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2021-11-03

The BANK of Greenland's report for Q1-Q3 2021

Satisfactory performance in the first nine months of 2021

The BANK of Greenland's profit before tax is DKK 114.4 million at the end of September 2021, compared to DKK 94.0 million for the same period of 2020.

The profit before value adjustments and write-downs amounts to DKK 108.3 million, compared to DKK 109.1 million for the previous year.

Lending decreased by DKK 191 million in 2021 and totalled DKK 3,815 million at the end of September. As stated in the Q1 report, the decline in lending was expected in view of the completion of several major construction financing projects, to some extent replaced by mortgage finance guarantees. Guarantees increased by DKK 316 million from DKK 1,622 million at the end of 2020 to DKK 1,938 million at the end of Q3 2021. Lending and guarantees showed an overall increase of DKK 124 million in 2021 and totalled DKK 5,752 million, which is the highest level in the Bank’s history.

Net interest and fee income increased by DKK 9.4 million to DKK 249.1 million, compared to the same period of 2020.

Total expenses including depreciation amounted to DKK 144.8 million at the end of Q3 2021, compared to DKK 133.9 million for the same period of 2020.

At the end of September 2021, value adjustments show a capital gain of DKK 7.7 million, compared to a capital loss of DKK 4.7 million for the same period of 2020.

Impairment write-downs on loans and guarantees were reduced by DKK 8.8 million compared to the first three quarters of 2020 and amounted to DKK 1.6 million at the end of September 2021.

Write-downs and provisions on the Bank's loans and guarantees during the period constitute 0.03% of the Bank's total loans and guarantees.

Capital ratio and core capital ratio of 22.7 and an individual solvency requirement of 10.7%.

In the stock exchange announcement dated 19 October 2021, the forecast for the year’s profit before tax was adjusted upwards from a range of DKK 125-140 million to a range of DKK 135-150 million, which remains unchanged.

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