Result for Q3 2022
The BANK of Greenland's profit before tax is DKK 65.2 million at the end of September 2022, compared to DKK 114.4 million for the same period of 2021. The profit after tax gives a return of 7.2% p.a. on opening equity after disbursement of dividend.
The profit before value adjustments and write-downs is satisfactory at DKK 113.9 million, compared to DKK 108.3 million for the previous year.
Net interest and fee income amount to DKK 255.2 million for the first three quarters of 2022, compared to DKK 249.1 million for the same period of 2021.
Total expenses including depreciation amount to DKK 145.8 million at the end of Q3 2022, compared to DKK 144.8 million for the same period of 2021.
The increase in interest rates and the general market turmoil meant that value adjustments at the end of September 2022 resulted in a capital loss of DKK 45.7 million, compared to a capital gain of DKK 7.7 million for the same period in 2021.
Write-downs on loans and guarantees amount to a modest DKK 3.0 million at 30 September 2022. Write-downs and provisions amount to 0.05 % of the BANK’s total lending and guarantees in the period.
Capital ratio of 22.7 and an individual capital requirement of 10.7 %.
In a stock exchange announcement dated 19 October 2022, the Bank reduced its expectations of the profit for the year before tax to DKK 90-120 million from the previously estimated interval of DKK 120-140 million in the Annual Report for 2021. The adjusted expectations are maintained.
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