OLB records record results for fiscal year 2023

Oldenburgische Landesbank AG (OLB) has published an exceptional financial report for the year 2023, showing a pre-tax result of 335.4 million euros compared to 277.2 million euros the previous financial year. This record performance is accompanied by high profitability and operational efficiency, surpassing the bank's medium-term objectives.

Despite a tense economic context, OLB was able to benefit from its diversification and prudent management of its loan portfolio, limiting credit losses. The volume of loans granted by the bank increased by 9.5% to €19.7 billion, thanks to sustained demand in the private real estate finance sectors in Germany and the Netherlands.

OLB's cost management strategy paid off, with adjusted operating expenses falling, despite technology investments. Results remained positive with an 11.5% increase in operating income, leading to an after-tax profit of €230.4 million.

The OLB also improved its capital efficiency through bond issues, strengthening its financing structure. The potential acquisition of Degussa Bank and preparation for potential supervision by the ECB demonstrate OLB's ambitious growth strategy.

The announcement underlines OLB's intention to maintain its growth trajectory and profitability, while being ready for a potential IPO, depending on the decision of its shareholders and the market climate.