Result for Q3 2023

Result for Q3 2023

The BANK of Greenland’s profit before tax amounts to DKK 170.8 mio. for the first nine months of 2023, compared to DKK 65.2 million for the same period of 2022. The profit before tax gives a return of 17.6% p.a. on opening equity after disbursement of dividend.

The profit before value adjustments and write-downs is satisfactory at DKK 159.2 million compared to DKK 113.9 million for the previous year.

Net interest and fee income increased by DKK 59.9 million to DKK 315 million compared to the same period in 2022. 

At the end of September 2023, total costs including write-offs amounted to DKK 160.2 million, compared to DKK 145.8 million for the same period of 2022.

At the end of the first nine months of 2023, value adjustments show a capital gain of DKK 19.8 million, compared to a capital loss of DKK 45.7 million for the same period of 2022. 

By the end of September 2023, impairments of loans and guarantees amounted to DKK 8.3 million compared to DKK 3.0 million by the end of September 2022. For the period, write-downs and provisions are 0.1% of the BANK’s total lending and guarantees.

Solvency ratio of 24.6 and a capital requirement of 11.5%.

In the stock exchange announcement of 18 October 2023, the forecast profit for the year before tax was adjusted upwards from a range of DKK 170-210 million to a range of DKK 200-230 million, which is maintained.

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