Ringkjøbing Landbobank A/S Page 0
Q U A R T E R L Y R E P O R T
F O R T H E F I R S T T H R E E
Q U A R T E R S O F 2 0 2 5
Ringkjøbing Landbobank A/S Page 1
Contents
Page
2 Quarterly report – highlights
2 Key figures and ratios
3 Core earnings
4 Quarterly overviews
6 Management’s review
15 Management statement
16 Statements of income and comprehensive income
17 Balance sheet
19 Statement of changes in equity
20 Statement of capital
21 Notes
33 Key figures
34 The Danish FSA’s official key figures/ratios etc. for Danish banks
Ringkjøbing Landbobank A/S Page 2
Quarterly report highlights
• The net profit is DKK 1,753 million, equivalent to a 21% p.a. return on equity
• Earnings per share (net profit) increase by 4% to DKK 71.2 for the first three quarters of 2025
• Core income is DKK 3,073 million, marginally higher than in the same period in 2024
• Costs increase by 4%, and the cost/income ratio is 25.6%
• Continued strong credit quality means that impairment charges of DKK 11 million were carried to income in the quarter
and that impairment charges in the first three quarters of 2025 represented income totalling DKK 35 million
• Highly satisfactory increase in customer numbers and growth of 7% p.a. in loans and 9% p.a. in deposits
Key figures for the bank (DKK million)
Q1-Q3
2025
Q1-Q3
2024
2024
2023
2022
2021
Total core income
3,073
3,067
4,068
3,828
2,862
2,433
Total expenses and depreciation
787
761
1,044
963
891
817
Core earnings before impairment charges for
loans
2,286
2,306
3,024
2,865
1,971
1,616
Impairment charges for loans etc.
+35
+2
+3
-1
-2
-68
Core earnings
2,321
2,308
3,027
2,864
1,969
1,548
Result for the portfolio etc.
+5
+56
+62
-7
-69
+7
Amortisation and write-downs on intangible
assets
15
15
20
20
20
17
Tax
558
579
768
682
385
309
Net profit
1,753
1,770
2,301
2,155
1,495
1,229
Equity
11,394
10,825
11,034
10,451
9,295
8,723
Deposits including pooled schemes
59,371
54,238
56,652
52,626
48,700
43,740
Loans
57,910
53,887
55,837
50,881
48,342
41,179
Balance sheet total
82,274
75,531
78,633
73,520
68,980
60,357
Guarantees
8,535
6,941
7,198
6,465
7,570
10,270
Financial ratios for the bank (percent)
Net profit/average equity
20.8
22.2
21.4
21.8
16.6
14.6
Cost/income ratio
25.6
24.8
25.7
25.2
31.1
33.6
Common equity tier 1 capital ratio
16.0
15.6
16.6
18.9
17.4
17.6
Total capital ratio
20.7
18.8
19.8
23.0
21.6
22.3
MREL capital ratio
30.1
27.2
28.8
28.9
28.9
27.8
Key figures per DKK 1 share (DKK)
Core earnings
94.3
89.6
118.5
107.1
71.5
54.4
Net profit
71.2
68.7
90.3
80.6
54.3
43.2
Book value
462.9
420.2
433.1
391.0
337.3
306.8
Share price, end of period
1,474.0
1,056.0
1,204.0
991.5
948.0
878.0
Key figures and ratios
Ringkjøbing Landbobank A/S Page 3
Core earnings
Note
no.
Q1-Q3
2025
DKK 1,000
Q1-Q3
2024
DKK 1,000
Full year
2024
DKK 1,000
Net interest income
1,914,291
2,045,825
2,701,744
3
Net fee and commission income
829,146
763,090
1,026,839
Income from sector shares etc.
234,326
185,909
244,406
3
Foreign exchange income
94,969
64,647
87,213
Other operating income
515
7,208
7,305
Total core income
3,073,247
3,066,679
4,067,507
5,6
Staff and administration expenses
775,779
732,855
1,008,206
Depreciation and write-downs on tangible assets
11,094
19,690
24,970
Other operating expenses
408
8,001
10,618
Total expenses etc.
787,281
760,546
1,043,794
Core earnings before impairment charges for loans
2,285,966
2,306,133
3,023,713
7
Impairment charges for loans and other receivables etc.
+34,679
+1,755
+2,801
Core earnings
2,320,645
2,307,888
3,026,514
Result for the portfolio etc.
+4,981
+56,129
+62,128
Amortisation and write-downs on intangible assets
14,632
14,632
19,509
Profit before tax
2,310,994
2,349,385
3,069,133
8
Tax
558,300
579,629
768,287
Net profit
1,752,694
1,769,756
2,300,846
Ringkjøbing Landbobank A/S Page 4
Quarterly overviews
The following pages contain quarterly overviews including core earnings, net profit, balance sheet items and contingent liabilities, and statement of capital.
Core earnings
(DKK million)
Q3
2025
Q2
2025
Q1
2025
Q4
2024
Q3
2024
Q2
2024
Q1
2024
Q4
2023
Q3
2023
Q2
2023
Q1
2023
Q4
2022
Q3
2022
Q2
2022
Q1
2022
Q4
2021
Q3
2021
Q2
2021
Q1
2021
Net interest income
633
643
638
656
678
677
691
717
686
652
561
511
410
390
366
355
336
327
325
Net fee and commission income
264
273
292
264
256
249
259
245
233
231
227
224
239
237
248
234
204
195
215
Income from sector shares etc.
58
86
90
58
58
61
67
60
47
45
41
46
38
41
44
47
49
43
40
Foreign exchange income
27
32
36
23
20
21
23
20
18
19
20
17
18
16
15
15
14
13
16
Other operating income
1
0
0
0
4
3
0
1
5
0
0
1
0
0
1
0
0
1
4
Total core income
983
1,034
1,056
1,001
1,016
1,011
1,040
1,043
989
947
849
799
705
684
674
651
603
579
600
Staff and administration expenses
250
271
255
275
237
255
241
248
231
238
222
229
214
221
207
206
191
195
198
Depreciation and write-downs, tangible assets
3
4
4
5
14
3
3
5
3
3
3
5
3
4
1
9
3
4
3
Other operating expenses
0
0
0
3
2
3
3
2
3
3
2
2
2
1
2
2
2
2
2
Total expenses etc.
253
275
259
283
253
261
247
255
237
244
227
236
219
226
210
217
196
201
203
Core earnings before impairment charges
730
759
797
718
763
750
793
788
752
703
622
563
486
458
464
434
407
378
397
Impairment charges for loans etc.
+11
0
+24
+1
+1
+1
0
0
0
0
-1
0
0
-1
-1
-7
-13
-19
-29
Core earnings
741
759
821
719
764
751
793
788
752
703
621
563
486
457
463
427
394
359
368
Result for the portfolio etc.
+9
+2
-6
+6
+26
+7
+23
+29
-8
-7
-21
+11
-61
-10
-9
+11
-1
+7
-10
Amortisation and write-downs, intangible assets
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
4
4
4
Profit before tax
745
756
810
720
785
753
811
812
739
691
595
569
420
442
449
433
389
362
354
Tax
183
181
194
189
196
188
195
198
178
166
140
110
91
94
90
79
87
71
72
Net profit
562
575
616
531
589
565
616
614
561
525
455
459
329
348
359
354
302
291
282
Ringkjøbing Landbobank A/S Page 5
Quarterly overviews
Balance sheet items and contingent liabilities
(DKK million)
End of
Q3
2025
End of
Q2
2025
End of
Q1
2025
End of
Q4
2024
End of
Q3
2024
End of
Q2
2024
End of
Q1
2024
End of
Q4
2023
End of
Q3
2023
End of
Q2
2023
End of
Q1
2023
End of
Q4
2022
End of
Q3
2022
End of
Q2
2022
End of
Q1
2022
End of
Q4
2021
End of
Q3
2021
End of
Q2
2021
End of
Q1
2021
Loans
57,910
57,306
56,444
55,837
53,887
52,535
51,417
50,881
49,590
49,996
48,842
48,342
48,052
46,681
43,352
41,179
38,849
37,268
37,210
Deposits incl. pooled schemes
59,371
58,323
56,926
56,652
54,238
53,818
52,824
52,626
52,216
50,799
48,786
48,700
47,637
46,144
42,599
43,740
41,475
41,376
41,766
Equity
11,394
11,210
11,009
11,034
10,825
10,593
10,460
10,451
10,042
9,647
9,310
9,295
9,009
8,864
8,671
8,723
8,563
8,333
8,132
Balance sheet total
82,274
81,065
79,381
78,633
75,531
75,616
73,438
73,520
73,254
71,012
69,649
68,980
67,463
65,226
60,157
60,357
57,562
57,123
56,845
Contingent liabilities
8,535
8,093
7,543
7,198
6,941
7,090
6,533
6,465
6,780
7,216
6,993
7,570
8,998
11,244
12,432
10,270
10,886
11,811
10,370
Statement of capital
(DKK million)
Common equity tier 1
9,052
8,684
8,298
9,134
8,113
7,917
7,610
9,225
8,391
8,408
7,951
8,154
7,532
7,720
7,471
7,632
7,255
7,274
7,122
Tier 1 capital
9,052
8,684
8,298
9,134
8,113
7,917
7,610
9,225
8,391
8,408
7,951
8,154
7,532
7,720
7,471
7,632
7,255
7,274
7,122
Total capital
11,744
10,385
10,062
10,888
9,783
9,849
9,533
11,188
10,314
9,847
9,894
10,107
9,499
9,730
9,476
9,635
8,743
8,763
8,614
MREL subordinated capital
16,558
15,171
15,391
15,295
13,606
13,670
12,932
-
-
-
-
-
-
-
-
-
-
-
-
MREL capital
17,068
15,699
15,779
15,892
14,202
14,231
13,454
14,097
13,202
13,113
13,411
13,533
12,937
13,183
12,445
12,033
11,167
11,596
10,837
Total risk exposure
56,739
57,297
55,396
55,123
52,150
50,968
49,648
48,733
47,706
47,627
47,043
46,855
47,326
46,940
44,880
43,285
41,729
41,063
42,271
(Percent)
Common equity tier 1 capital ratio
16.0
15.2
15.0
16.6
15.6
15.5
15.3
18.9
17.6
17.7
16.9
17.4
15.9
16.4
16.6
17.6
17.4
17.7
16.8
Tier 1 capital ratio
16.0
15.2
15.0
16.6
15.6
15.5
15.3
18.9
17.6
17.7
16.9
17.4
15.9
16.4
16.6
17.6
17.4
17.7
16.8
Total capital ratio
20.7
18.1
18.2
19.8
18.8
19.3
19.2
23.0
21.6
20.7
21.0
21.6
20.1
20.7
21.1
22.3
21.0
21.3
20.4
MREL subordination ratio
29.2
26.5
27.8
27.7
26.1
26.8
26.0
-
-
-
-
-
-
-
-
-
-
-
-
MREL capital ratio
30.1
27.4
28.5
28.8
27.2
28.0
27.1
28.9
27.7
27.5
28.5
28.9
27.3
28.1
27.7
27.8
26.8
28.2
25.6
Ringkjøbing Landbobank A/S Page 6
Core earnings
Core income
Interest
Net interest income was DKK 1,914 million in the first
three quarters of 2025, compared to DKK 2,046 million in
2024.
Net interest income
(DKK million)
Q1-Q3
2025
Q1-Q3
2024
2024
Net interest income
1,914
2,046
2,702
Since peaking in October 2023, the interest margin has
been under constant pressure. The declining interest rate
level and continuing keen competition for loans thus put
pressure on the interest margin. Net interest income in
the first three quarters of the year was DKK 638 million in
the first quarter, DKK 643 million in the second quarter
and DKK 633 million in the third quarter. Interest rates
decreased considerably at the beginning of the third
quarter, but the subsequent stabilisation of the money
market rates brings hope of pressure on the margins
easing in the coming quarters.
The bank was able to mitigate part of the pressure on its
interest margin by increasing its business volume. Loans
increased by 1.1% and deposits by 1.8% in the third
quarter of 2025 and, in the past year, the loan portfolio
increased by 7.5% and deposits by 9.5%. The increase in
loans in the past year is related primarily to niches. The
bank considers its loan growth very satisfactory and
continues to see good opportunities for growth.
Fee, commission and foreign exchange income
Overall, fee, commission and foreign exchange income
amounted to DKK 924 million in the first nine months of
2025, compared to DKK 828 million in the same period of
2024, up 12%.
Net fee, commission and foreign exchange income
(DKK million)
Q1-Q3
2025
Q1-Q3
2024
2024
Securities trading
140
143
189
Asset management and custody
accounts
193
178
239
Payment handling
116
99
132
Loan fees
64
51
72
Guarantee and mortgage credit
commission etc.
216
205
276
Pension and insurance commission
73
62
86
Other fees and commission
27
25
33
Foreign exchange income
95
65
87
Total
924
828
1,114
focus on private banking and other asset management.
Total income from these three items amounted to DKK
428 million in the first three quarters of 2025, compared
to DKK 386 million in 2024, an increase of 11%. The
transaction-dependent income in the quarter was lower
than normal.
Assets in custody accounts
etc.
(DKK million)
30 Sep.
2025
30 Sep.
2024
31 Dec.
2024
Custody account holdings
91,915
94,368
93,026
Deposits in pooled schemes
7,417
6,865
7,126
Letpension/PFA Pension
6,650
5,604
5,998
Total
105,982
106,837
106,150
the first three quarters of 2025 compared to DKK 99
million in 2024, an increase of 18%. This reflected a
normalisation of the fee level and the continued increase
in customer numbers. Income from this item in the third
quarter was negatively affected by an accruals error in
the second quarter of 2025. The item was thus DKK 4
million too high in the second quarter and
correspondingly DKK 4 million too low in the third quarter.
nine months of the year compared to DKK 51 million in
2024. The positive trajectory on the housing market in the
first half of 2025 thus continued in the third quarter of
2025.
first three quarters of 2025, compared to DKK 205 million
the year before.
the increase in income from this source from DKK 62
million in the first three quarters of 2024 to DKK 73
million in 2025, an increase of 18%.
Sector shares and other operating income
Earnings from banking sector shares totalled DKK 234
million in the first nine months of the year, compared to
DKK 186 million in 2024. The earnings derive primarily
BankInvest.
The 2025 earnings include extraordinary income
recognition of a total amount of DKK 65 million relating to
extraordinary income reflects a general revaluation of the
BankInvest shares carried out in 2025 following a
guideline issued by the Danish FSA, which specifies that
true and fair values must be used when redistributing
shares in co-owned asset management companies. The
Ringkjøbing Landbobank A/S Page 7
remaining earnings in the first three quarters of the year
are attributable to the usual ongoing earnings in the
sector companies.
Sector shares and other operating income
(DKK million)
Q1-Q3
2025
Q1-Q3
2024
2024
Sector shares
234
186
244
Other operating income
1
7
7
Core income
Total core income in the first three quarters increased
from DKK 3,067 million in 2024 to DKK 3,073 million in
2025.
Expenses, depreciation and write-downs
Total expenses including depreciation and write-downs
on tangible assets amounted to DKK 787 million in the
first three quarters of 2025, compared to a total of DKK
761 million in the first three quarters of 2024, an increase
of 4%.
Expenses, depreciation and write-downs
(DKK million)
Q1-Q3
2025
Q1-Q3
2024
2024
Staff and management expenses
465
441
603
IT and other administration expenses
311
292
405
Depreciation and write-downs,
tangible assets
11
20
25
Other operating expenses
0
8
11
Total
787
761
1,044
The cost increase reflects higher staff, IT and
administration expenses.
An increase of approximately 4% in total expenses is still
expected for the full year 2025, compared to 2024.
The cost/income ratio was 25.6% in the first nine months
of the year, compared to 24.8% in the same period in
2024.
A low cost/income ratio combined with good credit
This combination provides a high free cash flow and a
strong revenue shield.
Impairment charges for loans etc.
of DKK 11 million in the third quarter of 2025 and income
of DKK 35 million in total in the first nine months of the
year. The bank has thus realised net losses and net
impairment charges of around zero or better in the last
fifteen quarters in a row.
Impairment charges for loans etc.
(DKK million)
Q1-Q3
2025
Q1-Q3
2024
2024
Impairment charges for loans etc.
+35
+1
+3
report thus continued throughout the third quarter of
2025.
During the third quarter of 2025 the bank realised higher-
than-usual income from claims previously written off.
This resulted in income of DKK 11 million from losses
and impairment charges. At the same time the total
account for impairment charges increased from DKK
2,375 million to DKK 2,399 million in the quarter.
Ringkjøbing Landbobank A/S Page 8
supported by a very strong labour market with low
unemployment and a continued robust real estate
market.
The bank remains very aware of the global risk picture for
its business customers, including the increased
geopolitical risks and the announced tariffs between the
customers with considerable direct trade with the USA
remains very modest.
The tense geopolitical situation increases the risk of a
general setback to the economy. The bank has therefore
made substantial management estimates to counter this
risk. The total management estimates increased by DKK
8 million in the third quarter of 2025 and amount to DKK
1,009 million at present, equivalent to 42% of the total
account for impairment charges.
Loans with suspended interest amounted to DKK 158
million at the end of the third quarter of 2025 compared
to DKK 183 million at the end of 2024.
Core earnings
Core earnings for the first three quarters of 2025 totalled
2,308 million, an increase of 1%.
Core earnings
(DKK million)
Q1-Q3
2025
Q1-Q3
2024
2024
Total core income
3,073
3,067
4,068
Total expenses and depreciation
787
761
1,044
Core earnings b.f. impairment charges
2,286
2,306
3,024
Impairment charges for loans etc.
+35
+2
+3
Core earnings
2,321
2,308
3,027
Earnings per share
they develop.
Core earnings per DKK 1 share were DKK 94.3 for the first
three quarters of 2025 compared to DKK 89.6 in 2024,
and net profit also per DKK 1 share was DKK 71.2 in 2025
compared to DKK 68.7 in 2024. The latter is equivalent to
an increase of 4%.
Result for the portfolio etc.
The result for the portfolio etc. including portfolio funding
costs was positive by DKK 5 million net for the first nine
months of the year, compared to a positive result of DKK
56 million net in the same period in 2024.
Result for the portfolio etc.
(DKK million)
Q1-Q3
2025
Q1-Q3
2024
2024
Result for the portfolio etc.
+5
+56
+62
The result for the portfolio was negative by DKK 4 million
at the end of June 2025, but price increases, which also
applied to -term mortgage
credit bonds in the third quarter, meant that the overall
result for the portfolio was positive at the end of
September 2025.
Ringkjøbing Landbobank A/S Page 9
Amortisation and write-downs on intangible assets
The bank treats amortisation and write-downs on
intangible assets as a special item, since expensing them
enhances the quality of equity and helps to reduce the
deduction when computing total capital.
Amortisation and write-downs on intangible assets
amounted to DKK 15 million in the first three quarters of
2025, unchanged relative to 2024.
Amortisation and write-downs on intangible assets
(DKK million)
Q1-Q3
2025
Q1-Q3
2024
2024
Amortisation and write-downs on
intangible assets
15
15
20
Profit before and after tax
The profit before tax was DKK 2,311 million, equivalent to
a 27.5% p.a. return on average equity.
The profit after tax was DKK 1,753 million, equivalent to a
20.8% p.a. return on average equity.
The effective tax rate was 24.2% in the first nine months
of the year, compared to 24.7% in 2024.
Core earnings – alternative performance measure
The bank uses the alternative performance measure
performance for both external and internal financial
reporting because they are deemed to better reflect the
actual banking operations.
Overall, core earnings contain the same items as the
but the calculation method and degree of specification
are different.
adjusted for temporary fluctuations following from the
(the securities portfolio less sector shares etc.). The
profit before tax is divided into two main elements: core
earnings and result for the portfolio.
The result for the trading portfolio is composed of value
adjustments for the portfolio plus the actual return in the
form of interest and dividends from the portfolio and less
the calculated funding costs for the portfolio.
Core earnings are shown on page 3 and comments
provided on the preceding pages.
Ringkjøbing Landbobank A/S Page 10
The income statement
Net interest income
Net interest income totalled DKK 1,899 million in the first
three quarters of 2025 compared to DKK 2,036 million in
2024.
Net interest income
(DKK million)
Q1-Q3
2025
Q1-Q3
2024
2024
Interest income
2,489
2,868
3,784
Interest expenses
590
832
1,092
Total net interest income
1,899
2,036
2,692
The development reflects the pressure on the interest
margin resulting from the declining interest rate level and
the pressure on the lending margin resulting from
continuing keen competition for loans.
As shown on pages 6 and 12, the bank was able to
increase its business volume, thereby mitigating part of
the pressure on its interest margin.
Dividends from shares etc.
Dividend income from shares etc. totalled DKK 142
million in the first three quarters of the year which is DKK
23 million higher than in 2024.
Dividends from shares etc.
(DKK million)
Q1-Q3
2025
Q1-Q3
2024
2024
Dividends from shares etc.
142
119
119
Dividends derive primarily from sector shares etc.
Fee and commission income and fee and commission
expenses
Net fee and commission income was DKK 829 million in
the first three quarters of 2025 compared to DKK 763
million in 2024, an increase of 9%.
Net fee and commission income
(DKK million)
Q1-Q3
2025
Q1-Q3
2024
2024
Fee and commission income
910
841
1,134
Fee and commission expenses
-81
-78
-107
Total net fee and commission income
829
763
1,027
Please see the comments below and note 3 to the
income statement for a specification of net fee and
commission income.
in the first three quarters of 2025 compared to 2024 as a
result of a continued increase in new customers and the
private banking segment
and other asset management. However, the transaction-
dependent income in the third quarter was lower than
normal.
Total net income from the two items thus increased by
DKK 11 million, from DKK 322 million in the first three
quarters of 2024 to DKK 333 million in 2025.
quarters from DKK 205 million in 2024 to DKK 216
million in 2025.
was DKK 189 million net compared to DKK 161 million
net from this source in 2024. The increase is driven by
the normalisation of payment handling fees, the
continued focus on pension advisory services.
There was an increase of DKK 13 million in income from
the level of trading activities in the real estate market was
higher.
was marginally higher by DKK 3 million compared to
2024.
Value adjustments
The value adjustments in the first three quarters of 2025
resulted in income totalling DKK 208 million compared to
income totalling DKK 198 million in 2024.
This development is specified as follows:
Value adjustments
(DKK million)
Q1-Q3
2025
Q1-Q3
2024
2024
Other loans and receivables
-6
1
4
Bonds
9
74
76
Shares etc.
109
78
142
Investment properties
0
6
6
Foreign exchange
95
65
87
Derivative financial instruments
-12
7
11
Debt to credit institutions
0
-8
-8
Issued bonds etc.
10
-25
-33
Tier 2 capital
3
0
0
Total value adjustments
208
198
285
portfolio of shares and foreign exchange income in
particular contributed to the positive value adjustments
for the first three quarters of the year.
Ringkjøbing Landbobank A/S Page 11
Staff and administration expenses
Total staff and administration expenses increased by 6%
in the first three quarters of 2025, from DKK 733 million in
2024 to DKK 776 million in 2025.
Staff and administration expenses
(DKK million)
Q1-Q3
2025
Q1-Q3
2024
2024
Staff and management expenses
465
441
603
Other administration expenses
311
292
405
Total staff and administration expenses
776
733
1,008
Expenses for staff and management totalled DKK 465
million in the first three quarters of 2025 compared to
DKK 441 million in 2024, an increase of 6%. The average
number of full-time employees (FTEs) increased from
663 in the first three quarters of 2024 to 680 in the first
three quarters of 2025.
Other administration expenses totalled DKK 311 million in
the first three quarters of 2025 compared to DKK 292
million in 2024, an increase of 6%. The increase reflects
both higher IT expenses and higher administration
expenses.
Amortisation, depreciation and write-downs on
intangible and tangible assets
Amortisation, depreciation and write-downs totalled DKK
26 million in the first three quarters of 2025 compared to
a total of DKK 34 million in 2024.
Amortisation, depreciation and write-downs on intangible and
tangible assets
(DKK million)
Q1-Q3
2025
Q1-Q3
2024
2024
Intangible assets
15
14
20
Tangible assets
11
20
25
Total amortisation, depreciation and
write-downs on intangible and tangible
assets
26
34
45
Impairment charges for loans and other receivables etc.
The item represented income of DKK 2 million in the first
three quarters of 2024, while income in 2025 was DKK 35
million. The development in the item in 2025 was
satisfactory and better than expected.
Impairment charges for loans and other receivables etc.
(DKK million)
Q1-Q3
2025
Q1-Q3
2024
2024
Impairment charges for loans and
other receivables etc.
+35
+2
+3
The bank still assesses the quality of its loan portfolio as
good.
For further details on the development in impairment
charges for loans etc., see pages 7 and 8 of the
management's review and notes 11 and 26 to the
quarterly report.
Ringkjøbing Landbobank A/S Page 12
Balance sheet etc.
Balance sheet items and contingent liabilities
million at the end of September 2025, compared to DKK
75,531 million at the same time the year before.
Loans in the period September 2024 to September 2025
increased from DKK 53,887 million to DKK 57,910 million,
an increase of 7.5%. In the first nine months of the year
loans increased by DKK 2.1 billion, equivalent to 3.7%
with 1.1% in the first quarter, 1.5% in the second quarter
and 1.1% in the third quarter.
Deposits including pooled schemes increased by 9.5%,
from DKK 54,238 million at the end of September 2024 to
DKK 59,371 million at the end of September 2025. In the
first nine months of the year deposits increased by DKK
2.7 billion, equivalent to 4.8% with 0.5% in the first
quarter, 2.5% in the second quarter and 1.8% in the third
quarter.
amounted to DKK 8,535 million at the end of September
2025, compared to DKK 6,941 million at the end of
September 2024 and DKK 7,198 million at the end of
December 2024.
Credit intermediation
In addition to the traditional bank loans shown on its
balance sheet, the bank also arranges mortgage loans on
behalf of both Totalkredit and DLR Kredit.
compared to September 2024 and by 4.7% in the first
nine months of the year.
The development is shown in the following summary:
Total credit intermediation
(DKK million)
30 Sep.
2025
30 Sep.
2024
31 Dec.
2024
Loans etc.
57,910
53,887
55,837
Mortgage credit Totalkredit
51,427
48,014
48,554
Mortgage credit DLR Kredit a.o.
9,663
9,375
9,321
Total
119,000
111,276
113,712
Securities and market risk
The bank measures its portfolio of securities at fair value.
the end of September 2025, with DKK 77 million in listed
shares and investment fund certificates and DKK 1,483
million in sector shares etc., mainly in the companies DLR
Kredit, BI Holding and PRAS.
The bond portfolio amounted to DKK 7,989 million on 30
September 2025, of which the majority consisted of AAA-
rated Danish mortgage credit bonds.
The total interest rate risk impact on profit of a one
percentage point change in interest level was
September 2025.
rate risk, listed shares etc. and foreign currency remains
at a moderate level, and this policy will continue.
Liquidity
-term funding
liabilities totalled DKK 1.7 billion, comprising debt to
credit institutions and issued bonds with term to maturity
less than 12 months. This was balanced by short-term
liquidity management deposits at the central bank of
Denmark, Danmarks Nationalbank, receivables from
credit institutions with term to maturity less than 12
months and listed securities totalling DKK 13.2 billion.
This means the total excess cover was DKK 11.5 billion.
In the first three quarters of the year, the bank entered
into agreements on new issues of tier 2 capital, non-
preferred senior capital and preferred senior capital
equivalent to a total of DKK 2,490 million. See also
In terms of liquidity, the bank must comply with the
statutory requirement of at least 100% for both the
liquidity ratios LCR and NSFR.
NSFR 120%. The bank thus met the statutory requirement
for both ratios by a good margin.
Capital structure
The bank operates with four different capital targets. The
capital targets specify that the common equity tier 1
capital ratio must be at least 13.5%, the total capital ratio
at least 17.0%, the MREL subordination ratio for covering
the subordination requirement at least 25.5%, including
the capital buffers, and the MREL capital ratio for
covering the MREL requirement at least 26.0%, including
the capital buffers.
All capital targets must be met at the end of the year. The
capital ratios may fluctuate during the year.
11,034 million. The profit for the period must be added to
own shares bought must be subtracted. After this, equity
at the end of September 2025 was DKK 11,394 million.
When computing the common equity tier 1, ongoing
earnings contribute 57%. The DKK 1 billion share buyback
programme initiated at the beginning of June 2025 was
already deducted from the common equity tier 1 capital
Ringkjøbing Landbobank A/S Page 13
at the end of March 2025. Seen in isolation, the capital
ratios will thus improve gradually in step with the
recognition of ongoing earnings, but with the biggest
effect in the fourth quarter of 2025.
20.7% and 16.0% respectively at the end of September
2025.
Capital ratios
30 Sep.
2025
30 Sep.
2024
31 Dec.
2024
Common equity tier 1 capital ratio
16.0
15.6
16.6
Tier 1 capital ratio
16.0
15.6
16.6
Total capital ratio
20.7
18.8
19.8
MREL subordination ratio
29.2
26.1
27.7
MREL capital ratio
30.1
27.2
28.8
Adjusted for the part of the share buyback programme
tier 1 capital ratio would have been as shown in the table
at the bottom of the page.
In December 2024, the bank received an updated MREL
requirement of 18.9% from the Danish FSA, applicable
from the beginning of 2025. The Danish FSA at the same
time notified the bank of a subordination requirement of
23.7%.
The subordination requirement must be met, as a
minimum, with non-preferred senior capital, while the
difference between the MREL requirement plus the
combined capital buffer requirements and the
subordination requirement can be met with preferred
senior capital.
Both the MREL requirement and the subordination
requirement must always be met.
To meet the MREL requirement, the bank has issued non-
preferred senior capital over time. At the end of
September 2025, non-preferred senior capital equivalent
to a total of DKK 4.8 billion and preferred senior capital
equivalent to a total of DKK 0.9 billion had been issued.
The preferred senior capital complies with the eligibility
provisions and can be used to cover the difference
between the MREL requirement plus the combined capital
buffer requirements and the subordination requirement.
In the first three quarters of the year, the bank entered
into agreements on new issues of non-preferred senior
capital equivalent to DKK 779 million, preferred senior
capital equivalent to DKK 506 million and tier 2 capital
equivalent to DKK 1,204 million.
For further information on capital, please see page 20 of
this quarterly report.
The bank expects not to need refinancing of non-
preferred senior capital and tier 2 capital in the rest of
2025 and in 2026.
Solvency requirement, total requirement for total capital
and excess cover
The individual solvency requirement at the end of
September 2025 was calculated as 8.9%.
September 2025, calculated as an exposure-weighted
average of the specific buffer rates in the home countries
of the customers to whom the bank is exposed. The
capital conservation buffer of 2.5% and a sector-specific
systemic buffer of 0.9% for exposures to real estate
companies at the end of September 2025 should be
added to this.
thus 14.6%, equivalent to DKK 8.3 billion, at the end of
September 2025. Compared with the actual total capital
of DKK 11.7 billion, the capital buffer at the end of
September 2025 was thus DKK 3.4 billion, equivalent to
6.1 percentage points.
For further information, see the summary below.
Individual solvency requirement, total capital requirement and
excess cover
(%)
30 Sep.
2025
30 Sep.
2024
31 Dec.
2024
Individual solvency requirement
8.9
8.9
8.9
Capital conservation buffer
2.5
2.5
2.5
Countercyclical buffer
2.3
2.5
2.3
Sector-specific systemic buffer
0.9
0.8
0.7
total capital
14.6
14.7
14.4
Excess cover (pp) relative to
individual solvency requirement
11.8
9.9
10.9
Excess cover (pp) relative to total
requirement for total capital
6.1
4.1
5.4
Share buyback programmes and capital reduction
again renewed its previous authorisation of the board of
directors to permit the bank, in accordance with the
applicable law, to acquire its own shares to a total
pital.
The share buyback programme for a total of DKK 500
million was completed on 28 May 2025 with buyback of a
total of 414,200 shares. The subsequent share buyback
programme for a total of DKK 1 billion was initiated on 2
June 2025. By 30 September 2025, a total of 367,777
shares had been bought under the programme.
Adjusted tier 1 capital ratio
30 Sep.
2025
30 Sep.
2024
31 Dec.
2024
31 Dec.
2023
31 Dec.
2022
31 Dec.
2021
31 Dec.
2020
Common equity tier 1 capital ratio
16.0
15.5
16.6
18.9
17.4
17.6
17.5
Remaining share buyback programme
0.8
1.6
1.1
0.1
0.1
0.2
-
Deduction for expected distributions
1.4
1.7
-
-
-
-
-
Adjusted common equity tier 1 capital ratio
18.2
18.8
17.7
19.0
17.5
17.8
17.5
Ringkjøbing Landbobank A/S Page 14
bought during 2024 and early 2025, which the annual
general meeting decided in March, was finalised in early
May 2025.
was thus DKK 24,609,720 in nom. DKK 1 shares: see
below.
Share capital/
Number of
shares
Beginning of 2025
26,706,739
Finalisation of capital reduction in May 2025
-1,315,042
Number of shares after the capital reduction
25,391,697
Bought under the DKK 500 million share buyback
programme
-414,200
Bought under the DKK 1,000 million share buy-
back programme by the end of September 2025
-367,777
Actual number of shares on 30 September 2025
24,609,720
The Supervisory Diamond
Diamond. The Supervisory Diamond contains four
different benchmarks and associated limit values which
Danish banks are expected to observe.
The Supervisory Diamond benchmarks and limit values
Benchmark
Limit
value
30 Sep.
2025
30 Sep.
2024
2024
Liquidity benchmark
>100%
169.8%
194.6%
153.9%
Large exposures
<175%
105.6%
137.7%
125.2%
Growth in loans
<20%
7.5%
9.4%
10.1%
Real estate exposure
<25%
18.8%
19.1%
18.2%
As shown above, the bank met all four current limit values
by a good margin.
Financial rating and ESG rating
The bank is rated by the international credit rating agency
informed the bank that a periodic review had been
outlook remains unchanged for both the long-term bank
deposits and the long-term issuer rating.
rates the bank in the environmental, social and
the second-
reaffirmed on 14 October 2025.
Expected results for 2025
On 22 January 2025, the bank announced its initial
expectations for 2025, which were net profit in the range
DKK 1.8 - 2.2 billion.
On 6 August 2025, the bank upwardly adjusted its
expectations for 2025 to net profit in the range DKK 2.0 -
2.35 billion. The upward adjustment was based on
continued good credit quality and a loss and impairment
level that had developed better than originally budgeted
year is expected to be on a par with the income in 2024.
With net profit of DKK 1.75 billion for the first three
quarters of 2025, the expected results for 2025 are
maintained at the upwardly adjusted range.
Accounting policies
The accounting policies are unchanged relative to those
in the submitted and audited 2024 annual report.
Ringkjøbing Landbobank A/S Page 15
Management statement
The board of directors and the general management have today discussed and approved the quarterly report of Ringkjøbing
Landbobank A/S for the period 1 January to 30 September 2025.
The quarterly report is drawn up in accordance with statutory requirements, including the provisions of the Danish Financial
Business Act and other Danish disclosure requirements for listed financial companies. We consider the chosen accounting
policies to be appropriate, and the estimates made responsible, so that the quarterly report provides a true and fair view of
es as well as a description of the most important risks and
uncertainties which can affect the bank.
out
procedures corresponding to those required for a review and have thereby checked that the conditions for ongoing
recognition of the profit for the period in the common equity tier 1 capital have been met.
Ringkøbing, 22 October 2025
General management:
John Fisker
CEO
Claus Andersen
General Manager
Jørn Nielsen
General Manager
Carl Pedersen
General Manager
Board of directors:
Martin Krogh Pedersen
Chair
Jacob Møller
Deputy Chair
Morten Jensen
Deputy Chair
Jon Steingrim Johnsen
Anne Kaptain
Karsten Madsen
Lone Rejkjær Söllmann
Lene Weldum
Lisa Munkholm
Employee representative
Nanna G. Snogdal
Employee representative
Martin Wilche
Employee representative
Finn Aaen
Employee representative
Ringkjøbing Landbobank A/S Page 16
Statements of income and comprehensive income
Note
no.
Q1-Q3
2025
DKK 1,000
Q1-Q3
2024
DKK 1,000
Full year
2024
DKK 1,000
1
Interest income
2,489,235
2,868,210
3,783,746
2
Interest expenses
590,460
831,868
1,091,746
Net interest income
1,898,775
2,036,342
2,692,000
Dividends from shares etc.
141,553
118,626
118,788
3
Fee and commission income
910,273
841,231
1,133,604
3
Fee and commission expenses
81,127
78,141
106,765
Net interest and fee income
2,869,474
2,918,058
3,837,627
4
Value adjustments
+208,239
+197,541
+284,706
Other operating income
515
7,208
7,305
5,6
Staff and administration expenses
775,779
732,855
1,008,206
Amortisation, depreciation and write-downs on intangible and
tangible assets
25,726
34,321
44,479
Other operating expenses
408
8,001
10,618
7,11
Impairment charges for loans and other receivables etc.
+34,679
+1,755
+2,801
Results from investments in associated companies and
subsidiaries
0
0
-3
Profit before tax
2,310,994
2,349,385
3,069,133
8
Tax
558,300
579,629
768,287
Net profit
1,752,694
1,769,756
2,300,846
Other comprehensive income
0
0
0
Total comprehensive income for the period
1,752,694
1,769,756
2,300,846
Ringkjøbing Landbobank A/S Page 17
Balance sheet
Note
no.
30 September
2025
DKK 1,000
30 September
2024
DKK 1,000
31 December
2024
DKK 1,000
Assets
Cash in hand and demand deposits with central banks
4,860,432
3,613,873
5,844,446
9
Receivables from credit institutions and central banks
286,420
482,611
251,577
10,11,12
Total loans and other receivables at amortised cost
57,910,009
53,887,132
55,837,006
13
Bonds at fair value
7,988,619
7,201,461
6,015,535
14
Shares etc.
1,560,312
1,477,121
1,534,566
Investments in associated companies
465
485
465
Investments in subsidiaries
12,080
12,063
12,080
15
Assets linked to pooled schemes
7,417,010
6,864,764
7,126,019
16
Intangible assets
978,020
997,529
992,652
Total land and buildings
215,234
202,381
210,972
Investment properties
829
829
829
Domicile properties
188,751
189,760
189,470
Domicile properties (leasing)
25,654
11,792
20,673
Other tangible assets
16,659
16,896
16,949
Current tax assets
232,878
0
77,732
Deferred tax assets
3,105
23,746
19,492
Temporary assets
100
100
100
Other assets
772,937
731,631
674,037
Prepayments
19,974
18,742
19,558
Total assets
82,274,254
75,530,535
78,633,186
Ringkjøbing Landbobank A/S Page 18
Balance sheet
Note
no.
30 September
2025
DKK 1,000
30 September
2024
DKK 1,000
31 December
2024
DKK 1,000
Liabilities and equity
17
Debt to credit institutions and central banks
2,083,633
2,217,957
2,287,890
Total deposits and other debt
59,371,231
54,237,697
56,651,758
18
Deposits and other debt
51,954,221
47,372,933
49,525,739
15
Deposits in pooled schemes
7,417,010
6,864,764
7,126,019
19
Issued bonds at amortised cost
5,823,165
5,124,903
5,718,268
Preferred senior capital
1,094,396
1,380,669
1,383,980
Non-preferred senior capital
4,728,769
3,744,234
4,334,288
Current tax liabilities
0
454,345
0
Other liabilities
813,661
804,794
1,085,016
Deferred income
91
37
126
Total debt
68,091,781
62,839,733
65,743,058
11
Provisions for losses on guarantees
54,150
47,921
35,553
11
Other provisions for liabilities
38,463
22,790
24,696
Total provisions for liabilities
92,613
70,711
60,429
Tier 2 capital
2,695,411
1,795,222
1,795,609
20
Total subordinated debt
2,695,411
1,795,222
1,795,609
21
Share capital
25,392
26,707
26,707
Net revaluation reserve under the equity method
472
475
472
Retained earnings
11,368,585
10,797,687
10,711,317
Proposed dividend etc.
-
-
295,774
Total shareholders’ equity
11,394,449
10,824,869
11,034,270
Total liabilities and equity
82,274,254
75,530,535
78,633,186
22
Own shares
23
Contingent liabilities etc.
24
Assets provided as security
Credit risk
25
Loans and guarantees in percent, by sector and industry
26
Loans, guarantees and unutilised credit facilities and credit undertakings by credit quality and IFRS 9 stages
(before impairment and provisions), and impairment charges by stages
27
Miscellaneous information
Ringkjøbing Landbobank A/S Page 19
Statement of changes in equity
DKK 1,000
Share
capital
Net revaluation
reserve under the
equity method
Retained
earnings
Proposed
dividend
etc.
Total
shareholders’
equity
At 30 September 2025:
Shareholders’ equity at the end of the previous
financial year
26,707
472
10,711,317
295,774
11,034,270
Comprehensive income
Net profit for the period
1,752,694
1,752,694
Total comprehensive income
0
0
1,752,694
0
1,752,694
Transactions with shareholders
Reduction of share capital
-1,315
1,315
0
Dividend etc. paid
-295,774
-295,774
Dividend received on own shares
16,145
16,145
Purchase of own shares
-2,340,312
-2,340,312
Sale of own shares
1,198,775
1,198,775
Other equity transactions (employee shares)
28,651
28,651
Total transactions with shareholders
-1,315
0
-1,095,426
-295,774
-1,392,515
Shareholders’ equity on the balance sheet date
25,392
472
11,368,585
0
11,394,449
At 30 September 2024:
Shareholders’ equity at the end of the previous
financial year
27,491
475
10,146,325
276,913
10,451,204
Comprehensive income
Net profit for the period
1,769,756
1,769,756
Total comprehensive income
0
0
1,769,756
0
1,769,756
Transactions with shareholders
Reduction of share capital
-784
784
0
Dividend etc. paid
-276,913
-276,913
Dividend received on own shares
9,193
9,193
Purchase of own shares
-1,918,023
-1,918,023
Sale of own shares
763,280
763,280
Other equity transactions (employee shares)
26,372
26,372
Total transactions with shareholders
-784
0
-1,118,394
-276,913
-1,396,091
Shareholders’ equity on the balance sheet date
26,707
475
10,797,687
0
10,824,869
At 31 December 2024:
Shareholders’ equity at the end of the previous
financial year
27,491
475
10,146,325
276,913
10,451,204
Comprehensive income
Net profit for the year
-3
2,005,075
295,774
2,300,846
Total comprehensive income
0
-3
2,005,075
295,774
2,300,846
Transactions with shareholders
Reduction of share capital
-784
784
0
Dividend etc. paid
-276,913
-276,913
Dividend received on own shares
9,193
9,193
Purchase of own shares
-2,469,960
-2,469,960
Sale of own shares
986,656
986,656
Other equity transactions (employee shares)
33,244
33,244
Total transactions with shareholders
-784
0
-1,440,083
-276,913
-1,717,780
Shareholders’ equity on the balance sheet date
26,707
472
10,711,317
295,774
11,034,270
Ringkjøbing Landbobank A/S Page 20
Statement of capital
30 September
2025
DKK 1,000
30 September
2024
DKK 1,000
31 December
2024
DKK 1,000
Credit risk
51,108,202
45,081,217
47,080,974
Market risk
1,432,280
1,527,724
1,469,899
Operational risk
4,198,979
5,541,119
6,572,588
Total risk exposure
56,739,461
52,150,060
55,123,461
11,394,449
10,824,869
11,034,270
Proposed dividend etc.
-
-
-295,774
Deduction for expected distributions
-753,658
-1,150,341
-
Addition for IFRS 9 transitional arrangements
-
212,010
214,562
Deduction for insufficient coverage of non-performing exposures
-52,121
-22,320
-20,477
Deduction for the sum of equity investments etc. above 10%
-9,658
-266,357
-137,773
Deduction for prudent valuation
-17,483
-16,187
-15,237
Deduction for intangible assets
-978,020
-997,529
-992,652
Deferred tax on intangible assets
8,936
12,761
11,804
Deferred tax on tangible assets etc.
-12,041
-36,507
-31,296
Deduction of amount of share buyback programme
-1,500,000
-1,525,000
-2,025,000
Actual utilisation of amount of share buyback programme
1,012,411
1,113,316
1,434,685
Deduction for trading limit for own shares
-15,000
-15,000
-15,000
Actual utilisation of the trading limit for own shares
0
344
36
Deduction for indirect ownership of own shares
-26,238
-21,320
-27,718
Common equity tier 1
9,051,577
8,112,739
9,134,430
Tier 1 capital
9,051,577
8,112,739
9,134,430
Tier 2 capital
2,695,411
1,795,222
1,795,609
Deduction for the sum of equity investments etc. above 10%
-2,804
-124,943
-42,073
Total capital
11,744,184
9,783,018
10,887,966
Non-preferred senior capital
4,813,519
3,822,707
4,407,393
MREL subordinated capital
16,557,703
13,605,725
15,295,359
Recognised contractual senior capital
510,655
596,472
596,796
MREL capital
17,068,358
14,202,197
15,892,155
Common equity tier 1 capital ratio (%)
16.0
15.6
16.6
Tier 1 capital ratio (%)
16.0
15.6
16.6
Total capital ratio (%)
20.7
18.8
19.8
MREL subordination ratio (%)
29.2
26.1
27.7
MREL capital ratio (%)
30.1
27.2
28.8
Pillar I capital requirements
4,539,157
4,172,005
4,409,877
Subordination requirement (%) fixed by the Danish FSA incl. buffers
23.7
22.8
22.8
Excess cover (pp) relative to subordination requirement incl. buffers
5.5
3.3
4.9
MREL requirement (%) fixed by the Danish FSA
18.9
18.9
18.9
Excess cover (pp) relative to MREL requirement
11.2
8.3
9.9
MREL requirement (%) fixed by the Danish FSA including buffers
24.6
24.7
24.4
Excess cover (pp) relative to MREL requirement including buffers
5.5
2.5
4.4
Individual solvency requirement (%)
8.9
8.9
8.9
Capital conservation buffer (%)
2.5
2.5
2.5
Countercyclical buffer (%)
2.3
2.5
2.3
Sector-specific systemic buffer (%)
0.9
0.8
0.7
14.6
14.7
14.4
Excess cover (pp) relative to individual solvency requirement
11.8
9.9
10.9
Excess cover (pp) relative to total requirement for total capital
6.1
4.1
5.4
Ringkjøbing Landbobank A/S Page 21
Notes
Note
no.
Q1-Q3
2025
DKK 1,000
Q1-Q3
2024
DKK 1,000
Full year
2024
DKK 1,000
1
Interest income
Receivables from credit institutions and central banks
83,698
112,556
141,499
Loans and other receivables
2,248,966
2,563,551
3,391,881
Loans interest on the impaired part of loans
-37,572
-44,302
-57,641
Bonds
157,771
229,176
296,640
Total derivative financial instruments
36,318
7,229
9,559
of which currency contracts net
22,510
-9,732
-14,782
of which interest-rate contracts net
13,808
16,961
24,381
Other interest income
54
0
1,808
Total interest income
2,489,235
2,868,210
3,783,746
of which interest income from collateralised repurchase agreements/
0
3,130
3,214
2
Interest expenses
Debt to credit institutions and central banks
28,788
12,306
20,409
Deposits and other debt
329,659
562,176
725,999
Issued bonds
167,775
168,828
226,966
Subordinated debt
63,344
88,030
111,568
Other interest expenses
894
528
6,804
Total interest expenses
590,460
831,868
1,091,746
3
Gross fee and commission income
Securities trading
149,833
155,072
204,350
Asset management and custody accounts
208,292
191,449
256,569
Payment handling
157,867
140,057
188,875
Loan fees
72,175
57,643
81,653
Guarantee commission and mortgage credit commission etc.
215,952
205,333
276,163
Pension and insurance commission
72,595
61,657
85,867
Other fees and commission
33,559
30,020
40,127
Total gross fee and commission income
910,273
841,231
1,133,604
Net fee and commission income
Securities trading
139,517
143,480
189,277
Asset management and custody accounts
193,256
178,053
238,645
Payment handling
116,367
98,900
131,773
Loan fees
63,623
51,075
72,135
Guarantee commission and mortgage credit commission etc.
215,952
205,333
276,163
Pension and insurance commission
72,595
61,657
85,868
Other fees and commission
27,836
24,592
32,978
Total net fee and commission income
829,146
763,090
1,026,839
Foreign exchange income
94,969
64,647
87,213
Total net fee, commission and foreign exchange income
924,115
827,737
1,114,052
Ringkjøbing Landbobank A/S Page 22
Notes
Note
no.
Q1-Q3
2025
DKK 1,000
Q1-Q3
2024
DKK 1,000
Full year
2024
DKK 1,000
4
Value adjustments
Other loans and receivables
-5,815
1,161
3,979
Bonds
8,671
74,013
76,410
Shares etc.
109,318
77,829
141,492
Investment properties
0
6,112
6,112
Foreign exchange
94,969
64,647
87,213
Total derivative financial instruments
-11,849
7,288
10,945
of which currency contracts
-15,113
17,920
23,282
of which interest-rate contracts
3,977
-10,631
-12,204
of which share contracts
-713
-1
-133
Assets linked to pooled schemes
70,389
551,796
658,655
Deposits in pooled schemes
-70,389
-551,796
-658,655
Debt to credit institutions
0
-7,969
-7,969
Issued bonds etc.
9,527
-25,540
-33,476
Tier 2 capital
3,418
0
0
Total value adjustments
208,239
197,541
284,706
The part of value adjustments relating to the fair value hedging accounts
below is distributed as follows:
Other loans and receivables
-6,090
1,197
4,010
Bonds
-2,618
617
530
Currency contracts
-15,463
19,824
25,451
Interest-rate contracts
11,226
11,871
11,454
Debt to credit institutions
0
-7,969
-7,969
Issued bonds etc.
9,527
-25,540
-33,476
Tier 2 capital
3,418
0
0
Total effect of hedging on profit
0
0
0
5
Staff and administration expenses
Total payments and fees to general management, board of directors and
22,311
20,316
29,905
General management
19,775
17,760
23,545
Board of directors
2,528
2,545
5,380
8
11
980
Total staff expenses
442,713
420,259
573,595
Salaries
339,611
320,629
441,654
Pensions
38,611
36,656
49,127
Social security expenses
5,285
4,658
5,737
Costs depending on number of staff
59,206
58,316
77,077
Other administration expenses
310,755
292,280
404,706
Total staff and administration expenses
775,779
732,855
1,008,206
6
Number of full-time employees
Average number of employees during the period converted into full-time
equivalents (FTE)
680
663
664
Number of full-time employees at the end of the period
690
663
665
7
Impairment charges for loans and other receivables etc.
Net changes in impairment charges for loans and other receivables etc.
and provisions for losses on guarantees and unutilised credit facilities
24,913
73,046
39,957
Actual realised net losses
+22,020
+30,499
14,883
Interest on the impaired part of loans
+37,572
+44,302
+57,641
Total impairment charges for loans and other receivables etc.
+34,679
+1,755
+2,801
Ringkjøbing Landbobank A/S Page 23
Notes
Note
no.
Q1-Q3
2025
DKK 1,000
Q1-Q3
2024
DKK 1,000
Full year
2024
DKK 1,000
8
Tax
Tax calculated on income for the year
541,912
583,370
759,851
Adjustment of deferred tax
16,507
-3,741
3,355
Adjustment of tax calculated for previous years
-119
0
5,081
Total tax
558,300
579,629
768,287
Effective tax rate (%):
Tax rate currently paid by the bank
22.0
22.0
22.0
Factor increase (extra tax imposed on financial undertakings)
4.0
4.0
4.0
Non-taxable income and non-deductible costs*
-1.8
-1.3
-1.2
Adjustment regarding previous years etc.
0.0
0
0.2
Total effective tax rate
24.2
24.7
25.0
* Primarily value adjustment of and dividends from sector shares.
30 September
2025
30 September
2024
31 December
2024
DKK 1,000
DKK 1,000
DKK 1,000
9
Receivables from credit institutions and central banks
On demand
286,420
482,611
251,577
Total receivables from credit institutions and central banks
286,420
482,611
251,577
10
Loans and other receivables at amortised cost
On demand
11,493,025
10,924,034
11,233,326
Up to and including 3 months
3,378,022
2,911,429
2,129,418
More than 3 months and up to and including 1 year
8,754,124
8,895,442
11,372,041
More than 1 year and up to and including 5 years
16,174,106
13,606,068
13,705,681
More than 5 years
18,110,732
17,550,159
17,396,540
Total loans and other receivables at amortised cost
57,910,009
53,887,132
55,837,006
of which collateralised repurchase agreements/reverse repo transactions
0
20,263
0
Ringkjøbing Landbobank A/S Page 24
Notes
Note
no.
11
Impairment charges for loans and other receivables and provisions for losses on guarantees,
unutilised credit facilities and loan undertakings
Impairment charges and provisions – by stages
Stage 1
Stage 2
Stage 3
Total
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
At 30 September 2025
Loans and other receivables at amortised cost
428,930
1,150,490
727,427
2,306,847
Guarantees
23,451
18,706
11,993
54,150
Unutilised credit facilities and loan undertakings
22,764
15,699
0
38,463
Total impairment charges and provisions by stages
475,145
1,184,895
739,420
2,399,460
of which management estimates
300,143
515,539
192,894
1,008,576
At 30 September 2024
Loans and other receivables at amortised cost
450,287
1,138,541
748,096
2,336,924
Guarantees
5,532
10,680
31,709
47,921
Unutilised credit facilities and loan undertakings
9,793
12,990
7
22,790
Total impairment charges and provisions by stages
465,612
1,162,211
779,812
2,407,635
of which management estimates
306,674
514,615
181,116
1,002,405
At 31 December 2024
Loans and other receivables at amortised cost
445,648
1,155,597
713,052
2,314,297
Guarantees
5,991
8,977
20,585
35,533
Unutilised credit facilities and loan undertakings
11,749
12,947
0
24,696
Total impairment charges and provisions by stages
463,388
1,177,521
733,637
2,374,546
of which management estimates
294,313
505,614
179,507
979,434
30 September
2025
30 September
2024
31 December
2024
DKK 1,000
DKK 1,000
DKK 1,000
The above includes the following stage 3 impairment charges and provisions
taken over from Nordjyske Bank:
Cumulative stage 3 impairment charges and provisions at the end of the
previous financial year
73,637
100,852
100,852
Change during the period
-13,050
-19,786
-27,215
Total stage 3 impairment charges and provisions taken over
60,587
81,066
73,637
Ringkjøbing Landbobank A/S Page 25
Notes
Note
no.
11
Impairment charges for loans and other receivables and provisions for losses on guarantees,
unutilised credit facilities and loan undertakings – continued
Impairment charges and provisions
Impairment
charges etc.
taken to
income
statement
Stage 1
Stage 2
Stage 3
Total
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
At 30 September 2025
Impairment charges and provisions at the end
of the previous financial year
463,388
1,177,521
733,637
2,374,546
-
Impairment charges and provisions for new
exposures during the period, including new
accounts for existing customers
129,894
123,836
65,785
319,515
319,515
Reversed impairment charges and provisions
for repaid accounts
-97,435
-254,637
-64,896
-416,968
-416,968
Migration of impairment charges and
provisions at beginning of period to stage 1
204,896
-193,964
-10,932
0
-
Migration of impairment charges and
provisions at beginning of period to stage 2
-21,146
74,122
-52,976
0
-
Migration of impairment charges and
provisions at beginning of period to stage 3
-589
-47,271
47,860
0
-
Impairment charges and provisions during the
year resulting from credit risk change
-203,863
305,288
36,272
137,697
137,697
Previously written down, now definitively lost
-
-
-15,330
-15,330
-
Lost, not previously written down
-
-
-
-
4,829
Received on claims previously written off
-
-
-
-
-42,180
Interest on the impaired part of loans
-
-
-
-
-37,572
Total impairment charges and provisions
475,145
1,184,895
739,420
2,399,460
-34,679
of which regarding credit institutions etc.
2,239
0
0
2,239
1,666
At 30 September 2024
Impairment charges and provisions at the end
of the previous financial year
399,251
1,062,292
873,046
2,334,589
-
Impairment charges and provisions for new
exposures during the period, including new
accounts for existing customers
105,899
67,056
64,319
237,274
237,274
Reversed impairment charges and provisions
for repaid accounts
-63,150
-149,654
-116,326
-329,130
-329,130
Migration of impairment charges and
provisions at beginning of period to stage 1
193,150
-173,519
-19,631
0
-
Migration of impairment charges and
provisions at beginning of period to stage 2
-17,790
93,712
-75,922
0
-
Migration of impairment charges and
provisions at beginning of period to stage 3
-1,570
-35,510
37,080
0
-
Impairment charges and provisions during the
year resulting from credit risk change
-150,178
297,834
39,988
187,644
187,644
Previously written down, now definitively lost
-
-
-22,742
-22,742
-
Lost, not previously written down
-
-
-
-
5,311
Received on claims previously written off
-
-
-
-
-58,552
Interest on the impaired part of loans
-
-
-
-
-44,302
Total impairment charges and provisions
465,612
1,162,211
779,812
2,407,635
-1,755
of which regarding credit institutions etc.
865
0
0
865
272
Ringkjøbing Landbobank A/S Page 26
Notes
Note
no.
11
Impairment charges for loans and other receivables and provisions for losses on guarantees,
unutilised credit facilities and loan undertakings – continued
Impairment charges and provisions – continued
Impairment
charges etc.
taken to
income
statement
Stage 1
Stage 2
Stage 3
Total
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
At 31 December 2024
Impairment charges and provisions at the end
of the previous financial year
399,251
1,062,292
873,046
2,334,589
-
Impairment charges and provisions for new
exposures during the period, including new
accounts for existing customers
139,743
76,184
65,140
281,067
281,067
Reversed impairment charges and provisions
for repaid accounts
-78,850
-209,515
-118,047
-406,412
-406,412
Migration of impairment charges and
provisions at beginning of period to stage 1
207,564
-187,450
-20,114
0
0
Migration of impairment charges and
provisions at beginning of period to stage 2
-30,746
130,014
-99,268
0
0
Migration of impairment charges and
provisions at beginning of period to stage 3
-1,865
-49,317
51,182
0
0
Impairment charges and provisions during the
year resulting from credit risk change
-171,709
355,313
34,792
218,396
218,396
Previously written down, now definitively lost
-
-
-53,094
-53,094
-
Lost, not previously written down
-
-
-
-
24,875
Received on claims previously written off
-
-
-
-
-63,086
Interest on the impaired part of loans
-
-
-
-
-57,641
Total impairment charges and provisions
463,388
1,177,521
733,637
2,374,546
-2,801
of which regarding credit institutions etc.
573
0
0
573
-20
30 September
2025
DKK 1,000
30 September
2024
DKK 1,000
31 December
2024
DKK 1,000
12
Suspended interest
Loans and other receivables with suspended interest on the balance sheet
date
157,682
66,870
182,799
13
Bonds at fair value
Mortgage credit bonds
6,039,385
5,329,846
4,134,116
Other bonds
1,949,234
1,871,615
1,881,419
Total bonds at fair value
7,988,619
7,201,461
6,015,535
Bonds at fair value by rating classes
Percent
Percent
Percent
Aaa/AAA
76
74
69
A1/A+
2
2
0
A2/A
4
4
5
A3/A-
1
4
1
Baa1/BBB+
0
0
1
Baa2/BBB
1
4
4
Baa3/BBB-
0
0
0
Ba1/BB+
0
0
0
Not rated
16
12
20
Total
100
100
100
sue
has more than one rating, the lowest is used.
Ringkjøbing Landbobank A/S Page 27
Notes
Note
no.
30 September
2025
DKK 1,000
30 September
2024
DKK 1,000
31 December
2024
DKK 1,000
14
Shares etc.
Listed on the stock exchange
74,734
49,930
56,053
Investment fund certificates
2,863
8,773
1,755
Unlisted shares at fair value
8,565
11,339
12,002
Sector shares at fair value
1,474,150
1,407,079
1,464,756
Total shares etc.
1,560,312
1,477,121
1,534,566
15
Assets linked to pooled schemes
Cash deposits
24,169
17,575
172,766
Bonds:
Other bonds
1,643,982
1,491,509
1,521,856
Total bonds
1,643,982
1,491,509
1,521,856
Shares:
Other shares
285,089
368,621
378,223
Investment fund certificates
5,511,623
5,025,655
5,053,174
Total shares
5,796,712
5,394,276
5,431,397
Other items
-47,853
-38,596
0
Total assets linked to pooled schemes
7,417,010
6,864,764
7,126,019
16
Intangible assets
Goodwill
Cost at the end of the previous financial year
923,255
923,255
923,255
Total cost on the balance sheet date
923,255
923,255
923,255
Total goodwill on the balance sheet date
923,255
923,255
923,255
Customer relationships
Cost at the end of the previous financial year
195,088
195,088
195,088
Total cost on the balance sheet date
195,088
195,088
195,088
Amortisation at the end of the previous financial year
125,691
106,182
106,182
Amortisation for the period
14,632
14,632
19,509
Total amortisation on the balance sheet date
140,323
120,814
125,691
Total customer relationships on the balance sheet date
54,765
74,274
69,397
Total intangible assets on the balance sheet date
978,020
997,529
992,652
17
Debt to credit institutions and central banks
On demand
723,524
745,439
838,399
Up to and including 3 months
879
0
0
More than 3 months and up to and including 1 year
748,616
22,613
771,177
More than 1 year and up to and including 5 years
307,098
1,115,567
351,595
More than 5 years
303,516
334,338
326,719
Total debt to credit institutions and central banks
2,083,633
2,217,957
2,287,890
Ringkjøbing Landbobank A/S Page 28
Notes
Note
no.
30 September
2025
DKK 1,000
30 September
2024
DKK 1,000
31 December
2024
DKK 1,000
18
Deposits and other debt
On demand*
37,798,630
33,828,951
34,260,566
Deposits and other debt with notice:
Up to and including 3 months
5,519,434
4,611,823
6,141,367
More than 3 months and up to and including 1 year
3,810,099
3,567,928
4,155,377
More than 1 year and up to and including 5 years
1,356,180
1,837,544
1,585,896
More than 5 years
3,469,878
3,526,687
3,382,533
Total deposits and other debt
51,954,221
47,372,933
49,525,739
of which deposits covered by the Guarantee Fund
53.9%
56.0%
54.6%
Distributed as follows:
On demand
37,367,691
33,856,687
33,567,920
With notice
4,432,375
5,976,520
5,857,294
Time deposits
3,310,389
2,578,310
2,755,455
Long-term deposit agreements
2,597,665
1,987,931
2,323,590
Special types of deposits*
4,246,101
3,153,485
5,021,480
Total deposits and other debt
51,954,221
47,372,933
49,525,739
19
Issued bonds at amortised cost
Up to and including 3 months
0
0
649,976
More than 3 months and up to and including 1 year
222,737
799,160
149,442
More than 1 year and up to and including 5 years
4,918,753
3,380,731
3,694,098
More than 5 years
681,675
945,012
1,224,752
Total issued bonds at amortised cost
5,823,165
5,124,903
5,718,268
Distributed as follows:
Preferred senior capital
1,103,569
1,395,590
1,395,995
Adjustment to amortised cost and fair value adjustment
-9,173
-14,921
-12,015
Total preferred senior capital
1,094,396
1,380,669
1,383,980
Non-preferred senior capital
4,815,084
3,824,723
4,409,296
Adjustment to amortised cost and fair value adjustment
-86,315
-80,489
-75,008
Total non-preferred senior capital
4,728,769
3,744,234
4,334,288
Total issued bonds at amortised cost
5,823,165
5,124,903
5,718,268
20
Subordinated debt
Tier 2 capital:
Floating-rate loan, principal of DKK 300 million,
maturity date 13 June 2030
-
300,000
300,000
Floating-rate loan, principal of DKK 500 million,
maturity date 12 January 2032
500,000
500,000
500,000
Floating-rate loan, principal of DKK 500 million,
maturity date 1 September 2033
500,000
500,000
500,000
Floating-rate loan, principal of DKK 500 million,
maturity date 22 January 2035
500,000
500,000
500,000
Floating-rate loan, principal of SEK 350 million,
maturity date 1 April 2035
236,311
-
-
Floating-rate loan, principal of SEK 660 million,
maturity date 8 July 2035
445,616
-
-
Floating-rate loan, principal of EUR 70 million,
maturity date 4 February 2036
522,540
-
-
Adjustment to amortised cost and fair value adjustment
-9,056
-4,778
-4,391
Total subordinated debt
2,695,411
1,795,222
1,795,609
Ringkjøbing Landbobank A/S Page 29
Notes
Note
no.
30 September
2025
DKK 1,000
30 September
2024
DKK 1,000
31 December
2024
DKK 1,000
21
Share capital
Number of DKK 1 shares
Beginning of period
26,706,739
27,491,339
27,491,339
Cancelled during the period
-1,315,042
-784,600
-784,600
End of period
25,391,697
26,706,739
26,706,739
of which reserved for subsequent cancellation
774,977
946,107
1,231,207
Total share capital
25,392
26,707
26,707
22
Own shares
Own shares included in the balance sheet at
0
0
0
Market value
1,142,316
999,433
1,482,409
Number of own shares:
Beginning of period
1,231,237
758,610
758,610
Purchased during the period
1,627,435
1,667,943
2,154,961
Sold during the period
-768,653
-695,520
-897,734
Cancelled during the period
-1,315,042
-784,600
-784,600
End of period
774,977
946,433
1,231,237
of which reserved for subsequent cancellation
774,977
946,107
1,231,207
Nominal value of holding of own shares, end of period
775
946
1,231
3.1
3.5
4.6
23
Contingent liabilities etc.
Contingent liabilities
Financial guarantees
4,597,020
3,463,507
3,379,319
Guarantees against losses on mortgage credit loans
1,257,789
1,320,235
1,305,931
Registration and refinancing guarantees
2,115,698
1,463,358
1,878,117
Sector guarantees
109,302
108,764
108,764
Other contingent liabilities
455,091
585,425
525,926
Total contingent liabilities
8,534,900
6,941,289
7,198,057
Other contractual obligations
Irrevocable credit undertakings etc.
211,062
163,488
133,700
Total other contractual obligations
211,062
163,488
133,700
24
Assets provided as security
First-mortgage loans are provided for renewable energy projects. The
loans are funded directly by KfW Bankengruppe, to which security in the
associated loans has been provided. Each reduction of the first-mortgage
loans is deducted directly from the funding at KfW Bankengruppe.
The balance sheet item is
626,065
726,928
703,497
Pledged to Danmarks Nationalbank as collateral for clearing etc.:
Balance in current account with Danmarks Nationalbank
0
35,531
35,531
Collateral under CSA agreements etc.
175,325
172,238
203,165
Ringkjøbing Landbobank A/S Page 30
Notes
Note
no.
25
Loans and guarantees by sector and industry
30 September
2025
30 September
2024
31 December
2024
DKK million
%
DKK million
%
DKK million
%
Public authorities
9.3
0.0
11.2
0.0
10.3
0.0
Business customers:
Agriculture, hunting and forestry
Cattle farming
440.1
0.7
511.9
0.8
508.9
0.8
Pig farming
746.0
1.1
589.2
1.0
606.6
1.0
Crop farming
2,899.5
4.4
2,571.8
4.2
2,513.4
4.0
Other agriculture, hunting and forestry
883.6
1.3
846.7
1.4
814.9
1.3
Fisheries
655.7
1.0
659.1
1.1
759.0
1.2
Industry and raw materials extraction
2,975.4
4.5
2,692.9
4.4
3,099.1
4.9
Energy supply
Renewable energy
4,567.6
6.9
3,959.9
6.5
4,354.5
6.9
Other energy supply
241.3
0.4
350.4
0.6
380.1
0.6
Building and construction*
1,037.6
1.5
2,841.2
4.7
2,709.1
4.3
Trade
2,282.2
3.4
2,269.4
3.7
2,483.2
3.9
Transport, hotels and restaurants
1,132.7
1.7
994.1
1.6
969.1
1.5
Information and communication
455.7
0.7
261.1
0.4
265.3
0.4
Finance and insurance*
9,348.6
14.1
7,897.6
13.0
8,039.9
12.8
Real estate
Real estate financing without prior creditors*
9,799.4
14.8
7,466.8
12.3
7,428.8
11.8
Other real estate financing*
2,650.3
4.0
2,403.3
4.0
2,413.5
3.8
Other business customers*
3,682.8
5.5
3,759.7
6.2
4,062.7
6.5
Total business customers
43,798.5
66.0
40,075.1
65.9
41,407.9
65.7
34,573.8
52.1
32,117.0
52.8
32,616.8
51.8
Private individuals
22,583.0
34.0
20,694.2
34.1
21,581.2
34.3
Total
66,390.8
100.0
60,780.5
100.0
62,999.5
100.0
* Statistics Denmark introduced new industry codes at the beginning of 2025, which means that some business types have
changed industry category. The majority of the shifts from the end of 2024 to the end of the third quarter of 2025 in the marked
industries are attributable to this change.
Ringkjøbing Landbobank A/S Page 31
Notes
Note
no.
26
Loans, guarantees and unutilised credit facilities and credit undertakings by credit quality and IFRS 9
stages (before impairment and provisions), and impairment charges by stages
Stage 1
Stage 2
Stage 3
Credit-
impaired on
initial
recognition
Total
Total
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
DKK 1,000
%
At 30 September 2025
Credit quality*
High
71,424,343
92,635
0
0
71,516,978
76.9
Medium
11,978,990
2,451,921
0
0
14,430,911
15.5
Low
1,447,151
4,476,538
0
0
5,923,689
6.4
Credit-impaired
-
-
1,067,935
90,296
1,158,231
1.2
Total
84,850,484
7,021,094
1,067,935
90,296
93,029,809
100.0
%
91.2
7.5
1.2
0.1
100.0
Impairment charges etc.
Individual
855,926
35.7
Model-calculated
534,958
22.3
Management estimates
1,008,576
42.0
Total
475,145
1,184,895
678,833
60,587
2,399,460
100.0
At 30 September 2024
Credit quality*
High
64,545,794
36,542
0
0
64,582,336
75.4
Medium
12,197,436
2,151,162
0
0
14,348,598
16.7
Low
1,345,142
4,131,574
0
0
5,476,716
6.4
Credit-impaired
-
-
1,118,642
133,479
1,252,121
1.5
Total
78,088,372
6,319,278
1,118,642
133,479
85,659,771
100.0
%
91.2
7.4
1.3
0.1
100.0
Impairment charges etc.
Individual
918,388
38.2
Model-calculated
486,842
20.2
Management estimates
1,002,405
41.6
Total
465,612
1,162,211
698,746
81,066
2,407,635
100.0
At 31 December 2024
Credit quality*
High
66,791,856
81,918
0
0
66,873,774
76.0
Medium
11,739,933
2,461,460
0
0
14,201,393
16.1
Low
1,214,834
4,492,877
0
0
5,707,711
6.5
Credit-impaired
-
-
1,088,445
122,275
1,210,720
1.4
Total
79,746,623
7,036,255
1,088,445
122,275
87,993,598
100.0
%
90.6
8.0
1.3
0.1
100.0
Impairment charges etc.
Individual
862,743
36.3
Model-calculated
532,369
22.4
Management estimates
979,434
41.3
Total
463,388
1,177,521
660,000
73,637
2,374,546
100.0
rule,
high credit quality can be viewed as FSA rating classes 3 and 2a, medium credit quality as the best part of FSA rating class 2b,
while low credit quality covers the rest of FSA rating classes 2b and 2c as well as the customers with objective evidence of
impairment where losses are not expected in the most probable scenario. Exposures which are in stage 3 or credit-impaired on
initial recognition are those where losses are expected in the most probable scenario.
Ringkjøbing Landbobank A/S Page 32
Notes
Note
no.
27
Miscellaneous information
ng
Landbobank up to and including 2017, pro forma for 2018 (as if the merger had taken effect on 1 January 2018) and for the
merged bank from 2019.
30 September
2025
30 September
2024
31 December
2024
Basis of calculation, number of shares
24,616,720
25,760,632
25,475,532
Ringkjøbing Landbobank A/S Page 33
Key figures
Q1-Q3
2025
Q1-Q3
2024
Full year
2024
Summary of income statement (DKK million)
Net interest income
1,899
2,036
2,692
Dividends from shares etc.
141
119
119
Net fee and commission income
829
763
1,017
Net interest and fee income
2,869
2,918
3,828
Value adjustments
+208
+198
+284
Other operating income
1
7
7
Staff and administration expenses
776
733
1,008
Amortisation, depreciation and write-downs on intangible and tangible assets
26
34
44
Other operating expenses
0
8
11
Impairment charges for loans and receivables etc.
+35
+2
+3
Profit before tax
2,311
2,350
3,069
Tax
558
580
768
Net profit
1,753
1,770
2,301
30 September
2025
30 September
2024
31 December
2024
Balance sheet key figures (DKK million)
Loans and other receivables at amortised cost
57,910
53,887
55,837
Deposits and other debt including pooled schemes
59,371
54,238
56,652
Subordinated debt
2,695
1,795
1,796
Equity
11,394
10,825
11,034
Balance sheet total
82,274
75,531
78,633
Ringkjøbing Landbobank A/S Page 34
Q1-Q3
2025
Q1-Q3
2024
Full year
2024
Capital ratios:
Tier 1 capital ratio
%
16.0
15.6
16.6
Total capital ratio
%
20.7
18.8
19.8
MREL subordination ratio
%
29.2
26.1
27.7
MREL capital ratio
%
30.1
27.2
28.8
Earnings:
Return on equity before tax
%
20.6
22.1
28.6
Return on equity after tax
%
15.6
16.6
21.4
Income/cost ratio
DKK
4.01
4.04
3.89
Cost/income ratio
%
25.6
24.8
25.7
Return on assets
%
2.1
2.3
2.9
Market risk:
Interest rate risk
%
0.6
0.8
0.8
Foreign exchange position
%
2.2
1.2
1.5
Foreign exchange risk
%
0.1
0.0
0.0
Liquidity risk:
Liquidity Coverage Ratio (LCR)
%
175.0
213.0
179.1
Net Stable Funding Ratio (NSFR)
%
120.3
118.0
118.9
Loans and impairments thereon relative to deposits
%
101.4
103.7
102.6
Credit risk:
5.1
5.0
5.1
Growth in loans
%
3.7
6.2
10.1
Total large exposures (<175%)
%
105.6
137.7
125.2
Cumulative impairment ratio
%
3.5
3.8
3.6
Impairment ratio
%
-0.05
-0.00
-0.00
Proportion of receivables at reduced interest
%
0.2
0.1
0.3
Share return:
Earnings per share
1/3
DKK
6,998
6,743
8,814
Book value per share
1/2
DKK
46,287
42,022
43,313
Dividend per share
1
DKK
0
0
1,100
Market price relative to earnings per share
1/3
21.1
15.7
13.7
Market price relative to book value per share
1/2
3.2
2.5
2.8
1
Calculated on the basis of a denomination of DKK 100 per share.
2
Calculated on the basis of number of shares in circulation at the end of the period.
3
Calculated on the basis of the average number of shares. The average number of shares is calculated as a simple average of the shares at
the beginning and the end of the period.