Grønlandsbanken A/S
The BANK of Greenland – half-year report 2014
DGAP-News: Grønlandsbanken A/S 13.08.2014 / 07:52 --------------------------------------------------------------------- Increased loans and value adjustments give strong interim results in the BANK of Greenland Profit before tax of T DKK 78,366 against T DKK 58,626 in the same period of 2013. The result makes a 19 per cent interest per annum on year-start equity after dividend. Profit before value adjustments and write-downs of T DKK. 70,135 against T DKK 69,685 in the first half of 2013. Net interest and fee income increased by DKK 6.1 million to T DKK 144,408 compared with the same period last year. The total expenses and depreciation increased by T DKK 5,484 compared to the same period in 2013 and in the first half of 2014 amount to T DKK 75,850. Value adjustments constitute a total positive adjustment of T DKK 16,757 against a negative price adjustment of T DKK 2,363 in the first half of 2013. Write-downs on loans, etc. are virtually unchanged and amount to T DKK 8,526 against T DKK 8,696 in the same period last year. Thus, the write-downs amount to 0.2 % of the bank's total loans and guarantees. Loans and guarantees increased by a total of DKK 249 million. The BANK of Greenland had a liquidity adequacy of 141.8 % at the end of the first half of 2014. Profit before value adjustment and write-downs for the whole of 2014 is now expected to be at the high end of the estimate of profit stated previously of DKK 125 - 145 million against DKK 135 million in 2013. News Source: NASDAQ OMX --------------------------------------------------------------------- 13.08.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Grønlandsbanken A/S Denmark ISIN: DK0010230630 End of News DGAP News-Service --------------------------------------------------------------------- 282033 13.08.2014
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