Nuuk, Greenland, 2011-02-15 16:47 CET (GLOBE NEWSWIRE) --
The profit on ordinary activities was DKr 98.1m (DKr 100.4m in 2009), producing a return on shareholders’ equity of 14.1 per cent. The profit before price adjustments and impairment was DKr 108.8m. Expenses and depreciation rose by DKr 3.1m to DKr 133.4m. The increase can be ascribed primarily to depreciation of the bank’s new headquarters and increase in IT expenses. Payment of commission to the Danish Sector Fund amounts to DKr 10.3m for the entire year 2010 as compared to DKr13.3m in 2009. Impairments amounted to 0.4 per cent of the bank’s loans and guarantees. Liquidity at The BANK of Greenland remains extremely satisfactory with its liquidity reserve in relation to the legal requirements of 231.1 per cent. In 2011, the bank expects profits before price adjustments and impairments to be in the area of DKr 95-115m.
