Satisfactory first half-year 2013 for The BANK of Greenland
Earnings before tax, DKr 58.626m as compared with DKr 66.573m for the same period of 2012 providing a return on shareholders’ equity of 15.0 per cent annually after paid-out dividend.
Profit before price adjustments and impairments of DKr 69.685m remain roughly the same level as compared with DKr 69.461m for the first half-year of 2012.
Net income from interest and charges rose by DKr 710.000 to DKr 138.339m as compared with the same period of 2012.
Total expenses and depreciation remained essentially unchanged when compared with the same period last year and, as at 30 June 2013, amounted to DKr 70.366m. Staff costs rose by approximately DKr 1m; there was also an increase in administrative expenses while depreciation of tangible assets fell equivalently.
Other operating expenses rose by DKr 269.000 to DKr 1.443m during the first half-year of 2013.
Price adjustments amounted to a loss of DKr 2.363m as compared with a plus of DKr 3.518m during the same period of 2012.
Impairment of the bank’s loans and advances amounted to DKr 8.696m as compared with DKr 6.406m during the first half-year of 2012. Impairments remain at a low level and account for 0.3 per cent of the bank’s total loans, advances and guarantees.
At the end of the first half-year 2013, The BANK of Greenland continues to maintain significant excesses of deposits as well as having liquidity adequacy of 172.8 per cent in accordance with statutory requirements.
Profit for the whole year 2013 before price adjustments and impairments is still expected to be in the range of approximately DKr 125-145m as compared with DKr 141m in 2012.
