The Bank of Greenland Reports Unaudited Earnings Results for the Year Ended December 31, 2017; Provides Earnings Guidance for the Year 2018
February 22, 2018 at 11:21 am EST
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The BANK of Greenland reported unaudited earnings results for the year ended December 31, 2017. For the year, the company reported net interest income of DKK 221,916,000 against DKK 201,524,000 a year ago. Profit before tax was DKK 132,607,000 against DKK 113,420,000 a year ago. Net profit for the year was DKK 90,449,000 against DKK 77,391,000 a year ago. Cash flow from operations activities was DKK 589,769,000 against cash used in operating activities of DKK 72,638,000 a year ago. Purchase, etc. of tangible assets was DKK 4,984,000 against DKK 4,795,000 a year ago. Return on equity before tax was 14.1% against 12.3% a year ago. Return on equity after tax was 9.6% against 8.4% a year ago. Net book value per share was DKK 532 as on December 31, 2017 against DKK 515 as on December 31, 2016.
The company provided earnings guidance for the year 2018. For the year, the bank expected a profit before tax of DKK 120 million to DKK 140 million.
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.