The BANK of Greenland’s report for the first half of 2024

Result for the first half of 2024

The BANK of Greenland’s profit before tax amounts to DKK 120.1 for the first half of 2024, compared to DKK 103.0 million for the first half of 2023. The profit before tax gives a return of 17.1 % p.a. on opening equity after disbursement of dividend.

The profit before value adjustments and write-downs is satisfactory at DKK 127.5 million compared to DKK 98.3 million for the previous year.

Net interest and fee income increased by DKK 38.4 million to DKK 242.4 million in the first half of 2024 compared to the same period in 2023. 

Total expenses including depreciation amounted to DKK 117.5 million at the end of the first half of 2024, compared to DKK 108.7 million for the same period of 2023.

At the end of the first half of 2024, value adjustments show a capital gain of DKK 3.9 million, compared to a capital gain of DKK 11.0 million for the same period of 2023. 

Impairments of loans and guarantees amounted to DKK 11.3 million in the first half of 2024, compared to DKK 6.3 million in the first half of 2023. For the period, write-downs and provisions are 0.2 % of the BANK’s total lending and guarantees.

Solvency ratio of 25.9 and a capital requirement of 11 %.

In the stock exchange announcement of 24 July 2024, the forecast profit before tax for 2024 was adjusted upwards to a range of DKK 200-240 million, which remains unchanged.

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