Satisfactory interim result for 2016 at The BANK of Greenland
The profit before tax was TDKK 47,732 compared to TDKK 55,069 for the same period of 2015. The result before tax gives a return of 11,3% per annum on the opening equity after dividend.
The first half of 2016 showed a result before value adjustments and write-downs of TDKK 68,187 compared to TDKK 68,670 for the first half of 2015.
Net interest and fee income by TDKK 141.863 is in line with first half of 2015.
Total cost, including amortization and depreciation amounts to TDKK 76,094 and is in line with first half of 2015.
Value adjustments represent a total capital loss of TDKK 11,518, compared to a loss of TDKK 3.868 for the same period of 2015.
Write-downs of loans, amounts to TDKK 8,937, slightly lower than the same period in 2015 where the write-downs amounted to TDKK 9,734.
The write-downs amount to 0,3% of the bank’s total loans and guarantees.
Loans and guarantees increased by a total of DKK 65m since the end of 2015, amounting to DKK 4,01bn at the end of June 2016.
At the end of the first half of 2016, The BANK of Greenland has an excess liquidity cover of 188,8%
A result before value adjustments and write-downs at the level of DKK 125 – 145 million, compared to DKK 137 million in 2015 is still expected.
