Result for the First Half of 2024
The BANK of Greenland’s profit before tax amounts to DKK 120.1 million for the first half of 2024, compared to DKK 103.0 million for the first half of 2023. The profit before tax gives a return of 17.1 % p.a. on opening equity after disbursement of dividend.
Financial Performance Highlights
The profit before value adjustments and write-downs is satisfactory at DKK 127.5 million compared to DKK 98.3 million for the previous year.
Net interest and fee income increased by DKK 38.4 million to DKK 242.4 million in the first half of 2024 compared to the same period in 2023.
Total expenses including depreciation amounted to DKK 117.5 million at the end of the first half of 2024, compared to DKK 108.7 million for the same period of 2023.
Value Adjustments and Impairments
At the end of the first half of 2024, value adjustments show a capital gain of DKK 3.9 million, compared to a capital gain of DKK 11.0 million for the same period of 2023.
Impairments of loans and guarantees amounted to DKK 11.3 million in the first half of 2024, compared to DKK 6.3 million in the first half of 2023. For the period, write-downs and provisions are 0.2 % of the BANK’s total lending and guarantees.
Solvency and Outlook
The solvency ratio stands at 25.9 with a capital requirement of 11 %.
The forecast profit before tax for 2024 was adjusted upwards to a range of DKK 200-240 million, which remains unchanged.
Frequently Asked Questions
What is the profit before tax for the first half of 2024?
The profit before tax for the first half of 2024 is DKK 120.1 million.
How does the profit before tax compare to the previous year?
It has increased from DKK 103.0 million in the first half of 2023.
What was the net interest and fee income for H1 2024?
The net interest and fee income for the first half of 2024 was DKK 242.4 million.
What are the total expenses for the first half of 2024?
Total expenses including depreciation amounted to DKK 117.5 million.
What is the BANK's solvency ratio?
The solvency ratio is 25.9 %.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/