Good start for The BANK of Greenland in 2015
Profit before tax, DKK 25.234m as compared with DKK 34.639m during the same period in 2014. The result makes a 12% interest per annum return on year-start equity after dividend.
Result before value adjustments and impairments DKK 34.546m as compared with DKK 30.589m in 2014.
The total cost incl. depreciation fell by DKK 1.3m to DKK 37.4m, as compared with the same period in 2014.
Value adjustments are negative by DKK 4.136m, compared to a plus of DKK 7.769m during the same period in 2014. It is primarily the bond holdings that are the cause for the capital loss in 2015. In 2014 the bank recognized an additional income of DKK 5.5m for the sale of Nets, which was the main reason for the good result in the first quarter last year.
Impairment of loans etc. amounted to DKK 5.176m as compared with DKK 3.719m during the same period in 2014. The level of impairment is 0.2% of the bank’s total loans and guarantees.
At the end of the first quarter of 2015, The BANK of Greenland continues to maintain excesses of deposits and an excess liquidity coverage of 150.8% in relation to statutory requirements.
Solvency ratio of 20.7 and solvency requirement of 10.3.
The result before value adjustments and write-downs are still expected to be in the range of DKK 125 – 145m as compared with DKK 148m in 2014.
