Increased loans and value adjustments give strong interim results in the BANK of Greenland
Profit before tax of T DKK 78,366 against T DKK 58,626 in the same period of 2013. The result makes a 19 per cent interest per annum on year-start equity after dividend.
Profit before value adjustments and write-downs of T DKK. 70,135 against T DKK 69,685 in the first half of 2013.
Net interest and fee income increased by DKK 6.1 million to T DKK 144,408 compared with the same period last year.
The total expenses and depreciation increased by T DKK 5,484 compared to the same period in 2013 and in the first half of 2014 amount to T DKK 75,850.
Value adjustments constitute a total positive adjustment of T DKK 16,757 against a negative price adjustment of T DKK 2,363 in the first half of 2013.
Write-downs on loans, etc. are virtually unchanged and amount to T DKK 8,526 against T DKK 8,696 in the same period last year. Thus, the write-downs amount to 0.2 % of the bank's total loans and guarantees.
Loans and guarantees increased by a total of DKK 249 million.
The BANK of Greenland had a liquidity adequacy of 141.8 % at the end of the first half of 2014.
Profit before value adjustment and write-downs for the whole of 2014 is now expected to be at the high end of the estimate of profit stated previously of DKK 125 – 145 million against DKK 135 million in 2013.
