Earnings before tax DKr 64.963m the first nine month 2009 as compared to DKr
62.286m same period 2008. Producing a return on shareholders' equity of 13.8
pct. Expenses and depreciation rose by 23 pct. More than half of this increase
can be ascribed to payments of guarantee commission to the “Danish Sector Fund”.
The remainder can be ascribed to an increase in staff and IT expenses as well as
costs associated with the completion of the construction of the bank's new
headquarters. Price adjustments accounted for a loss of DKr 12.955m (DKr 32.022m
in 2008). Write-downs on the bank's loans and advances amount to DKr 10.869 as
compared with DKr. 1.956m during same period of 2008. DKr 6,430m can be ascribed
to write-down on the guarantee to the “Danish Sector Fund”. The BANK of
Greenland has a satisfactory loan-deposit-ratio and excess coverage of 128.4
pct. in relation to statutory requirements for liquidity. For the whole of 2009,
we continue to expect a profit before price adjustments and write-downs at the
same level as in 2008. Earnings before tax for the whole of 2009 are expected to
be 10-20 pct. higher than earnings in 2008 of DKr 72.000m.
