance sheet date
195,088
195,088
Amortisation at the end of the previous financial year
106,182
75,180
Amortisation for the year
19,509
19,509
Write-downs for the year
0
11,493
Total amortisation on the balance sheet date
125,691
106,182
Total customer relationships on the balance sheet date
69,397
88,906
Total intangible assets on the balance sheet date
992,652
1,012,161
Goodwill was impairment-tested at the end of 2024. The impairment test did not result in any write-downs.
opening value for calculating the sensitivity. The tax rate is expected to be unchanged throughout the period. Using
ee cash flows were used. A
The robustness of the model is tested in sensitivity analyses where the required rate of return, changes in growth rate
respect of the relevant scenarios chosen.
market value was approximately 2.9 times the equity value.
Ringk j ø b in g Landb o b ank A /S Page 175
Notes
Note
no.
31 Dec. 2024
DKK 1,000
31 Dec. 2023
DKK 1,000
20
Land and buildings
Investment properties
Fair value at the end of the previous financial year
3,667
3,667
Disposals during the year
-7,390
0
-downs for the year and reversal of total
depreciation and write-downs on assets which were disposed of or
decommissioned during the year
4,552
0
Fair value on the balance sheet date
829
3,667
Domicile properties
Revalued amount at the end of the previous financial year
194,684
196,048
Disposals during the year
-4,194
-1,387
Depreciation for the year
-1,165
-1,212
Reversal of previous -downs for the year and reversal of total
depreciation and write-downs on assets which were disposed of or
decommissioned during the year
145
1,235
Total revalued amount on the balance sheet date
189,470
194,684
Domicile properties (leasing)
Recognised amount at the end of the previous financial year
15,680
20,864
Additions on reassessment of lease terms
10,415
0
Depreciation for the year
-5,422
-5,184
Total recognised amount on the balance sheet date
20,673
15,680
When valuing investment and domicile properties, a required rate of return between 6% and 10% is applied.
No external experts were involved in the valuations of investment and domicile properties.
21
Other tangible assets
Cost at the end of the previous financial year without depreciation and write-
downs
100,576
92,387
Additions during the year, including improvements
19,565
10,359
Disposals during the year
-1,324
-2,170
Total cost on the balance sheet date
118,817
100,576
Depreciation and write-downs at the end of the previous financial year
84,436
77,656
Depreciation for the year
18,383
8,472
-downs for the year and reversal of total
depreciation and write-downs on assets which were disposed of or
decommissioned during the year
-951
-1,692
Total depreciation and write-downs on the balance sheet date
101,868
84,436
Total other tangible assets on the balance sheet date
16,949
16,140
The bank is a lessee under leases for other tangible assets, which are
recognised at
0
103
Ringk j ø b in g Landb o b ank A /S Page 176
Notes
Note
no.
31 Dec. 2024
DKK 1,000
31 Dec. 2023
DKK 1,000
22
Deferred tax assets
The calculated provisions for deferred tax relate to the following balance
sheet items:
Loans and other receivables
5,964
6,871
Securities and financial instruments
10,323
10,312
Intangible assets
-11,804
-15,629
Tangible assets
6,544
8,330
Other balance sheet items
8,465
10,122
Total deferred tax assets
19,492
20,006
Deferred tax assets, beginning of year
20,006
23,033
Adjustment of amount at beginning of year (transferred to current tax)
2,841
484
Deferred tax for the year
-3,355
-4,127
Adjustment of deferred tax due to change in tax rate (factor increase)
0
616
Total deferred tax assets
19,492
20,006
Deferred tax is calculated at a tax rate of (%)
26.0
26.0
23
Other assets
Interest and commission receivable
197,459
220,273
Positive market value of derivative financial instruments
87,642
102,316
Collateral under CSA agreements
203,165
157,872
Miscellaneous debtors and other assets
130,637
171,844
Other deposits
55,134
49,881
Total other assets
674,037
702,186
24
Debt to credit institutions and central banks*
On demand
838,399
849,133
Up to and including 3 months
0
12,980
More than 3 months and up to and including 1 year
771,177
556,329
More than 1 year and up to and including 5 years
351,595
395,902
More than 5 years
326,719
395,543
Total debt to credit institutions and central banks
2,287,890
2,209,887
* See also notes 5 and 37.
Distributed as follows:
Debt to credit institutions
2,287,890
2,209,887
Ringk j ø b in g Landb o b ank A /S Page 177
Notes
Note
no.
31 Dec. 2024
DKK 1,000
31 Dec. 2023
DKK 1,000
25
Deposits and other debt
On demand*
35,249,399
33,012,187
Deposits and other debt with notice:
Up to and including 3 months
5,152,534
4,572,111
More than 3 months and up to and including 1 year
4,155,377
3,049,221
More than 1 year and up to and including 5 years
1,585,896
2,895,405
More than 5 years
3,382,533
3,252,171
Total deposits and other debt
49,525,739
46,781,095
of which deposits covered by the Guarantee Fund (%)
54.6
56.0
Distributed as follows:
On demand
35,508,509
34,115,670
With notice
5,857,294
4,630,822
Time deposits
2,755,455
3,168,922
Long-term deposit agreements
2,323,590
1,663,875
Special types of deposits*
3,080,891
3,201,806
49,525,739
46,781,095
* Special types of deposits are entered under the item “Demand” pending payment whereas, in the specification of the
different types of deposits, the sum is included under “Special types of deposit”.
26
Issued bonds at amortised cost*
Up to and including 3 months
649,976
372,647
More than 3 months and up to and including 1 year
149,442
728,180
More than 1 year and up to and including 5 years
3,694,098
3,562,256
More than 5 years
1,224,752
400,695
Total issued bonds at amortised cost
5,718,268
5,063,778
Distributed as follows:
Preferred senior capital
1,395,995
2,289,649
Adjustment to amortised cost and fair value adjustment
-12,015
-37,994
Total preferred senior capital
1,383,980
2,251,655
Non-preferred senior capital
4,409,296
2,911,643
Adjustment to amortised cost and fair value adjustment
-75,008
-99,520
Total non-preferred senior capital
4,334,288
2,812,123
Total issued bonds at amortised cost
5,718,268
5,063,778
* See also notes 5 and 37.
27
Other liabilities
Interest and commission payable
132,937
159,835
Negative market value of derivative financial instruments
266,313
270,799
Collateral under CSA agreements
3,770
10,270
Miscellaneous creditors and other liabilities
681,996
601,349
Total other liabilities
1,085,016
1,042,253
Ringk j ø b in g Landb o b ank A /S Page 178
Notes
Note
no.
31 Dec. 2024
DKK 1,000
31 Dec. 2023
DKK 1,000
28
Subordinated debt
Type
Interest
rate
Currenc
y
Millio
n
Due date
Possible early
repayment date
Tier 2 capital
1
Bond loan
2
Floating
DKK
300
13 June 2030
13 June 2025
300,000
300,000
Bond loan
3
Floating
EUR
100
22 Aug. 2029
22 Aug. 2024
-
745,295
Bond loan
4
Floating
DKK
500
11 Jan. 2032
11 Jan. 2027
500,000
500,000
Bond loan
5
Floating
DKK
500
1 Sep. 2033
1 Sep. 2028
500,000
500,000
Bond loan
6
Floating
DKK
500
22 Jan. 2035
22 Jan. 2030
500,000
-
Total tier 2 capital
1,800,000
2,045,295
Adjustment to amortised cost and fair value adjustment
-4,391
-6,185
Total subordinated debt
1,795,609
2,039,110
1
See also notes 5 and 37.
2
Issued on 13 June 2018. The interest rate is a floating rate corresponding to the Cibor 6M plus 1.85% p.a. Interest
expenses etc. - 2024: tDKK 17,631 / 2023: tDKK 16,255. Costs of raising loan: tDKK 1,500
3
Issued on 22 August 2019. The interest rate is a floating rate corresponding to the Euribor 3M plus 1.75% p.a. Interest
expenses etc. - 2024: tDKK 27,764 / 2023: tDKK 38,635. Costs of raising loan: tDKK 2,462
4
Issued on 11 October 2021. The interest rate is a floating rate corresponding to the Euribor 3M plus 1.10% p.a. Interest
expenses etc. - 2024: tDKK 24,430 / 2023: tDKK 24,232. Costs of raising loan: tDKK 1,750
5
Issued on 1 September 2023. The interest rate is a floating rate corresponding to the Cibor 6M plus 2.00% p.a. Interest
expenses etc. - 2024: tDKK 30,442 / 2023: tDKK 10,546. Costs of raising loan: tDKK 5,000
6
Issued on 31 July 2024. The interest rate is a floating rate corresponding to the Cibor 3M plus 2.00% p.a. Interest
expenses etc. - 2024: tDKK 11,301.
29
Share capital
Number of DKK 1 shares:
Beginning of year
27,491,339
28,379,666
Cancellation during the year
-784,600
-888,327
End of year
26,706,739
27,491,339
of which reserved for subsequent cancellation
1,231,207
758,610
Total share capital
26,707
27,491
The whole share capital has been admitted for listing on Nasdaq Copenhagen.
Ringk j ø b in g Landb o b ank A /S Page 179
Notes
Note
no.
31 Dec. 2024
DKK 1,000
31 Dec. 2023
DKK 1,000
30
Own shares
Own shares included in the balance sheet at
0
0
Market value
1,482,409
752,162
Number of own shares:
Beginning of year
758,610
826,527
Purchase during the year
2,154,961
1,824,656
Sale during the year
-897,734
-1,004,246
Cancellation during the year
-784,600
-888,327
End of year
1,231,237
758,610
of which reserved for subsequent cancellation
1,231,207
758,610
Nominal value of holding of own shares, end of year
1,231
759
Beginning of year
2.8
2.9
Purchase during the year
8.1
6.7
Sale during the year
-3.4
-3.6
Cancellation during the year
-2.9
-3.2
End of year
4.6
2.8
The purchases and sales of own shares during the year were effected
shares and share buyback programmes.
31
Contingent liabilities etc.
Contingent liabilities
Financial guarantees
3,379,319
2,038,132
Guarantees against losses on mortgage credit loans
1,305,931
1,821,326
Registration and refinancing guarantees
1,878,117
1,863,058
Sector guarantees
108,764
105,830
Other contingent liabilities
525,926
636,445
Total contingent liabilities
7,198,057
6,464,791
Other contractual obligations
Irrevocable credit undertakings
133,700
328,148
Total other contractual obligations
133,700
328,148
32
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
703,497
809,752
Pledged to Danmarks Nationalbank as collateral for clearing etc.:
Balance in current account with Danmarks Nationalbank
35,531
17,674
Collateral under CSA agreements etc.
203,165
157,872
Ringk j ø b in g Landb o b ank A /S Page 180
Notes
Note
no.
33
Contractual obligations
The following information is provided on material contractual obligations:
• The bank is a member of the association Bankdata. If the bank terminates its membership, it is liable to pay an
exit charge.
• Like the rest of the Danish banking sector, the bank has an obligation to make payments to the Guarantee Fund
and the Resolution Fund if requested to do so.
34
Legal proceedings etc.
The bank is not party to legal proceedings expected to result in major losses and therefore in substantial alteration of
the accounts.
35
Related parties
Persons comprised and definition
Related parties comprise both physical and legal persons who or which have a controlling interest in or control the
bank.
The bank has no owners, including legal persons which have a controlling or significant interest in, or control over, the
bank.
related parties.
nomination committee.
The bank also has a subsidiary, the forestry company Sæbygård Skov A/S, and an associated company Tarm Plantage
ApS.
Transactions with related parties
There were no transactions with the subsidiary, associated company, members of the board of directors and general
management or their related parties in 2024 except
•
management,
• securities trading,
• deposit activities,
• loans and provision of collateral security, and
• other day-to-day banking business.
All transactions during the year with related parties were on market terms or on at cost.
Information on the remuneration paid to the board of directors and general management is given in note 6 and the
remuneration report for 2024.
directors and general management, the collateral security received, and shareholdings is given in this note. The
Ringk j ø b in g Landb o b ank A /S Page 181
Notes
Note
no.
31 Dec. 2024
DKK 1,000
31 Dec. 2023
DKK 1,000
35
Related parties - continued
Amounts of loans, mortgages, sureties or guarantees provided to the
members of the bank’s organs:
Board of directors, including members elected by the employees
26,034
20,456
Interest rate (%)
4.06 - 9.45
4.74 - 10.15
General management
1,330
1,330
Interest rate (%)
6.06 - 9.26
6.74 - 9.94
New exposures during the year have been granted for a net
22,030
1,840
All exposures are on market terms, including both interest and guarantee commission rates.
Security provided by members of the bank’s organs:
Board of directors, including members elected by the employees
9,763
8,106
General management
0
0
Shareholdings of the board of directors and general management in
Ringkjøbing Landbobank at the end of the year*
No. of shares
No. of shares
Board of directors:
Martin Krogh Pedersen, chair
40,315
40,315
Jacob Møller, deputy chair
795
795
Morten Jensen, deputy chair
1,100
1,100
Mads Hvolby (resigned at 28 February 2024)
-
3,236
Jon Steingrim Johnsen
0
0
Anne Kaptain
16
16
Karsten Madsen (joined at 28 February 2024)
830
-
Jens Møller Nielsen (resigned at 28 February 2024)
-
143
Lone Rejkjær Söllmann
1,449
1,449
Lene Weldum
1,467
1,467
Lisa Munkholm
43
42
Nanna G. Snogdal
127
110
Martin Wilche
44
49
Finn Aaen
764
650
General management:
John Bull Fisker
75,935
75,915
Claus Andersen
2,196
2,070
Jørn Nielsen
8,938
8,937
Carl Pedersen
1,534
1,456
* Shares owned by members of management and their personal related parties.
Ringk j ø b in g Landb o b ank A /S Page 182
Notes
Note
no.
36
Fair value of financial instruments
Financial instruments are measured in the balance sheet at either fair value or amortised cost (with consideration to
risk cover that fulfils the conditions applying to hedge accounting).
Fair value is the amount at which a financial asset can be traded or at which a financial liability can be repaid between
agreed independent parties. The fair values of financial assets and liabilities priced on active markets are calculated
on the basis of observed market prices on the balance sheet date. The fair values of financial instruments which are
not priced on active markets are calculated on the basis of generally recognised pricing methods.
Shares etc., investments in associated and group undertakings, assets linked to pooled schemes and derivative
financial instruments are measured in the accounts at fair value. Recognised amounts equal fair values.
Loans are measured in the balance sheet at amortised cost plus any fair value hedging. The difference from fair
values is calculated as fees and commission received, costs paid in the lending activities, and for fixed-interest loans,
the value adjustment which is dependent on the interest level. This, in turn, is calculated by comparing the actual
market interest rate with the nominal rate applying to the loans. The stage 1 impairment charges stated on the
balance sheet date are also added.
The fair value of receivables from credit institutions and central banks is determined by the same method as for loans.
For floating-rate financial liabilities in the form of deposits and debt to credit institutions measured at amortised cost,
it is estimated that the carrying value corresponds to the fair value. For fixed-rate financial liabilities in the form of
deposits and debt to credit institutions measured at amortised cost, the difference from fair values is estimated to be
the value adjustment which is dependent on interest level.
Deposits in pooled schemes are measured in the accounts at fair value. Recognised amounts equal fair values.
Issued bonds and subordinated debt are measured at amortised cost plus any fair value hedging, which is estimated
to correspond to the fair value.
Ringk j ø b in g Landb o b ank A /S Page 183
Notes
Note
no.
36
Fair value of financial instruments - continued
31 Dec. 2024
31 Dec. 2023
Book value
Fair value
Book value
Fair value
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
Financial assets
Cash in hand and demand deposits with
central banks
5,844,446
5,844,446
4,913,795
4,913,795
Receivables from credit institutions and
central banks*
251,577
251,577
243,490
243,490
Loans and other receivables at amortised
cost*
55,978,685
56,394,099
51,022,607
51,347,897
Bonds at fair value*
6,069,174
6,069,174
8,202,913
8,202,913
Shares etc.
1,534,566
1,534,566
1,470,945
1,470,945
Investments in associated companies
465
465
485
485
Investments in subsidiaries
12,080
12,080
12,063
12,063
Assets linked to pooled schemes
7,126,019
7,126,019
5,845,400
5,845,400
Derivative financial instruments
87,642
87,642
102,316
102,316
Total financial assets
76,904,654
77,320,068
71,814,014
72,139,304
Financial liabilities
Debt to credit institutions and central banks*
2,296,790
2,301,697
2,223,613
2,216,920
Deposits and other debt*
49,584,410
49,566,865
46,865,658
46,822,165
Deposits in pooled schemes
7,126,019
7,126,019
5,845,400
5,845,400
Issued bonds at amortised cost*
5,762,079
5,768,285
5,102,031
5,107,439
Derivative financial instruments
266,313
266,313
270,799
270,799
Subordinated debt*
1,814,462
1,818,853
2,060,512
2,066,697
Total financial liabilities
66,850,073
66,848,032
62,368,013
62,329,420
* The item includes calculated interest on the balance sheet date. The calculated interest in the balance sheet is
included under the items “Other assets” and “Other liabilities”.
Ringk j ø b in g Landb o b ank A /S Page 184
Notes
Note
no.
31 Dec. 2024
DKK 1,000
31 Dec. 2023
DKK 1,000
37
Hedging*
Fixed-rate loans at book value
561,105
324,619
Hedged by currency swaps* (EUR/DKK), maturity 2025-2032:
Synthetic principal
205,315
149,432
Fair value
5,863
4,617
Hedged by interest rate swaps*, maturity 2026-2044:
Synthetic principal
358,697
175,315
Fair value
-5,917
1,501
Bonds at fair value
387,000
275,049
Hedged by currency swaps* (NOK/DKK), maturity 2029:
Synthetic principal
80,681
0
Fair value
1,421
0
Hedged by currency swaps*, maturity 2026-2027:
Synthetic principal
297,307
268,777
Fair value
-11,048
-9,014
Fixed-rate debt to credit institutions at book value
0
558,971
Hedged by interest rate swap, maturity 2024:
Synthetic principal
0
558,971
Fair value
0
-11,302
Issued bonds at book value
3,606,492
1,884,761
Hedged by currency swaps* (EUR/DKK), maturity 2023-2039:
Synthetic principal
1,230,892
931,148
Fair value
-65,224
-92,771
Hedged by currency swaps* (SEK/DKK), maturity 2026-2029:
Synthetic principal
1,785,493
638,272
Fair value
-82,843
-52,671
Hedged by currency swaps* (NOK/DKK), maturity 2027:
Synthetic principal
440,909
165,811
Fair value
-31,592
-24,675
Hedged by interest rate swaps, maturity 2023-2029:
Synthetic principal
149,199
149,059
Fair value
-6,795
-10,703
* For currency swaps, both currency and interest are included in the swap
transactions.
Hedging is thus:
Currency swaps - total synthetic principal
3,743,289
1,884,663
Interest rate swaps - total synthetic principal
805,203
1,152,122
Fair value - currency swaps
-172,734
-165,500
Fair value - interest rate swaps
-23,760
-29,518
See note 5 for a distribution of value adjustments relating to the fair value hedging for the year.
Ringk j ø b in g Landb o b ank A /S Page 185
Notes
Note
no.
38
Risks and risk management
The bank is exposed to various financial risks in its operations, including credit risks, market risks and liquidity risks.
There are also a number of non-financial risks, including money laundering and financing of terrorism, IT risks and
other operational risks.
-taking is established by the board of directors, which has adopted a policy for each
at least once a
if needed.
-taking is only to take risks within a moderate risk profile which it has the expertise
to manage.
based on a risk report which is supplied to the board.
The report describes the various risks to which the bank is exposed and gives the board a complete picture of the
business model and risk profile. The report also acts as a basis for a possible decision on adaptation of the policies in
the various risk areas.
Apart from the strategic risk management, there is ongoing central operational management and monitoring of the
management function and the control and reporting functions are separate, and the work is performed by different
central staff functions in the bank.
taking. In this context, the risk manager prepares a risk management report to the board of directors' risk committee.
See the following notes for a detailed description of risks and policies and objectives for the management of these
risks:
• Credit risks - note 39 - page 186
• Market risks - note 40 - page 196
• Foreign exchange risks - note 41 - page 196
• Interest rate risks - note 42 - page 197
• Share price risks - note 43 - page 198
• Value at Risk - note 44 - page 199
• Property risks - note 45 - page 200
• Liquidity risks - note 46 - page 201
• Non-financial risks - note 47 - page 203
Ringk j ø b in g Landb o b ank A /S Page 186
Notes
Note
no.
39
Credit risks
Credit risk is defined as the risk that payments owing to the bank are non-recoverable because the debtor is either
unable or unwilling to pay at the agreed time. Credit risk is the most significant risk area in the bank.
In general, the bank assumes moderate credit risks on the basis of policy objectives of striking the right balance
Danish financial sector.
No material changes were made to the assumptions, objectives, exposures or calculation methods etc. in 2024
relative to the previous year.
General information on the portfolio, its management and risk profile
Over the years, Ringkjøbing Landbobank has developed to its present status as a full-service bank to both personal
and business customers in West, Central and North Jutland. In addition, personal customers are served by the branch
in Copenhagen and busines
natural market areas. Outside these geographical areas, business customers with high credit quality are served.
The bank is also active within various niches. The most important areas within the niche are a private banking concept
practices, loans for the financing of renewable energy including wind turbines, biogas and solar cell systems, and
selected wholesale loans, including real property financing.
An important common factor in the niche loans is that the bank seeks to grant loans without prior creditors to ensure
satisfactory security in the mortgaged assets, which is an important part of its business philosophy.
Historically, Ringkjøbing Landbobank has always operated a sound credit policy, and its focus will remain on ensuring
efficient management and monitoring of its total portfolio of loans via its central credit function.
The central credit function regularly reviews and follows up all large exposures. Apart from this routine credit
monitoring and management, the bank has developed a set of credit evaluation models which are used to assess the
quality of the credit exposure. The models take various factors into account.
The personal customer models (for personal and small business customers) are based on information on the
capacity.
Credit exposure
Maximum credit exposure classified by balance sheet and off-balance sheet items (after impairment charges and
provisions)
31 Dec. 2024
DKK 1,000
31 Dec. 2023
DKK 1,000
Loans and other receivables at amortised cost
55,837,006
50,880,954
Guarantees
7,162,504
6,404,766
Unutilised credit facilities and credit undertakings*
22,619,542
22,784,839
Other exposures, including derivative financial instruments
966,689
841,241
Total maximum credit exposure
86,585,741
80,911,800
* On 31 December 2024 the bank had provided unutilised credit facilities and credit undertakings to a total of DKK 22.6
billion (2023: DKK 22.8 billion). Committed credit facilities and credit undertakings were DKK 134 million (2023: DKK 328
million).
Ringk j ø b in g Landb o b ank A /S Page 187
Notes
Note
no.
39
Credit risks
Security received
When entering into transactions with its customers, Ringkjøbing Landbobank wants to reduce the risk as much as
possible by obtaining collateral in the form of physical assets, securities, bank deposits etc. as well as guarantees,
including by surety.
The bank regularly monitors the value of collateral security obtained, and the related loan values are calculated in
• Detached houses, owner-occupied flats and holiday homes are valued at fair value less a deduction.
• Rental properties are valued at fair values calculated on the basis of profitability analyses less a deduction.
• Movables and production facilities are in principle valued at book value less a deduction.
• Agricultural properties are valued on the same principles as used by the Danish FSA. The bank applies lower
prices for farmland than the price statistics prepared by the Association of Local Banks, Savings Banks and
Cooperative Banks in Denmark and DLR.
• Securities are valued at fair value less a safety margin.
•
expected/remaining lives. The calculation is based on the expected output in a normal year.
The deductions are made to cover the risk in connection with realisation, costs etc.
Security received
Maximum
credit
exposure
DKK 1,000
Loans and
guarantees
DKK 1,000
Real
property
DKK 1,000
Movables
DKK 1,000
Securities
and cash
DKK 1,000
Other
security*
DKK 1,000
Total
DKK 1,000
31 Dec. 2024
Public authorities
31,621
10,326
0
806
0
40
846
Business customers:
Agriculture, forestry and
fisheries
6,389,239
5,202,776
2,118,148
696,428
281,793
1,085,192
4,181,561
Industry and raw materials
extraction
4,209,630
3,099,100
301,486
761,101
39,039
142,274
1,243,900
Energy supply
6,679,868
4,734,560
873,398
3,100
59,500
1,888,023
2,824,021
Building and construction
3,744,341
2,709,112
902,022
247,895
126,881
193,914
1,470,712
Trade
3,925,982
2,483,164
631,094
823,920
144,587
98,901
1,698,502
Transport, hotels and
restaurants
1,223,002
969,108
287,473
100,598
30,771
218,815
637,657
Information and
communication
406,510
265,256
39,733
35,993
38,989
13,379
128,094
Finance and insurance
11,926,459
8,039,857
483,372
1,222,266
2,113,106
112,146
3,930,890
Real property
12,607,063
9,842,295
6,776,872
16,523
413,654
371,591
7,578,640
Other business customers
6,935,429
4,062,712
1,466,544
297,669
1,160,302
351,941
3,276,456
Total business customers
58,047,523
41,407,940
13,880,142
4,205,493
4,408,622
4,476,176
26,970,433
Private individuals
28,506,597
21,581,244
10,436,051
2,647,462
1,964,290
1,982,817
17,030,620
Total
86,585,741
62,999,510
24,316,193
6,853,761
6,372,912
6,459,033
44,001,899
* Includes security in the form of wind turbines, farms, mortgaged share capital, surety etc.
Ringk j ø b in g Landb o b ank A /S Page 188
Notes
Note
no.
39
Credit risks - continued
Security received - continued
Security received
Maximum
credit
exposure
DKK 1,000
Loans and
guarantees
DKK 1,000
Real
property
DKK 1,000
Movables
DKK 1,000
Securities
and cash
DKK 1,000
Other
security*
DKK 1,000
Total
DKK 1,000
31 Dec. 2023
Public authorities
23,178
1,726
471
1,169
730
120
2,490
Business customers:
Agriculture, forestry and
fisheries
6,521,346
5,077,112
1,938,088
637,400
176,806
1,257,540
4,009,834
Industry and raw materials
extraction
3,691,892
2,263,213
285,505
722,134
47,200
180,276
1,235,115
Energy supply
5,014,462
3,155,567
531,404
8,500
44,683
2,029,182
2,613,769
Building and construction
4,018,386
2,677,580
823,572
237,473
142,731
107,620
1,311,396
Trade
3,503,072
2,264,835
626,367
704,641
110,056
91,002
1,532,066
Transport, hotels and
restaurants
1,059,394
799,608
366,621
107,461
42,387
194,475
710,944
Information and
communication
271,540
136,887
47,448
35,164
28,085
16,595
127,292
Finance and insurance
11,251,877
7,272,042
422,987
1,075,076
2,290,852
424,604
4,213,519
Real property
12,810,253
10,591,641
6,770,509
21,098
452,912
535,784
7,780,303
Other business customers
6,980,911
3,727,284
1,304,109
271,475
1,246,388
338,025
3,159,997
Total business customers
55,123,133
37,965,769
13,116,610
3,820,422
4,582,100
5,175,103
26,694,235
Private individuals
25,765,489
19,318,225
9,593,238
2,491,780
1,860,108
2,168,735
16,113,861
Total
80,911,800
57,285,720
22,710,319
6,313,371
6,442,938
7,343,958
42,810,586
* Includes security in the form of wind turbines, farms, mortgaged share capital, surety etc.
The tables above only show loan values corresponding to the maximum credit exposure for the individual exposure. If the loan value
for the individual exposure exceeds the maximum credit exposure allowed, the surplus loan value is not included in the tables.
As a result of general cautiousness when computing loan values, the possible realisation values are often higher than the loan values
shown. In a number of instances, customers' drawdown of their maximum credit facilities is also conditional upon their ability to
deposit additional security.
The real collateral values for the maximum credit risk are therefore actually higher than indicated in the tables.
In addition, a portion of the undrawn credit lines which are part of the maximum credit exposure is in closed circuits, where the bank
has financed assets without enabling the customers to claim any undrawn credit facilities. The maximum credit exposure is
consequently lower in practice than indicated in the tables.
Ringk j ø b in g Landb o b ank A /S Page 189
Notes
Note
no.
39
Credit risks - continued
Credit concentration
equity tier 1 capital.
generally high. None of the exposures shows objective
evidence of credit impairment or any material signs of weakness.
Credit concentration
End of year
2024
End of year
2023
End of year
2022
End of year
2021
End of year
2020
Total large exposures
125.2%
116.9%
118.0%
109.8%
99.8%
Explanation: The Danish FSA key figure “Total large exposures”.
Geographical diversification
guarantees
has been achieved via both the local and niche sections.
Explanation: Distribution of the bank’s portfolio of loans and guarantees before impairments and provisions, based on the customers’
addresses.
Ringk j ø b in g Landb o b ank A /S Page 190
Notes
Note
no.
39
Credit risks - continued
Diversification across industries
portfolio is less exposed to cyclical economic fluctuations than it would be if the bank were run exclusively as a local
bank.
Loans and guarantees, end of year, by sector and industry (net)*
31 Dec. 2024
DKK 1,000
31 Dec. 2024
Percent
31 Dec. 2023
DKK 1,000
31 Dec. 2023
Percent
Public authorities
10,326
0.0
1,726
0.0
Business customers:
Agriculture, hunting and forestry
Cattle farming etc.
508,857
0.8
650,334
1.1
Pig farming etc.
606,610
1.0
596,514
1.0
Other agriculture, hunting and forestry
3,328,295
5.3
3,157,151
5.5
Fisheries
759,014
1.2
673,113
1.2
Industry and raw materials extraction
3,099,100
4.9
2,263,213
4.0
Energy supply
Renewable energy
4,354,499
6.9
3,033,113
5.3
Other energy supply
380,061
0.6
122,454
0.2
Building and construction
2,709,112
4.3
2,677,580
4.7
Trade
2,483,164
3.9
2,264,835
4.0
Transport, hotels and restaurants
969,108
1.5
799,608
1.4
Information and communication
265,256
0.4
136,887
0.2
Finance and insurance
8,039,857
12.8
7,272,042
12.7
Real property
Real property financing without prior
creditors
7,428,834
11.8
8,156,244
14.2
Other real estate financing
2,413,461
3.8
2,435,397
4.3
Other business customers
4,062,712
6.5
3,727,284
6.5
Total business customers
41,407,940
65.7
37,965,769
66.3
32,616,816
51.8
33,347,333
58.2
Private individuals
21,581,244
34.3
19,318,225
33.7
Total
62,999,510
100.0
57,285,720
100.0
* The distribution by sector and industry is made on the basis of Statistics Denmark’s sector codes etc.
Ringk j ø b in g Landb o b ank A /S Page 191
Notes
Note
no.
39
Credit risks - continued
Diversification across industries - continued
Comments on certain industries
There were small
guarantees stated in Danish kroner are more or less unchanged. Loans to cattle farming decreased while the category
other agriculture increased. This category includes financing of land in Denmark and abroad and security consists
primarily of farmland.
Loans and guarantees for finance and insurance were 12.8% at the end of 2024. This industry includes exposure to
well-consolidated financial counterparties, loans granted on mortgage deed portfolios, leasing companies and the
lending. Security consists, among other things, of listed securities, mortgage deeds and
lease assets.
Loans and guarantees for renewable energy increased from 5.3% to 6.9%. The industry comprises financing of wind
turbines, solar energy plants and biogas plants. The increase relates to both biogas plants and wind turbines.
Loans and guarantees for building and construction decreased from 4.7% to 4.3%. The industry comprises both
resale. Security consists, among other things, of security in real property and business charges.
The percentage of loans and guarantees for real property decreased from 18.5% at the end of 2023 to 15.6% at the
end of 2024. These loans include first mortgages on real property and construction financing without prior creditors.
The risk profile of these exposures is judged to be lower than for traditional real property financing, which is typically
junior to mortgage credit financing.
The share of loans and guarantees to personal customers increased from 33.7% to 34.3%. Loans to the industry were
mainly used to finance homes and the security received from personal customers consists primarily of mortgages on
real property (private homes).
Ringk j ø b in g Landb o b ank A /S Page 192
Notes
Note
no.
39
Credit risks - continued
Credit quality
credit risks.
Loans, guarantees and unutilised credit facilities and credit undertakings by credit quality, sector and industry and
IFRS 9 stages (before impairment and provisions)
Distribution by credit quality and stages
Stage 1
DKK 1,000
Stage 2
DKK 1,000
Stage 3
DKK 1,000
Credit-
impaired on
initial
recognition
DKK 1,000
Total
DKK 1,000
Total
Percent
31 Dec. 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.
463,388
1,177,521
660,000
73,637
2,374,546
31 Dec. 2023
Credit quality
High
61,641,599
48,040
0
0
61,689,639
74.9
Medium
11,359,422
2,748,161
0
0
14,107,583
17.1
Low
1,205,698
3,943,486
0
0
5,149,184
6.2
Credit-impaired
-
-
1,297,358
161,384
1,458,742
1.8
Total
74,206,719
6,739,687
1,297,358
161,384
82,405,148
100.0
Impairment charges
etc.
399,251
1,062,292
772,194
100,852
2,334,589
The table shows exposures by high, medium and low credit quality as well as credit-impaired on initial recognition and
indicates that the credit quality is high for 76.0% of
the end of 2023.
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.
Accounts reflect the economic situation with a natural delay, and changed house prices are only gradually
incorporated into statements of assets and liabilities etc. Changes in the economic situation are consequently not
reflected as an immediate decrease in credit quality. The bank is aware of this and therefore adjusts the credit quality
of the largest customers if the current rating is not assessed to provide a true and fair view.
Ringk j ø b in g Landb o b ank A /S Page 193
Notes
Note
no.
39
Credit risks - continued
Credit quality - continued
Loans, guarantees and unutilised credit facilities and credit undertakings by credit quality, sector and industry and IFRS 9 stages
(before impairment and provisions)
Distribution by credit quality and stages
Stage 1
DKK 1,000
Stage 2
DKK 1,000
Stage 3
DKK 1,000
Credit-
impaired on
initial
recognition
DKK 1,000
Total
DKK 1,000
Total
impairment
charges etc.
DKK 1,000
31 Dec. 2024
Public authorities
31,992
0
622
0
32,614
735
Business customers:
Agriculture, forestry and fisheries
5,054,317
1,763,058
255,325
37,785
7,110,485
738,289
Industry and raw materials
extraction
3,900,672
247,807
24,370
163
4,173,012
71,131
Energy supply
6,542,038
159,678
33,896
7,591
6,743,203
80,817
Building and construction
3,160,015
594,348
132,167
1,625
3,888,155
143,813
Trade
3,372,934
421,643
37,887
2,737
3,835,201
104,018
Transport, hotels and restaurants
1,115,423
118,537
29,065
639
1,263,664
41,961
Information and communication
377,698
31,325
4,794
0
413,817
9,367
Finance and insurance
11,088,424
538,588
170,988
0
11,798,000
163,993
Real property
11,587,738
1,112,462
135,621
38,205
12,874,026
430,823
Other business customers
6,389,975
522,483
45,273
1,762
6,959,493
125,973
Total business customers
52,589,234
5,509,929
869,386
90,507
59,059,056
1,910,185
Private individuals
27,125,397
1,526,326
218,437
31,768
28,901,928
463,626
Total
79,746,623
7,036,255
1,088,445
122,275
87,993,598
2,374,546
Total (percent)
90.6
8.0
1.2
0.2
100.0
31 Dec. 2023
Public authorities
22,347
0
1,995
0
24,342
1,164
Business customers:
Agriculture, forestry and fisheries
5,428,443
1,265,911
526,710
66,889
7,287,953
803,513
Industry and raw materials
extraction
3,368,117
237,095
45,986
164
3,651,362
73,040
Energy supply
4,946,430
84,259
444
7,690
5,038,823
42,107
Building and construction
3,641,495
364,426
123,386
2,052
4,131,359
113,106
Trade
3,068,417
405,270
28,654
2,825
3,505,166
87,081
Transport, hotels and restaurants
960,246
105,892
13,507
1,411
1,081,056
28,561
Information and communication
239,869
30,316
18,255
0
288,440
18,960
Finance and insurance
10,476,737
553,469
17,286
0
11,047,492
123,164
Real property
11,421,211
1,369,946
273,749
35,140
13,100,046
436,128
Other business customers
6,345,094
666,459
60,973
1,884
7,074,410
155,059
Total business customers
49,896,059
5,083,043
1,108,950
118,055
56,206,107
1,880,719
Private individuals
24,288,313
1,656,644
186,413
43,329
26,174,699
452,706
Total
74,206,719
6,739,687
1,297,358
161,384
82,405,148
2,334,589
Total (percent)
90.0
8.2
1.6
0.2
100.0
As shown in the above table, at
-
The principles for classification in stages are described in note 50
Ringk j ø b in g Landb o b ank A /S Page 194
Notes
Note
no.
39
Credit risks - continued
Credit quality - continued
Loans in stage 3
31 Dec. 2024
Loans (gross) with
impairment charges
DKK 1,000
Impairment charges
DKK 1,000
Security for impaired
loans
DKK 1,000
Public authorities
622
616
7
Business customers:
Agriculture, forestry and fisheries
274,128
155,433
86,441
Industry and raw materials
extraction
14,225
9,924
3,224
Energy supply
39,579
20,641
18,948
Building and construction
98,690
42,313
48,013
Trade
31,116
17,106
13,075
Transport, hotels and restaurants
26,742
16,534
10,060
Information and communication
3,961
4,198
80
Finance and insurance
123,223
34,337
87,286
Real property
171,119
64,035
88,071
Other business customers
39,117
24,357
10,989
Total business customers
821,900
388,878
366,187
Private individuals
220,888
144,051
49,373
Total
1,043,410
533,545
415,567
31 Dec. 2023
Public authorities
1,837
1,155
485
Business customers:
Agriculture, forestry and fisheries
536,380
246,428
229,957
Industry and raw materials
extraction
9,300
6,644
2,391
Energy supply
7,622
8,130
0
Building and construction
83,322
30,365
52,574
Trade
27,247
17,099
8,266
Transport, hotels and restaurants
13,794
9,193
4,510
Information and communication
16,949
13,377
3,751
Finance and insurance
12,311
7,752
4,549
Real property
302,371
103,554
161,741
Other business customers
56,881
37,318
13,955
Total business customers
1,066,177
479,860
481,694
Private individuals
198,019
151,864
31,125
Total
1,266,033
632,879
513,304
The bank is particularly focused on covering the
credit policy, these exposures must be covered to the greatest possible extent by collateral. When determining the
need for an impairment charge, the value of collateral is included at the expected net realisation value in different
scenarios. When determining the need for an impairment charge, the bank makes only modest allowance for the
ability to make payments over and above the value of collateral.
Ringk j ø b in g Landb o b ank A /S Page 195
Notes
Note
no.
39
Credit risks - continued
Suspended interest
The credit quality is also documented by the size of exposures with suspended interest.
31 Dec. 2024
DKK 1,000
31 Dec. 2023
DKK 1,000
Loans and other receivables with suspended interest on the balance sheet date
182,799
119,789
Other credit risks
Exposure to financial counterparties, and consequently a credit risk, including a settlement risk, arise from the
securities, foreign currency and derivative
financial instruments, and its payment handling.
The settlement risk is the risk that the bank will not receive payment or securities corresponding to the securities
and/or payments which it had made and delivered in the context of trades in securities and/or currency.
circumstances, and there is continuous follow-up of the lines which are granted. The bank also mitigates its
settlement risk concerning clearing of foreign exchange via its membership of a clearing partnership (referred to as
the CLS partnership).
The bank has also entered into a number of CSA (Credit Support Annex) agreements in connection with ISDA
(International Swaps and Derivatives Association) agreements which had been signed. The CSA agreements
contribute to reducing the credit risk for either the bank or the financial counterparties in derivatives contracts.
Whether hedging covers the bank or the financial counterparty with whom the individual derivatives contract was
signed depends on the market value of the derivatives in question.
Receivables from central banks and credit institutions
One of the major items of credit risk exposure to financial counterparties is receivables from central banks and
credit institutions. The bank has assumed only a moderate risk on this item and all of the total receivables from
central banks and credit institutions are thus due on demand.
The bond portfolio
The majority of the bond portfolio is AAA-rated Danish mortgage credit bonds.
The bank also has a portfolio of corporate bonds etc. The credit quality of these bonds is good, but their market
value can vary over time in connection with general changes in credit spreads in the market, and company-specific
circumstances can also affect the value of these bonds.
The 20% non-rated securities includes non-preferred senior issues.
Please also see note 16.
Ringk j ø b in g Landb o b ank A /S Page 196
Notes
Note
no.
39
Credit risks - continued
Market value of derivative financial instruments
31 Dec. 2024
DKK 1,000
31 Dec. 2023
DKK 1,000
Positive market value (by counterparty risk) after netting
Counterparty risk weighting 20%
13,196
31,165
Counterparty risk weighting 50%
22,633
33,847
Counterparty risk weighting 75%
10,528
14,227
Counterparty risk weighting 100%
34,841
8,765
Counterparty risk weighting 150%
0
194
Total risk weighting
81,198
88,198
40
Market risks
share price risk
The bank has determined a concrete framework for each type of market risk, and the risk assessment includes the
objective of a sensible and balanced relationship between risk and return.
The bank uses derivatives to hedge and manage the various market risk types if it wishes to reduce or eliminate the
market risks which it has assumed.
To supplement the more traditional measures of market risk, the bank uses a mathematical/statistical model to
see note 44 for more information.
41
Foreign exchange risks
lending and deposit activities,
owns securities, and has issued bonds and raised loans in other currencies.
in foreign currencies via hedging. The primary foreign currency is the euro (EUR).
monitors compliance with limits and reports to the board of directors and general management.
31 Dec. 2024
DKK 1,000
31 Dec. 2023
DKK 1,000
Assets and liabilities in foreign currency and foreign exchange indicators
Total assets in foreign currency
9,553,982
7,282,170
Total liabilities in foreign currency
9,990,515
9,989,133
Foreign exchange indicator 1
139,663
55,154
Foreign exchange indicator 1 as a percentage of tier 1 capital (%)
1.5
0.6
Foreign exchange indicator 2
3,437
984
Foreign exchange indicator 2 as a percentage of tier 1 capital (%)
0.0
0.0
Ringk j ø b in g Landb o b ank A /S Page 197
Notes
Note
no.
42
Interest rate risks
However, the bank also has certain fixed-rate financial assets and liabilities which are monitored continuously, and
hedging transactions are entered into as needed, with a consequent reduction of the interest rate risk.
exposure to movements in interest rates.
and general management.
As the figure shows, the bank has had a moderate interest rate risk over the last five years, in accordance with its
policy for this type of risk.
31 Dec. 2024
DKK 1,000
31 Dec. 2023
DKK 1,000
Total interest rate risk, including by foreign currency
Total interest rate risk
72,439
48,786
Interest rate risk (%)
0.8
0.5
Interest rate risk by foreign currency:
DKK
74,611
44,108
CHF
85
-102
EUR
-2,509
4,397
GBP
-167
-164
NOK
-36
144
SEK
226
93
USD
193
280
Other currencies
36
30
Total
72,439
48,786
Ringk j ø b in g Landb o b ank A /S Page 198
Notes
Note
no.
43
Share price risks
The bank is a co-owner of various sector companies such as BI Holding A/S (BankInvest), Bokis A/S, DLR Kredit A/S,
Letpension Holding A/S, PRAS A/S and others.
These holdings are comparable with the wholly-owned subsidiaries of major banks, and the equity interests are thus
The holding of shares etc. amounted to DKK 1,535 million at the end of the year, with DKK 58 million in listed shares
and investment fund certificates and DKK 1,477 million in sector shares etc. Please see note 17 for a specification.
management and the board of directors.
-based investment fund
the last five yea
prices.
31 Dec. 2024
DKK 1,000
31 Dec. 2023
DKK 1,000
Sensitivity analysis of sector shares
Sector shares cf. note 17
1,464,756
1,405,318
Impact on the profit of a 10% price change
146,476
140,532
The prices of
earnings.
Ringk j ø b in g Landb o b ank A /S Page 199
Notes
Note
no.
44
Value at Risk
As stated in the management review and note 40, Ringkjøbing Landbobank uses a Value at Risk (VaR) model as a
sensitivity analysis to compute market risks as a supplement to the more traditional measures of market risk. The
t risks. VaR is a measure of risk
The model in brief
The model is a parametric VaR model based on a historical analysis of the covariance (correlations) between the
prices of various financial assets etc., including different share indices, various official interest rates and interest swap
rates, and different exchange rate indices.
model can calculate a risk of losses for a forthcoming ten-day period.
calculation, while positions in sector shares etc. are not included. The model does not include the credit spread risks
io of bonds.
A separate VaR is thus calculated for interest rate, foreign exchange and listed share positions etc., and a total VaR is
positions.
more traditional measures of risk.
unchanged compared to last year.
Back tests and stress tests
compares the loss calculated by the model with the losses which the bank would actually have suffered if the
positions in question had been retained for a ten-day period. The results of the back tests of the model during the year
were satisfactory.
Ringk j ø b in g Landb o b ank A /S Page 200
Notes
Note
no.
44
Value at Risk - continued
Value at Risk summary
was DKK 16.1 million at the end of 2024. This sum is an expression of the maximum loss in a
statistical perspective which the bank could risk losing with 99% probability if all market positions were retained
unchanged for a period of ten days.
VaR figure was DKK 14.2 million.
Risk type
(DKK million)
Average VaR
figure
Minimum VaR
figure
Maximum VaR
figure
End-of-year
VaR figure
Interest
15.0
8.3
22.9
15.6
Foreign exchange
0.5
0.5
0.2
0.3
Share price
5.5
7.8
4.4
6.7
Diversification
-6.8
-8.3
-5.2
-6.5
Total VaR figure
14.2
8.3
22.3
16.1
45
Property risks
The bank primarily intends to possess only properties for use in banking operations, and also to maintain low property
risks.
Ringk j ø b in g Landb o b ank A /S Page 201
Notes
Note
no.
46
Liquidity risks
objective that the budgeted liquidity should meet the current LCR (liquidity coverage ratio) requirement
for a period of at least 12 months. The bank seeks to maintain sufficient liquidity for a stress scenario by means of
recovery plans for a period of at least 12 months.
In terms of the LCR, the bank must comply with the statutory requirement of at least 100%.
This key ratio expresses the ability of banks to honour their payment obligations for a 30-day period without access to
market funds.
obligations for the next 30 days as computed in accordance with specific rules.
requirement. The projection is made on a stressed three-month basis instead of the 30 days used for the LCR figure,
liquidity benchmark was 154% on 31 December 2024, compared to a limit value of 100%. The bank thus also met this
statutory requirement.
Finally, the bank must meet the Net Stable Funding Ratio (NSFR). Like the LCR requirement, the NSFR requirement is
part of EU regulations and aims to ensure that financial institutions have sufficient long-term funding for their
activities.
The NSFR is calculated in percent as the ratio of total available stable funding to total required stable funding. The
statutory requirement is that the ratio must exceed 100%.
The
-term loans with other credit
institutions etc., issuing both preferred and non-preferred senior capital and finally via the tier 2 capital issued by the
bank and its equity.
-term relationship with the
bank. Ringkjøbing Landbobank has also entered into longer-term bilateral loan agreements with various European
business partners.
leave the bank dependent on individual business partners.
To ensure diversification in funding, the bank also has an EMTN bond programme of EUR 2 billion. The programme
helps to ensure alternative funding sources for the bank. Historically, the bank has used the EMTN bond programme to
issue ordinary (preferred) senior capital, non-preferred senior capital and tier 2 capital, and funds were also raised
under the programme in 2024.
Finally, the bank has a joint funding agreement with Totalkredit/Nykredit. The agreement means that the bank can
procure liquidity by letting Totalkredit/Nykredit issue SDO bonds against security in the loans which the bank has
provided to customers with security in real property.
Ringk j ø b in g Landb o b ank A /S Page 202
Notes
Note
no.
46
Liquidity risks - continued
As evident from the following, the short-
cash in hand and receivables from Danmarks Nationalbank, short-term deposits with other credit institutions, and the
o of liquid securities. Surplus liquidity at the end of 2024 was DKK 9.8 billion, while the
corresponding figure at the end of 2023 was DKK 10.8 billion.
31 Dec. 2024
DKK 1,000
31 Dec. 2023
DKK 1,000
The short-term funding (term to maturity less than 1 year)
Debt to credit institutions and central banks
1,609,576
1,418,442
Issued bonds
799,418
1,100,827
Total
2,408,994
2,519,269
Covered as follows
Cash in hand and demand deposits with Danmarks Nationalbank
5,844,446
4,913,795
Receivables from credit institutions, term to maturity less than 1 year
251,577
243,490
Bonds, shares and investment fund certificates at fair value
6,073,343
8,180,843
Total
12,169,366
13,338,128
Excess cover
9,760,372
10,818,859
Ringk j ø b in g Landb o b ank A /S Page 203
Notes
Note
no.
47
Non-financial risks
Non-financial risks comprise various risks such as the risk of money laundering and financing of terrorism etc., IT risks
and other operational risks.
The risk of money laundering and financing of terrorism is defined as the inherent risk that the bank may be abused for
money laundering and financing of terrorism.
Another non-financial risk is the risk of non-compliance with financial sanctions.
outsourcing, and IT risks li
Other operational risks are those entailing other direct or indirect financial losses as a result of flaws in internal
processes and systems, human error or external events.
The bank regularly registers the losses and events which are attributed to operational risks. These registrations are
used as the basis for an assessment of whether procedures etc. should be adjusted and improved in order to avoid or
minimise any operation
and risk functions and by internal auditors.
In addition, the bank conducts internal thematic reviews of selected business areas, identifying and assessing the
accordingly.
Combating money laundering etc.
An important area under non-financial risks is the risk that the bank could be abused for money laundering or
financing of terrorism.
The bank wants to combat any form of money laundering and financing of terrorism etc. As a bank in a globalised
world, the bank is required to maintain high standards for combating money laundering and financing of terrorism and
to monitor and comply with financial sanctions.
The bank has implemented internal procedures, controls, monitoring etc. to help comply with applicable rules in the
area. The employees complete in-service training in combating money laundering and financing of terrorism. For
further information, please see pages 100 - 101.
Ringk j ø b in g Landb o b ank A /S Page 204
Notes
Note
no.
47
Non-financial risks - continued
IT risks
-financial risks.
security policy. The policy states how the bank manages IT security and how it ensures that the risk level complies
with the risk profile requested by the board of directors.
registered by the bank. The register contains an assessment of risks based on the probability and consequences of
different risks - before and after mitigating measures. The risk analysis made is presented in a heatmap, which
The IT security department reorganised the IT security management in line with the ISO 27001 framework in 2023. By
selecting a framework like ISO 27001, the bank makes use of a well-developed, best practice framework which is
acknowledged internationally a
through all its primary IT security documents. In connection with the reorganisation, the bank also prepared for the
implementation of the forthcoming DORA regulation.
The bank purchased a recognised governance, risk and compliance (GRC) system in 2024. The system is a structured
way of adapting IT to business goals while also ensuring that risks are addressed and all industry and government
regulations complied with. Implementation of the GRC system has been initiated.
monitored regularly, including the receipt of reports on the stability of operations and handling of IT security.
Based on the above, the board of directors annually updates and approves the above-mentioned two policies.
operation and IT preparedness. Preparedness exercises are carried out regularly to ensure that the bank is able to
handle events that may arise.
requirements a
bank owns together with a number of other banks, and JN Data which is a supplier to Bankdata and responsible for
the daily operation.
Data processing
It is a high priority for the bank that customer data are processed and kept confidential in conformity with the
The policy supplements th
the aim of ensuring correct and confidential processing of customer data.
Quantification of operational risks in the statement of capital
The capital adequacy rules require the banks to quantify and recognise an amount for operational risks when
computing their capital adequacy.
The bank uses the basic indicator method which bases the calculation on an average of the most recent three
operational risks.
Please see page 61 for further details on the amount recognised.
Ringk j ø b in g Landb o b ank A /S Page 205
Notes
Note
no.
48
Derivative financial instruments
Remaining time to maturity
DKK 1,000
Up to and including 3 months
More than 1 year and up to
and including 5 years
More than 1 year and up to
and including 5 years
More than 5 years
Total nominal value
Total net market value
31 Dec. 2024
Nominal value
Net market
value
Nominal value
Net market
value
Nominal value
Net market
value
Nominal value
Net market
value
2024
2023
2024
2023
Currency contracts
Spot, purchase
95,725
12
0
0
0
0
0
0
95,725
113,594
12
-65
Spot, sale
6,375
19
0
0
0
0
0
0
6,375
13,718
19
23
Forward transactions/
futures, purchase
6,553,456
12,538
2,970,084
841
8,684
22
0
0
9,532,224
6,390,990
13,401
15,603
Forward transactions/
futures, sale
0
0
0
0
0
0
0
0
0
11,238
0
15
Swaps
100,113
-32
224,750
4,379
3,354,336
-118,818
651,054
-45,967
4,330,253
3,584,291
-160,438
-125,491
Options, acquired
2,144
0
0
0
0
0
0
0
2,144
2,236
0
-64
Options, issued
1,973
0
0
0
0
0
0
0
1,973
2,288
0
64
Interest-rate contracts
Spot, purchase
202,484
108
0
0
0
0
0
0
202,484
454,833
108
1,619
Spot, sale
92,262
-36
0
0
0
0
0
0
92,262
668,813
-36
-5,709
Forward transactions/
futures, purchase
189,452
535
14,343
-133
0
0
0
0
203,795
296,537
402
3,220
Forward transactions/
futures, sale
661,050
1,095
75,476
775
0
0
0
0
736,526
510,885
1,870
-8,745
Swaps
0
0
0
0
759,889
-23,126
252,001
-11,381
1,011,890
1,404,213
-34,507
-49,372
Options, acquired
0
0
9,442
158
5,141
22
33,347
461
47,930
54,753
641
1,648
Options, issued
0
0
9,442
-155
0
0
0
0
9,442
45,009
-155
-1,162
Share contracts
Spot, purchase
2,722
-1,484
0
0
0
0
0
0
2,722
3,213
-1,484
-269
Spot, sale
2,720
1,496
0
0
0
0
0
0
2,720
3,206
1,496
202
Options, acquired
11,682
87
3,287
102
1,210
311
0
0
16,179
14,528
500
2,508
Options, issued
11,751
-87
3,297
-102
1,213
-311
0
0
16,261
14,543
-500
-2,508
Total net market value
-178,671
-168,483
Ringk j ø b in g Landb o b ank A /S Page 206
Notes
Note
no.
48
Derivative financial instruments - continued
DKK 1,000
Market value
Average market value
Positive
Negative
Positive
Negative
31 Dec.
2024
2023
2024
2023
2024
2023
2024
2023
Currency contracts
Spot, purchase
99
254
87
319
262
303
406
512
Spot, sale
19
28
0
5
69
70
1
9
Forward transactions/futures,
purchase
46,428
41,139
33,027
25,536
37,058
35,746
17,372
17,866
Forward transactions/futures,
sale
0
15
0
0
0
541
0
0
Swaps
32,996
48,488
193,434
173,979
49,664
57,746
200,244
221,091
Options, acquired
0
0
0
64
0
0
10
16
Options, issued
0
64
0
0
10
16
0
0
Interest-rate contracts
Spot, purchase
127
1,675
19
56
584
1,833
57
814
Spot, sale
45
414
81
6,123
135
2,610
202
2,956
Forward transactions/futures,
purchase
850
3,388
448
168
1,499
1,727
227
1,039
Forward transactions/futures,
sale
3,109
465
1,239
9,210
1,900
3,858
2,536
3,010
Swaps
322
613
34,829
49,985
338
922
42,451
63,220
Options, acquired
1,145
1,719
504
71
1,419
1,811
391
48
Options, issued
4
0
159
1,162
2
62
513
1,378
Share contracts
Spot, purchase
253
754
1,737
1,023
3,293
4,323
2,692
1,073
Spot, sale
1,745
792
249
590
2,740
1,072
3,065
14,203
Forward transactions/futures,
purchase
0
0
0
0
0
10
0
32
Forward transactions/futures,
sale
0
0
0
0
0
38
0
3
Options, acquired
500
2,508
0
0
942
1,796
35
0
Options, issued
0
0
500
2,508
49
0
942
1,796
Total market value
87,642
102,316
266,313
270,799
99,964
114,484
271,144
329,065
All contracts of derivative financial instruments are non-guaranteed contracts.
Ringk j ø b in g Landb o b ank A /S Page 207
Notes
Note
no.
49
Accounting estimates and judgments
General
In computing the book value of certain assets and liabilities, estimates have been made of how future events will
affect the value of the assets and liabilities on the balance sheet date.
The estimates are based on assumptions which management judges to be responsible, but which are not certain or
predictable. The final actual results may thus deviate from the estimates, as the bank is subject to risks and
uncertainties which can affect the results.
The most important estimates concern the following areas:
• Calculation of expected losses on loans and other credit exposures
• Assessment of collateral security
• Fair value of unlisted financial instruments
• Valuation of intangible assets including goodwill
Calculation of expected losses on loans and other credit exposures
Expected impairment is computed as a combination of individual calculations for facilities with objective evidence of
impairment and model-based calculations for facilities without objective evidence of impairment.
The calculations for facilities with objective evidence of impairment involve a number of estimates. The assessment
involves estimates of various scenarios of future cash flows which the customer is expected to generate. In addition
to the calculated impairment charges which are based on probability-weighted scenarios, a management estimate is
also allocated for facilities with objective evidence of impairment.
Facilities that do not show objective evidence of impairment are included in a portfolio of exposures where automated
impairment calculations are made on the basis of customer ratings and a number of parametric values. The
parametric values are determined on the basis of historical data, including the risk of loss on different rating classes
and the expected percentage loss if a loss arises. The historical data are translated into forward-looking expectations
via a macroeconomic adjustment.
These estimates comprise considerations regarding the industry, i.e. not the individual exposure, and the macro-
economic impact of the probability weightings used for calculating the individual facilities. In 2024, concerns about
the real estate market, land prices, climate tax on agriculture and general economic uncertainty have given rise to the
management estimates for both customers with and customers without objective evidence of impairment.
The reader is referred to note 50
Assessment of collateral security
To reduce the risk of the individual exposures, the bank receives collateral security mainly in the form of physical
assets (with real property as the main form), securities etc. Material estimates are involved in valuing the security.
A detailed description of security is provided in note 39
Fair value of unlisted financial instruments
The bank measures a number of unlisted financial instruments at fair value, including all derivative financial
instruments and unlisted shares.
As part of its operations, the bank has acquired strategic shares in different sector companies. Strategic shares in
sector companies are measured at fair value on the basis of available information on transactions in the relevant
rnatively, by a valuation model using recognised methods and various data. Valuation is also
influenced by co-
Estimates are an influence where valuations of financial instruments are based less on observable market data. This
is the case, for example, with unlisted shares and certain bonds where there is no active market. Please also see the
0.
Ringk j ø b in g Landb o b ank A /S Page 208
Notes
Note
no.
49
Accounting estimates and judgments - continued
Valuation of goodwill and customer relationships
Customer relationships and goodwill are impairment-tested at least annually. This involves a degree of estimation in
quantifying the future income and determining the weighted average cost of capital (consisting of the return on
sumed market expectations.
See note 19 further details on the impairment test of goodwill.
50
Accounting policies etc.
General
The financial statements were prepared in accordance with statutory requirements, including the provisions of the
Danish Financial Business Act.
The annual report is presented in Danish kroner (DKK).
The accounting policies are unchanged relative to the previous financial year.
Recognition and measurement - general
Assets are recognised in the balance sheet when it is probable that future financial advantages will accrue to the bank
and the value can be measured reliably.
Liabilities are recognised in the balance sheet when they are probable and can be measured reliably. Income is
recognised in the income statement as it is earned.
Expenses paid to earn the income for the year are recognised in the income statement, and value adjustments made
to financial assets, financial liabilities and derivative financial instruments are also recognised in the income
statement.
When measuring fair value etc. of bonds and shares, the three levels of the IFRS 13 hierarchy are used as valuation
categories:
• Level 1: Quoted prices in active markets for identical instruments, i.e. without changes in form or composition,
including listed shares and bonds.
• Level 2: Quoted prices in active markets for similar assets or other valuation methods where all significant inputs
are based on observable market data.
• Level 3: Valuation methods where any significant inputs are based on unobservable inputs.
Valuation is primarily based on generally recognised valuation techniques. The following sections describe the criteria
for recognition and the basis of measurement.
Foreign currency
Assets and liabilities in foreign currency are converted to DKK at the exchange rate for the currency published by the
central bank of Denmark on the balance sheet date. Income and expenses are converted continuously at the exchange
rate on the transaction date.
Lease contracts (lessee)
Lease assets consist only of operating leases with the bank as lessee and concern primarily rental contracts for
properties used by the branch network (domicile properties) and a few other assets.
When assessing the expected lease terms, the bank identified the fixed lease term in the agreements at 3-25 years.
The lease assets are depreciated on a straight-line basis over the expected periods of use of 3-25 years and the lease
liabilities are repaid according to the principle of annuities and measured at amortised cost. The lease liabilities are
for a similar asset with a financing term similar to the term of the lease.
When measuring the lease liability, the bank uses borrowing rates of 1-3% for discounting future lease payments.
The bank has chosen not to recognise low-value asset leases and short-term leases in the balance sheet. Lease
payments for these leases are instead recognised in the income statement.
Ringk j ø b in g Landb o b ank A /S Page 209
Notes
Note
no.
50
Accounting policies etc. - continued
Financial instruments - general
In general, the bank measures financial assets and liabilities at fair value on initial recognition. Measuring is
subsequently carried out at fair value unless otherwise specifically stated in the following sections on the individual
items. The bank uses the date of payment as the date of recognition for financial instruments.
Derivative financial instruments
Forward transactions, interest rate swaps and other derivative financial instruments are measured at fair value on the
balance sheet date.
Investment Firms etc., are regarded as hedge accounting at fair value, are recognised at fair value on the balance
sheet date with respect to both the hedging instrument and the hedged part of the financial instrument.
All value adjustments concerning derivative financial instruments and items subject to hedge accounting are entered
Business combination
The acquisition method is used when new businesses are bought. Under this
identifiable assets and liabilities, including any assets and liabilities that have not previously been booked in the
acquired business, are measured at fair value on the takeover date.
Any positive difference between the cost price and fair value of the identifiable net assets is recognised as goodwill.
Any negative difference between the cost price and fair value of the identifiable net assets is recognised as badwill
under other operating income in the income statement.
Group
The bank owns the entire share capital of Sæbygård Skov A/S, of Ringkøbing. Consolidated accounts have not been
bank.
The income statement
Interest income
Interest income is recognised by the effective interest method, under which interest income includes the allocated
portion of loan establishment fees etc., which are considered to be part of the effective interest on the loan.
Negative interest income is recognised as interest expenses and negative interest expenses are recognised as interest
income. Negative interest is presented separately in the notes to interest income and interest expenses.
On stage 3 loans which have been written down or off, the interest income relating to the written-down part is entered
Net fee and commission income
Fees and commission relating to loans and receivables are recognised as part of the book value of loans and
receivables. They are recognised as interest income in the income statement over the term of the loans and
receivables, as part of the effective int-related
commission is carried to income over the guarantee term. Income generated on performing a given transaction,
including securities and custodianship fees plus payment handling fees, is recognised as income when the transaction
has been completed.
Staff and administration expenses
Staff and administration expenses include salaries, pensions and IT costs.
Other operating expenses
Other operating expenses include contributions to the Guarantee Fund and the Resolution Fund. Other operating
expenses also include items which, by nature, are secondary to the banking activities.
Ringk j ø b in g Landb o b ank A /S Page 210
Notes
Note
no.
50
Accounting policies etc. - continued
Impairment charges for loans and receivables etc.
This item includes losses and impairment charges for loans and losses and provisions on guarantees etc. Losses and
impairment charges for receivables from credit institutions are also included.
Tax
Tax on the profit for the year is booked as an expense in the income statement.
Net deferred tax is calculated on the items which cover the temporary differences in accounting and booking of
taxable income and expenses. Changes in the corporate tax rate and the factor increase (extra tax on financial
undertakings) will be taken into account.
The bank is jointly taxed with the subsidiary Sæbygård Skov A/S.
Corporation tax is paid in accordance with the Danish Tax Prepayment Scheme.
The balance sheet
Receivables from credit institutions and central banks
Initial recognition takes place at fair value plus transaction costs, less establishment fees etc., and subsequent
accounting.
Loans and other receivables
Initial recognition is at fair value plus transaction costs, less establishment fees etc., and subsequent measurement is
at amortised cost. Establishment fees etc. which are comparable with ongoing interest payments, and thus deemed
part of the effective interest on the loan, are accrued over the life of the individual loan.
Leasing
Lease contracts are classified as finance leases if they transfer substantially all risks and rewards of ownership
pertaining to an asset to the lessee.
Finance lease assets where the bank is the lessor are recognised as loans at the net investment in the lease contracts
less depreciation (repayments) calculated according to the annuity method over the lease term.
Income from the lease assets is recognised on the basis of the effective interest agreed in the lease contracts and
included under interest income in the income statement.
Ringk j ø b in g Landb o b ank A /S Page 211
Notes
Note
no.
50
Accounting policies etc. - continued
Model for impairment of expected credit losses on loans and other receivables etc.
Under the IFRS 9-compatible impairment rules, all financial assets recognised at amortised cost are impaired by the
expected credit losses. Under the same rules, provisions for expected credit losses are made for unutilised credit
lines, loan undertakings and financial guarantees.
The impairment rules use a model based on expectations, which means earlier recognition of impairment charges
compared to the previous impairment model under which objective evidence of impairment had to exist before
impairment charges could be and had to be recognised.
For financial assets recognised at amortised cost, impairment charges for expected credit losses are recognised in
the income statement and reduce the value of the asset in the balance sheet.
Provisions for losses on unutilised credit facilities, loan undertakings and financial guarantees are recognised as
liabilities.
Development stages for credit risk
The expected loss impairment rules mean that, on initial recognition, a financial asset etc. must be impaired by the
expected credit loss for a twelve-month period (stage 1). If the credit risk for the asset subsequently increases
significantly relative to initial recognition, the financial asset must be impaired by the expected credit loss over the
impaired by the expected credit loss over its remaining life, and interest income must be recognised in the income
statement based on the effective interest method applied to the impaired amount. The same applies to the part of the
credit-
The expected loss is calculated as a function of PD (the probability of default), EAD (exposure at default) and LGD
(loss given default), into which forward-
development has been incorporated.
The EAD values for on-balance sheet items are determined as 100% of actual drawdowns, while off-balance sheet
items are recognised on the basis of annex 1 of the CRR on classification of off-balance sheet items. The maturities of
the facilities are determined based on their actual term to maturity up to a maximum of five years. For customers
showing material signs of weakness, the actual term to maturity is used.
Assessment of significant increase in credit risk etc.
A significant increase in the credit risk compared to initial recognition is presumed to have occurred on a downgrading
rating classification.
Payments that are more than 30 days overdue are also considered a significant increase in credit risk.
In accordance with the rules, stage 1 and 2 facilities from Nordjyske Bank were considered initial recognitions in
connection with the merger and thus classified in stage 1. Facilities in stage 3 were treated as credit-impaired on initial
recognition.
If the credit risk on the financial asset is considered low on the balance sheet date, the asset remains in stage 1, which
is characterised by no significant increase in credit risk.
overdue. Please also see the section on credit quality in note 39 shows the classification of
assets with low credit risks and the distribution by industry. It is judged only to be relevant to give an account of assets
Ringk j ø b in g Landb o b ank A /S Page 212
Notes
Note
no.
50
Accounting policies etc. - continued
Definition of credit-impaired and default
An exposure is defined as credit-impaired (stage 3) and in default if it meets at least one of the following criteria:
• The borrower is in significant financial difficulties and the bank judges that the borrower will fail to honour their
obligations as agreed;
• The borrower is in breach of contract, for example by failing to meet their obligation to pay interest and
repayments or by repeated overdrafts;
• The bank has granted the borrower a relaxation of terms which would not have been considered were it not for
• The borrower is likely to go bankrupt or be subject to other types of financial restructuring;
• A financial asset is acquired at a considerable discount which reflects losses incurred;
• The exposure has been in arrears/overdue for more than 90 days by an amount judged to be not insignificant.
However, if the customer is in significant financial difficulties, the financial asset remains in stage 2 if no losses are
expected in the most probable scenario (weak stage 2).
The definition of credit-impaired and default used by the bank when measuring the expected credit loss and for
transfers to stage 3 corresponds to the definition used for internal risk management purposes and is also adjusted to
the definition of default in the capital requirements regulation (CRR).
The definitions of default and credit-impaired are also in line with the definition of non-performing as the bank has
aligned the entry criteria for the three concepts. Only the exit and quarantine periods associated with the different risk
classification concepts differ.
The calculation of impairment for exposures in stages 1 and 2, except for exposures in weak stage 2, is on a portfolio-
based model, while impairment for the rest of the exposures is based on a manual, individual assessment of relevant
scenarios and probabilities that they will occur.
In addition, a management estimate reflecting macroeconomic expectations and uncertainties in models is allocated:
see also note 49.
Calculation of expected losses
The portfolio-
estimation of the risk for the individual classes. Calculations are made in a set-up developed and maintained by the
Bankdata, supplemented by a forward-looking macroeconomic module developed and maintained
by LOPI, the Association of Local Banks, Savings Banks and Cooperative Banks in Denmark, and used as the starting
point for incorporati
The macroeconomic module is built around a number of regression models that determine the historical connection
between impairment charges for the year in a number of sectors and industries and a number of explanatory
macroeconomic variables. The regression models are then supplied with estimates for the macroeconomic variables
based on forecasts from consistent sources such as the Danish Economic Councils, Danmarks Nationalbank and
others. The forecasts generally cover two years and include variables such as increase in public spending, increase in
GDP, trends in house prices etc. The expected impairment charges are thus calculated up to two years ahead for the
individual sectors and industries. For terms of more than two years, a linear interpolation is applied between the
impairment ratio for year 2 and the impairment ratio for year 10. The model assumes that long-term equilibrium will
exist in the form of a normal impairment level. The calculated impairment ratios are then transformed into adjustment
fact
Ringk j ø b in g Landb o b ank A /S Page 213
Notes
Note
no.
50
Accounting policies etc. - continued
Practice for derecognising financial assets from the balance sheet
Financial assets are derecognised fully or partly from the balance sheet when the exposure or a significant part of it is
deemed to be lost. Derecognition is based on a specific assessment of the individual exposures. For business
equity and on any collateral furnished as security for the exposure. For personal customers, the assessment is also
asset is derecognised fully or partly from the balance sheet, the associated impairment charges for the financial asset
are also removed from the cumulative impairment charges: see note 15.
depend on the specific situation. The bank first attempts to reach a voluntary agreement with the customer, including
renegotiation of terms or restructuring of an enterprise. Debt recovery and petition for bankruptcy are not applied until
other steps have been tried.
Bonds and shares
Bonds at fair value
Bonds listed on a stock exchange are measured at fair value determined on the basis of the closing price on the
balance sheet day (level 1).
Unlisted and illiquid bonds are measured at fair value, computed on the basis of the price of a transaction between
independent parties. Measurement is based on available information on transactions, published announcements of
financial results or, alternatively, market capitalisation calculations (levels 2 and 3).
Shares etc.
Shares listed on a stock exchange are measured at fair value determined on the basis of the closing price on the
balance sheet day (level 1).
Unlisted and illiquid shares are measured at fair value, computed on the basis of the price of a transaction between
independent parties. Measurement is based on available information on transactions, published announcements of
financial results or, alternatively, market capitalisation calculations (levels 2 and 3).
For unlisted shares in the form of shares in companies owned by the sector where the shares are distributed, the
redistribution is considered to be the primary market for the shares. Fair value is determined at the redistribution price
and the shares are included as level 2 assets.
Unlisted shares for which a reliable fair value cannot be determined are measured at cost less impairment charges
(level 3).
The management actively considers the fair value computations.
All ongoing value adjustments to listed and unlisted securities are entered in the income statement under the item
Investments in group undertakings and associated companies
Investments in group undertakings and associated companies are recognised and measured by the equity method,
income statement.
Net revaluation of investments in group undertakings is transferred to the net revaluation reserve by the equity
method, subject to statutory reserves, to the extent that the equity value exceeds the cost price. Write-downs are
recognised in and deducted from any positive statutory reserves as long as a reserve for offsetting exists.
Group undertakings and associated companies with negative equity values are recognised at DKK 0. If the bank has an
Assets linked to pooled schemes
All pooled assets and deposits are recognised as separate balance sheet items. Returns on pooled assets and
distributions to participants are posted under the
Ringk j ø b in g Landb o b ank A /S Page 214
Notes
Note
no.
50
Accounting policies etc. - continued
Intangible assets
Goodwill
Goodwill acquired in connection with acquisitions is recognised at cost less cumulative impairment charges.
Goodwill is not amortised, but the value is impairment tested at least once a year. Goodwill is written down to the
price and value in use, which corresponds to the net present value of expected future cash flows.
Customer relationships
The value of customer relationships acquired in connection with acquisitions is recognised at cost and amortised on a
straight-line basis over the estimated useful life, which will not exceed ten years. The useful life depends on customer
loyalty and is reassessed annually. Changes in amortisation as a result of changes in useful life are recognised
prospectively as a change in accounting estimates.
Customer relationships are impairment tested when there is evidence of impairment. Impairment charges for
customer relationships are recognised in the income statement and not subsequently reversed.
Land and buildings
properties are considered to be investment properties.
Investment properties are included in the balance sheet at fair value, computed by the return method. Ongoing
changes in the value of investment properties are recognised in the income statement.
Domicile properties are included in the balance sheet at reassessed value, which is the fair value computed by the
return method less cumulative depreciation and any impairment loss.
Depreciation is calculated on the basis of an expected useful life of 50 years, computing depreciation at cost plus or
minus revaluation less scrap value. Depreciation and losses due to impairment are recognised in the income
statement, while increases in
previously recognised in the income statement.
Other tangible assets
Other tangible assets, including operating equipment and improvements to rented premises, are recognised in the
balance sheet at cost less cumulative depreciation and write-downs for any loss due to impairment.
Depreciation is calculated on the basis of
equipment and up to 30 years for improvements to rented premises, on the basis of depreciation computed at cost
less scrap value. Depreciation and losses due to impairment are recognised in the income statement.
Temporary assets
Temporary assets comprise assets taken over as a result of termination of customer exposures, the intention being to
sell off the assets as soon as possible. Temporary assets are included at cost on transfer and will subsequently be
written down to a possibly lower realisation value.
Loss due to impairment arising on initial classification as temporary assets, and gains and losses in subsequent
measurements, are recognised in the income statement under the items to which they relate.
Other assets
Other assets include interest and commission receivables as well as the positive market value of derivative financial
instruments.
Ringk j ø b in g Landb o b ank A /S Page 215
Notes
Note
no.
50
Accounting policies etc. - continued
Tax assets and tax liabilities
Current tax assets and current tax liabilities are recognised in the balance sheet as tax calculated on the taxable
income for the year, adjusted for tax paid on account.
value.
Debt to credit institutions and central banks/Deposits and other debt/Deposits in pooled schemes/Issued bonds at
amortised cost/Subordinated debt
accounting.
Other liabilities
Other liabilities include interest and commission payable and the negative market value of derivative financial
instruments.
Provisions for liabilities
Unfunded pension liabilities for former management members are itemised in the balance sheet under the item
future pension payments.
A provision is recognised in respect of financial guarantees and unutilised credit undertakings in accordance with the
IFRS 9-
other
Provisions are also made for other guarantees if it is probable that the guarantee will be called, and the amount of the
liability can be reliably determined.
Contingent liabilities/guarantees
Statement of capital
Phasing in IFRS 9 impairment rules concerning capital
The bank has decided to take advantage of the transition programme under the capital requirements regulation (CRR).
Thus, both the static and the dynamic components of the IFRS 9 transitional rules are now used, including the
simplified approach to recalculation of capital requirements. The negative effect of the transition to the IFRS 9
impairment rules will thus not take full effect on total capital until the beginning of 2025.
Key figures and ratios (page 3)
• 2024: 25,475,532 shares
• 2023: 26,732,729 shares
• 2022: 27,553,139 shares
• 2021: 28,431,916 shares
• 2020: 29,067,721 shares
Ringk j ø b in g Landb o b ank A /S Page 216
Notes
Note
no.
50
Accounting policies etc. - continued
Graphs in the financial review
The figures for 2002 -
Landbobank. Figures for 2018 are proforma figures (i.e. as if the merger had taken effect on 1 January 2018), and
figures from 2019 onward are for the merged bank.
The figures for 2014 - 2017 in the graph showing earnings per share on page 8 are
Landbobank. Figures for 2018 are proforma figures (i.e. as if the merger had taken effect on 1 January 2018), and
figures from 2019 onward are for the merged bank.
Core earnings
performance for both external and internal financial reporting because they are deemed to give a true and fair view of
the actual banking operations. Overall, core earnings contain the same items as the traditional measure of
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.
A numerical explanation of the page 18.
Core earnings per DKK 1 share (page 8)
-
earnings
for the merged bank were used and finally, for 2019 - 2024 the actual core earnings for 2019 - 2024 for the merged
bank were used.
The following numbers of shares were used in the calculation:
• End of 2024: 25,475,532 shares
• End of 2023: 26,732,729 shares
• End of 2022: 27,553,139 shares
• End of 2021: 28,431,916 shares
• End of 2020: 29,067,721 shares
• End of 2019: 29,228,321 shares
• End of 2018: 29,906,383 shares
• End of 2017: 21,812,000 shares
• End of 2016: 22,350,000 shares
• End of 2015: 22,850,000 shares
• End of 2014: 23,350,000 shares
The number of shares is calculated based on transactions made.
Ringk j ø b in g Landb o b ank A /S Page 217
Five-year key figures
Summary (DKK 1,000)
2024
2023
2022
2021
2020
Income statement
Interest income
3,783,746
3,325,508
1,865,848
1,459,846
1,373,215
Interest expenses
1,091,746
785,976
185,174
103,080
120,910
Net interest income
2,692,000
2,539,532
1,680,674
1,356,766
1,252,305
Dividends from shares etc.
118,788
90,214
99,637
77,109
71,241
Fee and commission income
1,133,604
1,029,411
1,038,855
939,219
814,821
Fee and commission expenses
106,765
93,419
91,602
91,183
85,545
Net interest and fee income
3,827,627
3,565,738
2,727,564
2,281,911
2,052,822
Value adjustments
+284,706
+253,354
+73,493
+163,127
+126,079
Other operating income
7,305
5,829
2,055
5,490
2,054
Staff and administration expenses
1,008,206
939,121
870,847
790,374
765,933
Amortisation, depreciation and write-downs on
intangible and tangible assets
44,479
33,377
33,035
35,793
29,241
Other operating expenses
10,618
10,044
6,607
7,643
8,110
Impairment charges for loans and receivables etc.
+2,801
-5,792
-12,450
-78,629
-233,348
Results from investments in associated companies
and subsidiaries
-3
+84
-37
+22
-13
Profit before tax
3,069,133
2,836,671
1,880,136
1,538,111
1,144,310
Tax
768,287
681,449
385,239
308,846
224,596
Net profit for the year
2,300,846
2,155,222
1,494,897
1,229,265
919,714
Ringk j ø b in g Landb o b ank A /S Page 218
Five-year key figures
Summary (DKK 1,000)
End of 2024
End of 2023
End of 2022
End of 2021
End of 2020
Balance sheet
Assets
Cash in hand and deposits with credit institutions and
central banks
6,096,023
5,157,285
5,526,437
3,675,561
4,035,237
Loans and other receivables at amortised cost
55,837,006
50,880,954
48,341,941
41,179,255
36,241,166
Securities
7,562,646
9,610,048
8,120,126
8,223,754
8,035,251
Assets linked to pooled schemes
7,126,019
5,845,400
4,972,840
5,537,863
4,700,080
Intangible assets
992,652
1,012,161
1,043,163
1,062,672
1,034,838
Tangible assets
227,921
230,171
235,310
214,631
233,536
Other assets
790,919
783,621
739,764
463,652
582,021
Total assets
78,633,186
73,519,640
68,979,581
60,357,388
54,862,129
Liabilities and equity
Debt to credit institutions and central banks
2,287,890
2,209,887
3,567,758
2,030,175
2,448,918
Deposits and other debt
49,525,739
46,781,095
43,726,938
38,202,186
34,938,565
Deposits in pooled schemes
7,126,019
5,845,400
4,972,840
5,537,863
4,700,080
Issued bonds
5,718,268
5,063,778
4,255,498
2,961,422
2,361,796
Other liabilities
1,085,142
1,042,493
1,034,550
730,121
592,837
Provisions for liabilities
60,249
86,673
90,709
128,443
124,908
Subordinated debt
1,795,609
2,039,110
2,036,526
2,044,505
1,549,150
Share capital
26,707
27,491
28,380
29,068
29,228
Reserves
11,007,563
10,423,713
9,266,382
8,693,605
8,116,647
Total
11,034,270
10,451,204
9,294,762
8,722,673
8,145,875
Total liabilities and equity
78,633,186
73,519,640
68,979,581
60,357,388
54,862,129
Contingent liabilities etc.
Contingent liabilities
7,198,057
6,464,791
7,569,679
10,270,428
9,811,830
Irrevocable credit undertakings
133,700
328,148
84,055
781,832
0
Total contingent liabilities etc.
7,331,757
6,792,939
7,653,734
11,052,260
9,811,830
Ringk j ø b in g Landb o b ank A /S Page 219
Five-year key ratios
2024
2023
2022
2021
2020
Capital ratios:
Tier 1 capital ratio
%
16.6
18.9
17.4
17.6
17.5
Total capital ratio
%
19.8
23.0
21.6
22.3
21.1
MREL subordination ratio
%
27.7
-
-
-
-
MREL capital ratio
%
28.8
28.9
28.9
27.8
26.7
Earnings:
Return on equity before tax
%
28.6
28.7
20.9
18.2
14.5
Return on equity after tax
%
21.4
21.8
16.6
14.6
11.7
Income/cost ratio
DKK
3.89
3.87
3.04
2.69
2.10
Cost/income ratio
%
25.7
25.2
31.1
33.6
36.2
Return on assets
%
2.9
2.9
2.2
2.0
1.7
Market risk:
Interest rate risk
%
0.8
0.5
0.7
0.4
1.1
Foreign exchange position
%
1.5
0.6
1.1
1.5
0.1
Foreign exchange risk
%
0.0
0.0
0.0
0.0
0.0
Liquidity risk:
Liquidity Coverage Ratio (LCR)
%
179.1
254.2
187.9
175.8
207.3
Net Stable Funding Ratio (NSFR)
1
%
118.9
122.7
118.9
116.2
-
Loans and impairments thereon relative to deposits
%
102.6
100.9
103.8
99.1
96.7
Credit risk:
Loans
5.1
4.9
5.2
4.7
4.4
Growth in loans for the year
%
10.1
5.0
17.5
13.5
2.2
Total large exposures
%
125.2
116.9
118.0
109.8
99.8
Cumulative impairment ratio
%
3.6
3.9
4.0
4.2
4.6
Impairment ratio for the year
%
-0.00
0.01
0.02
0.15
0.48
Proportion of receivables at reduced interest
%
0.3
0.2
0.1
0.2
0.5
Share return:
Earnings per share
2/4
DKK
8,814
7,814
5,340
4,276
3,156
Book value per share
2/3
DKK
43,313
39,095
33,734
30,679
28,029
Dividend per share
2
DKK
1,100
1,000
700
700
700
Market price relative to earnings per share
2/4
13.7
12.7
17.8
20.5
17.6
Market price relative to book value per share
2/3
2.8
2.5
2.8
2.9
2.0
1
2
3
4
Comparative figures are only stated for the years when the key figure has applied.
Calculated on the basis of a denomination of DKK 100 per share.
Calculated on the basis of number of shares in circulation at the end of the year.
Calculated on the basis of the average number of shares, which is calculated as a simple average of the shares at the beginning of
the year and at the end of the year.
Ringk j ø b in g Landb o b ank A /S Page 220
Five-year key figures and ratios
Definitions of the official key figures/ratios etc. from the Danish FSA
Tier 1 capital ratio
Tier 1 capital in percent of total risk exposure.
Total capital ratio
Total capital in percent of total risk exposure.
MREL subordination ratio
MREL subordinated capital in percent of total risk exposure.
MREL capital ratio
MREL capital in percent of total risk exposure.
Return on equity before tax
age of the
Return on equity after tax
e average of the
Income/cost ratio
Income for the year divided by expenses for the year including impairment charges for loans and other receivables etc.
Cost/income ratio
Total expenses etc. in percent of total core income.
Return on assets
Net profit for the year as a percentage of total assets.
Interest rate risk
Interest rate risk as a percentage of tier 1 capital.
Foreign exchange position
Foreign exchange indicator 1 as a percentage of tier 1 capital.
Foreign exchange risk
Foreign exchange indicator 2 as a percentage of tier 1 capital.
Liquidity Coverage Ratio (LCR)
Holding of liquid assets as a percentage of net outflows over 30 days.
Net Stable Funding Ratio (NSFR)
1
Loans and impairments thereon relative to deposits
Loans plus impairments thereon in percent of deposits.
Loans relative to shareholders’ equity
Growth in loans for the year
Growth in loans from the beginning of the year to the end of the year, in percent (excluding reverse repo transactions).
Total large exposures
The total sum of the 20 largest exposures as a percentage of common equity tier 1.
Cumulative impairment ratio
Impairment charges for loans and provisions for losses on guarantees etc. as a percentage of loans plus impairment charges for loans plus
guarantees plus provisions for losses on guarantees etc.
Impairment ratio for the year
Impairment charges for the year as a percentage of loans plus impairment charges for loans plus guarantees plus provisions for losses on
guarantees etc.
Proportion of receivables at reduced interest
Proportion of receivables at reduced interest before impairment charges as a percentage of loans plus impairment charges for loans plus
guarantees plus provisions for losses on guarantees etc.
Earnings per share
2/4
Net profit for the year/average number of shares.
Book value per share
2/3
Dividend per share
2
Proposed dividend/share capital.
Market price relative to earnings per share
2/4
Market price/earnings per share.
Market price relative to book value per share
2/3
Market price/book value per share
1/2/3/4
See page 219.
Ringk j ø b in g Landb o b ank A /S Page 221
The
Branch
Address
Phone
Ringkøbing, head office
Torvet 1, 6950 Ringkøbing
+45 9732 1166
Brønderslev
Algade 39-41, 9700 Brønderslev
+45 9870 4500
Frederikshavn
Jernbanegade 4-8, 9900 Frederikshavn
+45 9870 6000
Herning
Torvet 18, 7400 Herning
+45 9721 4800
Hjørring
Østergade 4, 9800 Hjørring
+45 9633 5520
Holstebro
Den Røde Plads 2, 7500 Holstebro
+45 9610 9500
Holte
Kongevejen 272A, 2830 Virum
+45 7624 9550
Copenhagen
Bernstorffsgade 50, 8. sal, 1577 Copenhagen V
+45 7624 9640
Copenhagen
Frederiksborggade 1, 1. th., 1360 Copenhagen K
+45 9633 5240
Læsø
Byrum Hovedgade 79, 9940 Læsø
+45 9633 5480
Nørresundby
Torvet 4, 9400 Nørresundby
+45 9870 5000
Skagen
Sct. Laurentiivej 39 B, 9990 Skagen
+45 9633 5210
Sæby
Vestergade 21, 9300 Sæby
+45 9633 5320
Tarm
Storegade 6-10, 6880 Tarm
+45 9737 1411
Vejle
Lysholt Allé 10, 7100 Vejle
+45 7624 9780
Viborg
Tingvej 8, 8800 Viborg
+45 8662 5501
Vildbjerg
Søndergade 6, 7480 Vildbjerg
+45 9713 3166
Aabybro
Østergade 12, 9440 Aabybro
+45 9870 5400
Aalborg
Hasseris
Thulebakken 34, 9000 Aalborg
+45 9870 5900
Vejgaard
Vejgaard Bymidte 2, 9000 Aalborg
+45 9870 4400
Aarhus
Marselis Boulevard 9, 8000 Aarhus C
+45 7624 9760
Ringk j ø b in g Landb o b ank A /S Page 222
Ringk j ø b in g Landb o b ank A /S Page 223
Ringkjøbing Landbobank A/S
Torvet 1
6950 Ringkøbing, Denmark
Phone: +45 9732 1166
Email: post@landbobanken.dk
Web: www.landbobanken.com
CVR no.: 37536814