Satisfactory Q1 for the BANK of Greenland
10 May 2023 - 1:01AM
Satisfactory Q1 for the BANK of Greenland
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 24th 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.
- Kvartalsrapport Q1 2023 UK
- Kvartalsrapport Q1 2023 UK
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