OLB Reports Record Results for 2024

OLB expects a new record result for the 2024 financial year. Based on preliminary IFRS figures, OLB generated earnings before taxes of EUR 365.0 million (m) as of 31 December 2024 (previous year: EUR 335.4m). The main reasons for the preliminary increase were a good underlying business performance despite an economically challenging market environment and the rapid integration of Degussa Bank including the execution of cost synergies. OLB expects to report a return on equity after taxes¹ of 17.2% (previous year: 15.8%) and a cost-income-ratio (CIR) of 46.2% (previous year: 40.8%). On a normalised basis, excluding all Degussa Bank acquisition-related one-off costs and benefits, the preliminary normalised RoE after taxes stands at 16.3% with a preliminary normalised CIR² of 42.6%. The bank’s key figures for profitability and efficiency are thus once again expected to be at top benchmark level.

The main driver of preliminary operating revenues is the increase in net interest income to EUR 598.6m (previous year: EUR 509.4m). As anticipated, following the merger with Degussa Bank in August 2024, the cost development is expected to have improved significantly in the fourth quarter of the year. In total, operating expenses in the transformation year 2024 are expected to amount to EUR 342.6m (previous year: EUR 263.1m). Risk provisions of the combined bank are expected to amount to EUR 71.1m (previous year: EUR 41.0m) including a one-time initial IFRS 9 application effect related to the Degussa Bank acquisition of EUR 11.5m.

OLB will publish the final 2024 result on Friday, 21 February 2025, at its annual results press conference.