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The BANK of Greenland has got off to a good start in the first quarter 2014

Press release from the Bank of Greenland

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Grønlandsbanken A/S Quarterly report

The BANK of Greenland has got off to a good start in the first quarter 2014Profit before tax, DKK 34.639m as compared with DKK 32.093m during the same period of 2013 producing a return on shareholders' equity after dividends of 17 percent per year.

Result before value adjustments and impairments DKK 30.589m as compared with DKK 34.653m in 2013. 

Total expenses increased by DKK 3.796m., mainly due to IT expenses, non-recurring expenses and advanced expenses in connection with establishment of a branch and training program. 

Value adjustments amount to a plus of DKK 7.769m as compared with a plus of DKK 0.572m during the same period of 2013. 

Impairment of loans and advances, etc. amounted to DKK 3.719m as compared with DKK 3.132m during the first quarter of 2013. The level of impairment thus amounted to a modest 0.1 percent of the bank's total loans and guarantees. 

At the end of the first quarter of 2014, The BANK of Greenland continues to maintain excesses of deposits and an excess adequacy of 178,5 percent in relation to statutory requirements. 

Solvency percentage of 20.2 and solvency requirement of 10.8.

For the entire year of 2014, the profit before value adjustments and impairments is still expected to be in the range of DKr 125-145m as compared with DKr 135m in 2013.

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