Oldenburgische Landesbank AG Begins 2024 with Strong First Quarter

Oldenburgische Landesbank AG (OLB) reported a robust start to its 2024 financial year. The bank achieved targeted growth across both its primary segments. Loan volumes exceeded EUR 20 billion for the first time, reaching EUR 20.1 billion by the end of March. This represents a 9.6% increase compared to the same period last year.

Net interest income rose by 8% to EUR 130.6 million, while core revenues improved by 4% year-on-year. The return on equity after taxes stood at 13.5%, reflecting a prudent increase in risk provisioning due to economic uncertainties. The cost-income ratio was 40.1%, up from 36.8% in the previous year.

OLB's resilience was highlighted by stable income in its Private & Business Customers segment despite volatile markets. The integration of Degussa Bank and the shift to ECB supervision are key strategic focuses for 2024. Customer deposits increased by 8.4% to EUR 17.4 billion, underscoring strong refinancing capabilities.

The bank's CET1 ratio was 14.4%, maintaining a conservative approach to capital and liquidity management. The planned acquisition of Degussa Bank is expected to further solidify OLB's position within the European banking sector.