OLB on Path to Record Results After Nine Months

Oldenburgische Landesbank AG (OLB) reports promising financial results for the first nine months of 2024. The bank achieved a EUR 255 million pre-tax result, an increase from EUR 223 million the previous year, reflecting a net profit hike of 30% to EUR 195.4 million. The return on equity after taxes stood at 16.7%, up from 13.5% in 2023.

OLB credits the acquisition of Degussa Bank, contributing significantly to growth, with a customer base increase to one million. The bank's loan volume expanded to EUR 25 billion, partly due to private mortgage growth and initiatives like the Tulp mortgage platform in the Netherlands.

Operating income rose by 17.4%, driven by growth in lending and deposits. However, operating expenses also increased, linked to Degussa Bank integration and ECB regulatory compliance efforts. Risk provisioning reached EUR 48.7 million, aligning with forecasts amidst challenging economic conditions.