OLB Projects New Record Financial Result for 2024

Oldenburgische Landesbank AG (OLB) anticipates a record financial outcome for 2024, with preliminary figures showing earnings before taxes rising to EUR 365 million, compared to EUR 335.4 million the previous year. This increase is attributed to strong business performance and the integration of Degussa Bank, which yielded cost efficiencies.

The bank expects a return on equity after taxes to be 17.2%, up from 15.8%, with a cost-income ratio (CIR) of 46.2% compared to 40.8% in 2023. On a normalized basis, excluding one-off costs, the return on equity is expected to reach 16.3%, and a normalized CIR is projected to be 42.6%.

Preliminary data shows an increase in net interest income to EUR 598.6 million. Post-merger cost reductions with Degussa Bank have significantly improved in the fourth quarter. Operating expenses for 2024 are projected at EUR 342.6 million, with risk provisions totaling EUR 71.1 million.

The official 2024 results will be released on February 21, 2025, during their annual press conference.