Satisfactory interim result for 2015 at The BANK of Greenland
The profit before tax was TDKK 55,069 compared to TDKK 78,366 for the same period of 2014. The result before tax gives a return of 13% per annum on the opening equity after dividend.
The first half of 2015 showed a result before value adjustments and write-downs of TDKK 68,670, compared to TDKK 70,135 for the first half of 2014.
Net interest and fee income decreased by TDKK 2,271 to TDKK 142,137 in the first half of 2015 compared to the same period in 2014.
Total costs, including amortization and depreciation, decreased by TDKK 2,772 to TDKK 73,078 compared to the same period of 2014.
Value adjustments represent a total capital loss of TDKK 3,868, compared to a gain of TDKK 16,757 for the same period of 2014.
Write-downs of loans, etc. increased by TDKK 1,208 compared to the same period last year and amounted to TDKK 9,734 at the end of the first half of 2015.
The write-downs amount to 0.3% of the bank’s total loans and guarantees.
Loans and guarantees increased by a total of TDKK 57,641 since the end of 2014, amounting to TDKK 3,963,437 at the end of June 2015.
At the end of the first half of 2015, The BANK of Greenland has an excess liquidity cover of 180.9%.
A result before value adjustments and write-downs at the level of DKK 125-145 million, compared to DKK 148 million in 2014, is still expected.
