Quarterly Report Q1 2012

Grønlandsbanken A/S 

25.04.2012 16:34
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A fine start for 2012 at The BANK of Greenland

Earnings before tax, DKr 32.650m as compared with DKr 17.713m during the same
period of 2011 producing a return on shareholders' equity of 16.4 percent. 

Profit before price adjustments and impairments rose very satisfactorily to DKr
32.600m as compared with DKr 25.715m in 2011. 

Total expenses and depreciation decreased to DKr 35.398m as compared with DKr
35.532m in 2011. In Q1 2012 the IT expenses as well as staff expenses amounts
to a total of DKr 3.470m. In 2011, on the other hand, DKr 3.840m was paid to
the Danish Guarantee Fund arising from the bankruptcy of Amagerbanken. 

Price adjustments amount to a total gain of DKr 3.159m as compared with a loss
of DKr 5.791m during the same period of 2011. The gain stems primarily from
gains on the bank's share holdings. 

Impairment of loans and advances amounts to DKr 3.109m as compared with DKr
2.211m during the same period of 2011. The level of impairment thus amounted to
a modest 0,1 percent of the bank's total loans, advances and guarantees. 

At the end of the first quarter of 2012, The BANK of Greenland continues to
maintain excesses of deposits and an excess adequacy of 167.4 percent in
relation to statutory requirements. 

For the entire year of 2012, the profit before price adjustments and
impairments still is expected to be in the range of DKr 115-125m as compared
with DKr 120m in 2011.
News Source: NASDAQ OMX



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Language:     English
Company:      Grønlandsbanken A/S
              
               
              Denmark
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Internet:     
ISIN:         DK0010230630
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