A fine start for 2013 at The BANK of Greenland
Earnings before tax, DKr 32.093m as compared with DKr 32.650m during the same period of 2012 producing a return on shareholders’ equity of 15.1 percent per year.
Profit before price adjustments and impairments rose satisfactorily to DKr 34.653m as compared with DKr 32.600m in 2012.
Total expenses and depreciation decreased by DKr 458,000 to DKr 34.940m. This decrease stems primarily from lowered IT expenses and depreciation on tangible assets.
Price adjustments amount to a plus of DKr 572,000 as compared with a plus of DKr 3.159m during the same period of 2012.
Impairment of loans and advances, etc. amounted to DKr 3.132m as compared with DKr 3.109m during the first quarter of 2012. The level of impairment thus amounted to a modest 0.1 percent of the bank’s total loans and guarantees.
At the end of the first quarter of 2013, The BANK of Greenland continues to maintain excesses of deposits and an excess adequacy of 144.9 percent in relation to statutory requirements.
For the entire year of 2013, the profit before price adjustments and impairments is still expected to be in the range of DKr 125-145m as compared with DKr 141m in 2012.