The BANK of Greenland - Half Year report 2021

Satisfactory first half of 2021 and upward adjustment of expectations for 2021

The BANK of Greenland's profit before tax amounts to DKK 74.8 million for the first half of 2021, compared to DKK 55.7 million for the first half of 2020. The profit before tax gives a return of 13.1% p.a. on opening equity after disbursement of dividend.

The profit before value adjustments and write-downs is DKK 72.0 million, compared to DKK 72.9 million for the previous year.

Net interest and fee income of TDKK 168,148, compared to TDKK 161,110 in 2020.

Total expenses including depreciation amount to TDKK 98,317, compared to TDKK 90,431 for the first half of 2020.

At the end of June 2021, value adjustments show a capital gain of TDKK 5,115, compared to a capital loss of TDKK 7,330 for the same period of 2020.

Write-downs on loans and guarantees were reduced by TDKK 7,514 from the first half of 2020, amounting to TDKK 2,331 for the first half of 2021, compared to TDKK 9,845 in 2020. Write-downs and provisions constitute 0.04 % of the Bank's total loans and guarantees.

A capital ratio and core capital ratio of 22.7, and an individual capital requirement of 10.7%.

Upon presentation of the Annual Report for 2020, the forecast for the year´s profit before tax was estimated at an interval of DKK 115-135 million. Based on business development and a reduced COVID-19-uncertainty the interval is now upgraded to a profit before tax at the level of DKK 125-140 million, compared to DKK 130.8 in 2020.

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