Results for the First Half of 2024
The BANK of Greenland reported a profit before tax of DKK 120.1 million for the first half of 2024. This is an increase from DKK 103.0 million during the same period in 2023. This profit translates to a return of 17.1% per annum on the opening equity after dividends have been distributed.
Financial Performance Highlights
The profit before accounting for value adjustments and write-downs is a solid DKK 127.5 million, up from DKK 98.3 million in the previous year.
Net interest and fee income rose by DKK 38.4 million, reaching DKK 242.4 million in the first half of 2024 compared to the same timeframe in 2023.
Total expenses, which include depreciation, totaled DKK 117.5 million by the end of the first half of 2024, in contrast to DKK 108.7 million for the same period last year.
Value Adjustments and Impairments
As of the end of the first half of 2024, the value adjustments reflected a capital gain of DKK 3.9 million, down from a capital gain of DKK 11.0 million during the same period in 2023.
Impairments related to loans and guarantees reached DKK 11.3 million in the first half of 2024, compared to DKK 6.3 million in the first half of 2023. For this period, write-downs and provisions accounted for 0.2% of the BANK’s total lending and guarantees.
Solvency and Outlook
The solvency ratio is currently at 25.9%, with a capital requirement set at 11%.
The profit forecast before tax for 2024 has been revised upwards to a projected 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%.
