The BANK of Greenland - half-year report 2017
Source: Nasdaq GlobeNewswire / 18 Aug 2017 08:13:38 America/Los_Angeles
Growth in lending gives record-high core earnings
In the first half of 2017, the BANK of Greenland achieved a significantly improved profit before tax, of DKK 73.8 million, compared to DKK 47.7 million in 2016. The profit before tax gives a return of 17.2% p.a. on opening equity after disbursement of dividend.
The result before value adjustments and write-downs of TDKK 77,644, is the best result in the bank's history and shows a significant improvement from the same period of 2016, when the result amounted to TDKK 68,187.
Net interest and fee income amount to TDKK 154,643 compared to TDKK 141,863 for the same period of 2016.
Total costs including amortization and depreciation amount to TDKK 79,451 compared to TDKK 76,092 in the first half of 2016
Value adjustments represent a total capital gain of TDKK 4,925, compared to a capital loss for the same period of 2016 of TDKK 11,518.
Write-downs of loans etc. amount to TDKK 8,797 at the end of June 2017, which corresponds to the same period of 2016 where write-downs amounted to TDKK 8,937. The write-downs and provisions amount to 0.2% of the bank’s total loans and guarantees.
Loans have increased by a total of DKK 280.6m since the end of 2016, amounting to DKK 3,354bn at the end of June 2017.
At the end of the first half of 2017, The BANK of Greenland has an excess liquidity coverage of 155.9%
The expectation for full-year earnings before value adjustments and write-downs has now been estimated at DKK 135-145 million, compared to the previously expected range of DKK 125-145 million. The result amounted to DKK 140 million in 2016.