The BANK of Greenland’s report for the first half of 2023

Result for the first half of 2023

The BANK of Greenland’s profit before tax amounts to DKK 103.0 mio. for the first half of 2023, compared to DKK 45.8 million for the first half of 2022. The profit before tax gives a return of 15.9% p.a. on opening equity after disbursement of dividend.

The profit before value adjustments and write-downs is satisfactory at DKK 98.3 million compared to DKK 73.1 million for the previous year.

Net interest and fee income increased by DKK 36.2 million to DKK 204 million in the first half of 2023 compared to the same period in 2022.  

Total expenses including depreciation amounted to DKK 108.7 million at the end of the first half of 2023, compared to DKK 97.8 million for the same period of 2022.

At the end of the first half of 2023, value adjustments show a capital gain of DKK 11.0 million, compared to a capital loss of DKK 25.2 million for the same period of 2022.  

Impairments of loans and guarantees amounted to DKK 6.3 million in the first half of 2023, compared to DKK 2.1 million in the first half of 2022. For the period, write-downs and provisions are 0.1% of the BANK’s total lending and guarantees.

Solvency ratio of 24.0 and a capital requirement of 11.3%.

In the stock exchange announcement to the  of 21 July 2023, the forecast for the year's profit before tax was changed from a range of DKK 145-185 million to a range of DKK 170-210 million, which is still maintained.

Attachments

• 12. Kvartalsrapport Q2 2023_UK
• 12.Kvartalsrapport Q2 2023_UK