The BANK of Greenland's report for Q1-Q3 2020

Satisfactory performance in Q3 2020

The BANK of Greenland's profit before tax was TDKK 94,006 at the end of September 2020, compared to TDKK 115,923 for the same period of 2019.

The profit before value adjustments and write-downs amounted to TDKK 109,091, compared to TDKK 112,715 for the previous year.

Lending in Q3 2020 was at the level of Q2 2020, amounting to DKK 3,735 million. Lending and guarantees overall increased by DKK 82 million in 2020, to a total of DKK 5,320 million. In view of the uncertainty as a consequence of Covid-19, the Bank assesses this development to be satisfactory.

Net interest and fee income amounts to TDKK 239,671, compared to TDKK 240,099 in the first three quarters of 2019.

At the end of Q3 2020, total expenses including depreciation amounted to DKK 133,923, compared to TDKK 131,664 for the same period of 2019.

At the end of September 2020, value adjustments entail a loss of TDKK 4,691, compared to a gain of TDKK 9,823 for the same period of 2019.

Impairment of loans and guarantees shows an increase of TDKK 3,779 from the first three quarters of 2019, amounting to TDKK 10,394.

Write-downs and provisions on the Bank's loans and guarantees constitute 0.2% of the Bank's total loans and guarantees.

Capital ratio and core capital ratio of 23.0 and an individual capital requirement of 11.6%

On 20 October 2020, the Bank revised its forecast for the profit for the year before tax to the level of DKK 110-125 million. This expectation is maintained by the Board of Directors.

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