Earnings before tax, DKr 20.282 m as compared with DKr 29.166 m for the same
period in 2008 producing a return on shareholders' equity of 13%. Expenses and
depreciation rose by nearly 25%. More than half of this increase can be ascribed
to payments of guarantee commission to the “Danish Sector Fund”. The remainder
can be ascribed to an increase in IT and staff expenses. Price adjustments
accounted for a loss of DKr 5,007,000 (DKr 2,321,000 in 2008). Write-downs on
the bank's loans and advances amount to DKr 2,323,000, and the level of
write-downs remains modest. The BANK of Greenland remains a significant profit
on deposits and an excess coverage of 157.9% in relation to statutory
requirements for liquidity. For the whole of 2009, we continue to expect a
profit before price adjustments and write-downs at the same level as in 2008.
