Result for Q3 2024
The BANK of Greenland’s profit before tax amounts to DKK 193.6 million for the first nine months of 2024, compared to DKK 170.8 million for the same period of 2023. The profit before tax gives a return of 18.4% p.a. on opening equity after disbursement of dividend.
The profit before value adjustments and write-downs is satisfactory at DKK 186.2 million compared to DKK 159.3 million for the previous year.
Net interest and fee income increased by DKK 40.8 million to DKK 355.9 million compared to the same period in 2023.
At the end of September 2024, total costs including write-offs amounted to DKK 173.7 million, compared to DKK 160.2 million for the same period of 2023.
At the end of the first nine months of 2024, value adjustments show a capital gain of DKK 22.6 million, compared to a capital gain of DKK 19.8 million for the same period of 2023.
In the first three quarters of 2024, impairments of loans and guarantees amounted to DKK 15.2 million compared to DKK 8.3 million in the same period of 2023. For the period, write-downs and provisions are 0.2% of the BANK’s total lending and guarantees.
Solvency ratio of 26.6 and a capital requirement of 11.0%.
In the stock exchange announcement of 22 October 2024, the forecast profit for the year before tax was adjusted upwards to a range of DKK 225-250 million, which is maintained.
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