The BANK of Greenland’s report for the first half of 2022

Result for the first half of 2022  

The BANK of Greenland’s profit before tax amounts to DKK 45.8 mio. for the first half of 2022, compared to DKK 74.8 million for the first half of 2021. The profit after tax gives a return of 8.5% p.a. on opening equity after disbursement of dividend.

The profit before value adjustments and write-downs is DKK 73.1 million compared to DKK 72.0 million for the previous year.

Net interest and fee income amounts to TDKK 167,808 compared to TDKK 168,148 in 2021.

In total, costs and depreciation amount to TDKK 97,769 compared to TDKK 98,317 in the first half of 2021.

At the end of June 2022, value adjustments present a total capital loss of TDKK 25,195, compared to a capital gain of TDKK 5,115 for the same period in 2021.

Write-downs on loans and guarantees were reduced by TDKK 219 from the first half of 2021 and amounted to TDKK 2,112 for the first half of 2022 compared to TDKK 2,331 in 2021. Write-downs and provisions amount to 0.03 % of the BANK’s total lending and guarantees in the period.

Capital ratio and core capital ratio of 22.8 and an individual capital requirement of 10.6 %.

In the Annual Report for 2021, the forecast for the year’s profit before tax was estimated at a range of DKK 120-140 million. This range is maintained, provided that there is no significant negative market impact during the rest of the year.

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