The BANK of Greenland’s profit before tax amounts to DKK 49.4 million for Q1 2023, compared to DKK 26.8 million for Q1 2022.

The profit before value adjustments and write-downs is satisfactory at DKK 48.5 million, compared to DKK 38.2 million for the previous year.

Lending has increased by DKK 45 million since the end of 2022, amounting to DKK 4,399 million at the end of Q1.

Net interest and fee income increased by DKK 18.3 million to DKK 104.1 million in Q1 2023 compared to the same period in 2022. The increase is due to increase in lending during 2022 and 2023 and the higher interest rates in general.

Total expenses including depreciation amounted to DKK 56.9 million at the end of Q1 2023, compared to DKK 49.2 million for the same period in 2022. The increase concerns higher IT- and personnel expenses, timing differences in payment dates and costs of a one-off nature.

Value-adjustments at the end of March 2023 is capital gain of DKK 7.9 million, compared to a capital loss of DKK 10.7 million for the same period in 2022.

Impairment write-downs on loans and guarantees amounts to DKK 7 million for Q1 2023 compared to DKK 0.7 million for Q1 2022. The Bank sees continued satisfactory creditworthiness in the loan portfolio and still expects a low level of impairment write-downs for the full year 2023.

Capital ratio of 23 and an individual capital requirement of 11.1%.

In stock announcement 24^th April 2023, the forecast for the year’s profit before tax was upward adjusted to an interval of DKK 145-185 million, which remains unchanged.