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Quarterly Report Q1-2021

Satisfactory first quarter of 2021 in The Bank of Greenland.

The Bank of Greenland’s profit before tax for Q1 2021 is DKK 40.1 million compared to DKK 16.6 million for Q1 2020. The profit before value adjustments and write-downs amounts to DKK 38.0 million compared to DKK 37.5 million one year before.

Net interest and fee income amount to DKK 86.1 million and increased by DKK 3.2 million compared to the same quarter in 2020.

Total costs, including depreciation and amortization amount to DKK 49.3 million at the end of Q1 2021, compared to DKK 46.5 million in the same period of 2020.

Value adjustments represent a capital gain of DKK 3.1 million compared to a capital loss for the same period in 2020 of DKK 11.6 million.

Write-downs on loans and guarantees declined by DKK 8.3 million compared to Q1 2020 and amount to modest DKK 0.9 million in Q1 2021, corresponding to 0.02 % of the bank’s total loans and guarantees.

Capital ratio and core capital ratio of 22.3 % and an individual capital requirement of 10.8 %.

Due to the COVID-19 uncertainty and despite the positive result in the first quarter of 2021, The BANK of Greenland maintains its expectation of a profit for the year before tax at the level of DKK 115-135 million compared to DKK 130.8 million in 2020.


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