To Nasdaq OMX Copenhagen
31 October 2017
Company notification no. 14/2017
The BANK of Greenland's report for Q1-Q3 2017
The profit before tax was TDKK 103,778, compared to TDKK 82,494 for the same period of 2016. The profit before tax gives a return of 16.1% p.a. on the opening equity after disbursement of dividend.
The profit before value adjustments and write-downs amounts to TDKK 120,196, compared to TDKK 104,549 for the same period of 2016.
Net interest and fee income increased by TDKK 17,775 to TDKK 233,021, compared to the same period of 2016.
Total costs, amortisation and depreciation increased by TDKK 2,511 to 116,871, compared to the same period of 2016.
Value adjustments represent a total capital loss of TDKK 4,908, compared to a capital loss of TDKK 10,120 for the same period of 2016.
Write-downs on lending, etc. are still on a limited scale and amounts to TDKK 11,510 compared to TDKK 11,935 for the first three quarters of 2016. Write-downs and provisions on the Bank's loans and guarantees constitutes 0.3% of the Bank's total loans and guarantees.
At the end of Q3 2017, The BANK of Greenland had surplus liquidity cover of 151.8% and a capital ratio of 21.3%, compared to a capital requirement of 10.2%.
As stated in the company notification of 20 October 2017, on the basis of the positive development in operations during the year, the Bank has upgraded its expectations of the result for the full year before value adjustments and write-downs to the current DKK 145-155 million, from the previously expected interval of DKK 135-145 million.
Contact: Managing Director Martin Kviesgaard, tel. no. +299 34 78 02
https://www.globenewswire.com/NewsRoom/AttachmentNg/1338fa9a-df4a-4ef5-8be2-1127a67c5136
