CORRECTION: Very satisfactory start to 2017
Source: Nasdaq GlobeNewswire / 27 Apr 2017 15:34:28 Europe/London
In Q1 2017, the BANK of Greenland achieved a significantly improved profit before tax of TDKK 38,209, compared to TDKK 21,481 in 2016.
The result before value adjustments and write-downs also increase satisfactorily by TDKK 6,145 compared to the same period of 2016, and amounts to TDKK 38,058.
Very satisfactory development in net interest and fee income, with an increase of TDKK 7,509 to DKK 77,400, compared to the same period of 2016. The increase is mainly due to the increase in lending.
Costs, including depreciation and amortisation, amount to TDKK 40,600, compared to TDKK 39,275 in Q1 2016.
Value adjustments in Q1 are positive at TDKK 4.010, having improved by TDKK 10,379 from the same period of 2016, when the capital loss amounted to TDKK 6,369.
Write-downs on loans and guarantees remain low, amounting to TDKK 3,859, compared to TDKK 4,063 in Q1 2016. The write-downs amount to 0,1% of the bank’s total loans and guarantees.
Capital ratio of 20.7% and a solvency requirement of 9.9%.
The BANK of Greenland maintains its expectation of a result for the year before value adjustments and write-downs of DKK 125-145 million.