Regional bank surpasses expectations in first quarter
Ringkjøbing Landbobank today published its first quarterly report of 2014, showing financial results that surpass expectations.
The regional bank’s base revenue for the quarter was at 234 million kroner, over 30 million kroner more than the expected 202 million kroner.
One of the reasons for the better-than-expected revenue results was the sale of Nets earlier this year, which brought the bank 10 million kroner.
“Earnings before tax were at 176 million kroner yielding equity interest of 25 percent, which we deem to be very satisfying,” Ringkøbing Landbobank wrote in a press release.
The bank also revealed that it has experienced an increase in deposits and loans, while its interest rate margin has dropped compared to the same period last year.