The BANK of Greenland Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2017, Provides Earnings Guidance for the Year 2017
April 27, 2017 at 10:34 am EDT
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The BANK of Greenland reported unaudited earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported net interest income of DKK 54,136,000 against DKK 48,284,000 a year ago. Interest income was DKK 55,869,000 against DKK 51,427,000 a year ago. Profit before tax was DKK 38,209,000 against DKK 21,481,000 a year ago. Profit for the period was DKK 26,067,000 against DKK 14,650,000 a year ago. Net book value per share was DKK 496 as on March 31, 2017 against DKK 479 as on March 31, 2016.
In 2017, the BANK of Greenland expects average higher lending and falling deposits, an improved deposit interest margin and declining income from bond interest. The company expects considerable uncertainty related to the extremely low level of interest rates, including the negative rate of interest on certificates of deposit at Danmarks Nationalbank. On this basis the Bank expects an increase in overall income in 2017.
Groenlandsbanken A/S is a Denmark-based bank engaged in consultancy and financial services in Greenland. The Bankâs products and services are provided to private customers and commercial enterprises. It offers home banking, mortgage loans, savings accounts, pension funds, insurance, payment transfers, and investment advisory services among others. Furthermore, the Bank also operates an electronic banking platform, named Netbank, which enables the access to a range of facilities, such as payments, transfers and invoices. The Bank collaborates with companies involved in the financial sector, including the Bankers' Information Technology (IT) Centre (BEC), Nykredit, DLR Kredit, Letpension, MasterCard, Visa, Narsaq OMX Nordic, Nordea Invest and Carnegie Worldwide. It controls a number of branches, which are located in Nuuk, Qaqortoq, Maniitsoq, Sisimiut, Aasiaat, Ilulissat, Appaaraq and Tasiilaq.
GRØNLANDSBANKEN A/S 
