Satisfactory interim result at the BANK of Greenland
The BANK of Greenland's profit before tax for the first half of 2018 is DKK 68.7 million, compared to DKK 73.8 million in 2017. The profit before tax gives a return of 14.9% p.a. on opening equity after disbursement of dividend.
The profit before value adjustments and write-downs amounts to TDKK 75,688, compared to TDKK 77,644 one year before.
Net interest and fee income amounts to TDKK 155,504, compared to TDKK 154,643 for the same period of 2017.
Total costs including depreciation and amortisation amount to TDKK 82,672, compared to TDKK 79,451 million for the first half of 2017.
Value adjustments represent a total capital loss of TDKK 345, compared to a capital gain of TDKK 4,925 for the same period of 2017.
Impairment of loans, etc. amounting to TDKK 6,666 at the end of June 2018 is lower than for the same period of 2017, when impairments amounted to TDKK 8,797. Write-downs and provisions account for 0.1% of the Bank's total loans and guarantees.
Lending has increased by DKK 217.5 million in total since the end of 2017, amounting to DK 3,552 billion at the end of June 2018.
At the close of the first half of 2018, the BANK of Greenland has excess liquidity coverage of 143.9%
The BANK of Greenland maintains its expectation of a result before tax for the year at the level of DKK 120-140 million, compared to DKK 133 million in 2017.
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