Satisfactory interim result at the BANK of Greenland
The BANK of Greenland’s profit before tax for the first half of 2019 is DKK 69.4 million, compared to DKK 68.7 million in 2018. The profit before tax gives a return of 14.4 % p.a. on opening equity after disbursement of dividend.
The profit before value adjustments and write-downs amounts to TDKK 71,597, compared to TDKK 75,688 one year before.
Net interest and fee income amounts to TDKK 158,894, compared to TDKK 155,504 for the same period of 2018.
Total costs including depreciation and amortisation amount to TDKK 90,175, compared to TDKK 82,672 for the first half of 2018.
Value adjustments represent a total gain of TDKK 2,593, compared to a loss of TDKK 345 for the same period of 2018.
Write-downs on loans and guarantees amounting to TDKK 4,787 at the end of June 2019 is lower than for the same period of 2018, when write-downs amounted to TDKK 6,666. Write-downs and provisions account for 0.09 % of the Bank’s total loans and guarantees.
Lending has increased by DKK 325 million in the first half of 2019, and amount to DKK 3,798 billion at the end of June 2019.
At the close of the first half of 2019, the BANK of Greenland has excess liquidity coverage of 165.3 %
The BANK of Greenland maintains its expectation of a result before tax for the year at the level of DKK 130 – 150 million, compared to DKK 140 million in 2018.
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