OLB on Track for Record Financial Performance in 2024

Oldenburgische Landesbank AG (OLB) is poised to set new financial records, reporting a pre-tax profit of EUR 255 million for the first nine months of 2024, a significant increase from EUR 223 million in the same period last year. The bank's return on equity post-tax rose to 16.7%, highlighting robust financial health despite uncertain economic conditions.

OLB's operating income grew by 17.4%, driven by substantial gains in lending and deposits. The acquisition of Degussa Bank bolstered OLB’s customer base and loan volume, which increased to EUR 25 billion. The net profit soared to EUR 195.4 million, partially due to contributions from Degussa Bank.

With risk provisioning meeting expectations at EUR 48.7 million, OLB's capital and liquidity remain strong. The bank anticipates direct supervision by the European Central Bank starting January 2025, reinforcing its position as a significant financial entity in Europe.