Satisfactory Q1 for the BANK of Greenland

The BANK of Greenland’s profit before tax amounts to DKK 61.8 million for Q1 2024, compared to DKK 49.4 million for Q1 2023.

The profit before value adjustments and write-downs is satisfactory at DKK 61.7 million, compared to DKK 48.5 million for the previous year.

Lending has increased by DKK 79 million since the end of 2023, amounting to DKK 4,892 million at the end of Q1.

Net interest and fee income increased by DKK 15.6 million to DKK 119.6 million in Q1 2024 compared to the same period in 2023. The increase is primarily due to the record-high lending volume and the development in the level of interest rates in 2023 and 2024.

Total expenses including depreciation amounted to DKK 59.2 million at the end of Q1 2024, compared to DKK 56.9 million for the same period in 2023. The increase concerns staff expenses as a consequence of collective agreement-based adjustments and an increase in the number of employees, as well as other administration expenses, where the increase can be attributed primarily to IT expenses.

At the end of Q1 2024, value adjustments show a capital gain of DKK 5.4 million, compared to a capital gain of DKK 7.9 million for the same period of 2023.

Impairments of loans and guarantees amounted to DKK 5.3 million in Q1 2024, compared to DKK 7.0 million in Q1 2023. The Bank sees continued satisfactory creditworthiness in the loan portfolio.

Solvency ratio of 26.3 and a capital requirement of 11.1 per cent.

In the stock exchange announcement of 14 December 2023, the forecast profit before tax for 2024 was stated as a range of DKK 180-230 million, which remains unchanged.