CORRECTION: Report for the first nine months of 20

Resume corrected.

Second highest profit for the first nine months of a year for The BANK of Greenland in 2013

The BANK of Greenland turned a profit of DKr 92.457 m on ordinary activities for the first nine months of 2013 as compared with DKr 110.224 m for the same period of 2012. This profit provided a return of 15.8% per year on the shareholders’ equity as at the start of 2013 and after paid-out dividend.

The profit before price adjustments and impairments amounted to DKr 103.338 m as compared with DKr 106.704 m for the first nine months of 2012.

Net income on interest and charges remained essentially unchanged with DKr 206.273 m as compared with DKr 206.412 m during the same period of 2012.

Total expenses and depreciation increased by DKr 2.721 m when compared with the same period of 2012; at the end of the third quarter of 2013, they amount to DKr 105.526 m. There was an increase in staff expenses of approximately DKr 1.4 m, an increase in other administrative expenses of DKr 1.6 m and a decrease in depreciation on tangible assets of DKr 1.3 m. Other operating expenses have risen by approximately DKr 1 m primarily because of additional payments to the Danish Guarantee Fund for Depositors and Investors.

Price adjustment amounted to a loss of DKr 49,000 as compared with a plus of DKr 12.687 m during the first nine months of 2012.

Impairments on the bank’s loans and advances, etc. continue at a low level and amounted to DKr 10.882 m as compared with DKr 9.167 m during the first nine months of 2012. Impairments amount to a modest 0.3% of the bank’s total loans, advances and guarantees.

At the end of Q3 2013, The BANK of Greenland continues to maintain a comfortable deposit surplus. It also has excess coverage of 151.2% based on statutory requirements for liquidity.

Profit for the whole year 2013 before price adjustments and impairments is still expected to be in the range of approximately DKr 125-145 m as compared with DKr 141 m in 2012.