OLB Demonstrates Robust Performance in H1 2024

Oldenburgische Landesbank AG (OLB) reported impressive results for the first half of 2024, highlighted by the successful completion of the Degussa Bank acquisition. The merger with Degussa Bank is slated for the end of August, adding substantial customer and asset numbers to OLB's portfolio.

The bank achieved a pre-tax result of EUR 189.3 million, a significant increase from the previous year. Return on equity after taxes was 19.6%, reflecting a healthy growth trajectory. Additionally, customer deposits surged to EUR 22.5 billion, bolstered by Degussa Bank's contributions.

The integration of Degussa Bank will bring over 300,000 customers and 341 employees to OLB, expanding its branch network and solidifying its nationwide presence. This strategic move is anticipated to yield cost synergies of EUR 50 million by the end of 2025, with EUR 15 million expected within the current year.

With total assets reaching EUR 32.3 billion, OLB is set to transition to European Central Bank supervision in early 2025. As the bank continues to invest in strategic projects and branch developments, it remains well-prepared for future growth and market challenges.