Quarterly Report Q1 2018

The BANK of Greenland made a good start to 2018

The Bank of Greenland’s profit before tax for Q1 2018 is TDKK 34,073 compared to TDKK 38,209 in 2017. The profit before value adjustments and write-downs amounts to TDKK 38,556 compared to TDKK 38,058 one year before.

Despite reduced interest on bonds, there is a satisfactory development in net interest and fee income with an increase of TDKK 1,420 to TDKK 78,820 compared to the same period of 2017. The increase is mainly due to increase in lending.

Total costs, including depreciation an amortisation amounts to TDKK 41,575, compared to TDKK 40,600 in Q1 2017.

Value adjustments show a loss of DKK 1 million by the end of March 2018 compared to a capital gain of DKK 4 million in the same period of 2017.  

Write-downs on loans and guarantees show a small decline, amounting to TDKK 3,460. The write-downs amount to 0,1 % of the bank’s total loans and guarantees.

Capital ratio and core capital ratio of 22.4 % and an individual capital requirement of 10.5 %.

The BANK of Greenland maintains its expectation of a profit for the year before tax at the level of DKK 120-140 million compared to DKK 133 million in 2017.

Attachment

• 07.Q1-2018_ENG