The BANK of Greenland
CVR no. 80050410
Notification to Nasdaq OMX Copenhagen
06/2025
Quarterly Report
Q1 2025
Quarterly Report
Q1 2025
1
Management’s Review 2
Quarterly Report summary 2
Financial Highlights for Q1 2025 4
Management’s Review, Q1 2025 5
Management Statement 10
Income Statement and Statement of Comprehensive Income 12
Balance Sheet 13
Statement of Changes in Equity 14
Overview of Notes 16
Notes to the Quarterly Report 17
Contents
Quarterly Report
Q1 2025
2
Quarterly Report summary
With a profit before tax of DKK 39.1 million for Q1, the
BANK of Greenland made a sound start to 2025. As expected,
the result is affected by the declining level of interest rates, and
is also below the profit of DKK 61.8 million for the same pe-
riod of 2024. The profit before value adjustments and write-
downs amounts to DKK 45.3 million, compared to DKK 61.7
million for the previous year and DKK 49.9 mill. in Q4 2024.
Lending has increased by DKK 94 million since the end of 2024,
amounting to DKK 5,125 million at the end of March 2025. It
was expected that Greenland's economic development would
result in positive, but more subdued growth in the Bank’s lend-
ing in 2025. Guarantees decreased by DKK 35 million from
DKK 1,423 million at the end of 2024 to DKK 1,388 million at
the end of March 2025.
Net interest and fee income decreased by DKK 11.7 million to
DKK 108.0 million in the first three months of 2025, compared
to the same period in 2024. The decrease is mainly due to the
development in the level of interest rates.
Total expenses including depreciation amount to DKK 64.4 mil-
lion at the end of Q1 2025, compared to DKK 59.2 million for
the same period of 2024.
The increase concerns staff expenses as a consequence of an
increase due to collective agreement-based adjustments and
continued investment in more employees, as well as other ad-
ministration expenses, where the increase can be attributed pri-
marily to IT expenses and further training of employees.
At the end of March 2025, value adjustments show a capital
gain of DKK 7.2 million, compared to a capital gain of DKK 5.4
million for the same period of 2024. The new interest rate
trends resulted in positive development in the Bank’s bond
holdings. The Bank's sectoral equities portfolio gave a return at
the level of the previous year.
Impairment write-downs of loans and guarantees amounted to
DKK 13.4 million in Q1 2025, compared to DKK 5.3 million in
the same period of 2024. Despite the increase, the Bank sees
continued satisfactory creditworthiness in the loan portfolio. In
addition to the Bank’s individual impairment models, a manage-
ment supplement of DKK 38.4 million has been allocated.
In the stock exchange announcement of 11 December 2024,
the forecast profit before tax for 2025 was stated as a range of
DKK 150-185 million, which remains unchanged.
Management’s Review
The profit before tax gives a return of 10.7% p.a. on opening equity after disbursement of dividend.
Lending above DKK 5 billion.
Deposits of DKK 7.2 billion.
Core earnings per krone in costs of 1.7 at 31 March 2025, compared to 2.0 at 31 March 2024.
Write-downs and provisions of 0.2% for the period.
Solvency ratio of 25.5 and a capital requirement of 10.6%
Quarterly Report
Q1 2025
3
Quarterly Report
Q1 2025
4
Financial Highlights for Q1 2025
Q1
Q1
Full year
Q1
Q1
Q1
2025
2024
2024
2023
2022
2021
Net
interest and fee income 107,955
119,629
470,264
104,056
85,747 86,095
Value adjustments
7,190
5,367
28,578
7,907
-10,667
3,127
Other operating income
1,746
1,301
5,400
1,392
1,635
1,139
Staff and administration expenses
61,704
56,406
226,362
54,390
47,063 47,123
Depreciation and impairment of tangible assets
2,286
2,141
9,017
2,060
1,829
1,740
Other operating expenses
394
639
4,255
464
305
406
Write
-downs on loans and receivables, etc. 13,424
5,326
18,909
6,992
718 922
Profit before tax
39,083
61,785
245,699
49,449
26,800
40,170
Tax
-35,229
-9,304
36,689
3,362
-10,900 -1,281
Profit for the period
74,312
71,089
209,010
46,087
37,700
41,451
Selected balance sheet items:
Lending
5,125,023
4,891,724
5,030,995
4,398,940
3,904,824 3,905,129
Deposits
7,207,067
6,681,539
7,152,807
6,012,091
5,542,272 5,571,272
Equity
1,489,082
1,452,334
1,593,622
1,329,742
1,236,483 1,174,147
Total assets
9,970,048
9,092,785
10,021,543
8,057,981
7,372,841 7,177,469
Contingent liabilities
1,387,693
1,796,756
1,422,643
1,917,778
1,786,028 1,804,673
Key figures:
Capital ratio
25.5
26.3
26.9
23.0
24.4 22.3
Core capital ratio
23.7
25.1
25.1
22.6
24.4 22.3
Return on equity
before tax for the period 2.5
4.2
16.0
3.7
2.1 3.4
Return on equity after tax for the period
4.8
4.9
13.6
3.5
3.0 3.5
Income per cost krone
1.5
2.0
2.0
1.8
1.5 1.8
Rate of return
0.7
0.8
2.1
0.6
0.5 0.6
Interest risk rate
0.7
0.7
0.6
1.3
1.2 1.6
Foreign exchange position
0.3
0.3
0.5
0.5
0.8 0.7
Liquidity coverage ratio
267.2
249.6
266.2
230.9
236.7 290.9
Net stable funding ratio
137.0
133.7
137.5
132.2
- -
Lending plus write
-downs as a ratio of deposits 67.7
70.6
67.0
71.4
68.8 70.1
Lending as a ratio of equity
3.4
3.4
3.2
3.3
3.2 3.3
Growth in lending for the period
1.9
1.6
4.5
1.0
3.2 -2.5
Sum of large exposures
133.9
147.9
136.0
165.5
164.0 163.6
Write
-down ratio for the period 0.2
0.1
0.3
0.1
0.0 0.0
Accumalated
write-down ratio 3.6
3.1
3.4
3.1
3.2 3.2
Profit per share after tax for the period
41.3
34.3
116.1
25.6
20.9 23.0
Net book value per share
827.3
806.9
885.3
738.7
686.0 652.0
Stock exchange quotation/net book value per share
0.9
0.8
0.8
0.8
0.9 1.0
Quarterly Report
Q1 2025
5
Management’s Review, Q1 2025
Statement of income
At TDKK 82,246 compared to TDKK 93,199 net interest in-
come decreased by 12% in Q1 2025. A falling level of interest
rates in 2025 was expected, and the certificate of deposit inter-
est rate is also on average around 1.25% points lower in 2025
than in Q1 2024.
The Bank also saw shifts in deposits in favour of savings and
high-interest-rate accounts, thereby reducing the deposit mar-
gin during 2024 and 2025.
The development in the level of interest rates is offset, how-
ever, by the increase in lending and deposits in 2024 and Q1
2025.
Fee and commission income decreased by TDKK 721 com-
pared to the same period of 2024. Lower payment settlement
fees and a lower guarantee level are the primary contributing
factors.
Net interest and fee income decreased overall by TDKK 11,674
to TDKK 107,955 in the first three months of 2025.
Other operating income amounts to TDKK 1,746, which is an
increase of TDKK 445 from 31 March 2024. The difference
primarily concerns increasing administration income.
Staff and administration expenses amounted to TDKK 61,704,
which is an increase of TDKK 5,298 compared to 31 March
2024.
Staff expenses increased by TDKK 3,154 as a result of staff in-
creases and salary increases under collective agreements. Ad-
ministration expenses increased by TDKK 2,144. The increase
primarily concerns IT expenses and supplementary training of
employees.
Other operating expenses, which concern operation and
maintenance of the Bank’s office buildings, decreased by TDKK
245 to TDKK 394 in Q1 2025, compared to the same period
in 2024. The decrease is primarily due to fluctuations in the
timing of planned maintenance of bank buildings.
Depreciation of properties and fixtures and fittings amounts to
TDKK 2,286, compared to TDKK 2,141 for the same period in
2024.
The profit before value adjustments and write-downs is a satis-
factory TDKK 45,317, compared to TDKK 61,744 in Q1 2024.
Value adjustments present a total capital gain of TDKK 7,190,
compared to a capital gain of TDKK 5,367 for the same period
in 2024. The Bank's holdings of sector equities gave a more or
less unchanged return, while based on the level of interest
rates, the Bank's bond holdings showed an increase in value ad-
justments of TDKK 2,486. The currency area is at a lower level
than for the same period in 2024.
Selected Highlights and Key Figures (not audited)
DKK 1,000
Q1
Q4
Q3
Q2
Q1
Q4
Q3
Q2
2025
2024
2024
2024
2024
2023
2023
2023
Net interest and fee income
107,955 114,392
113,509 122,734
119,629
119,981
111,043 99,933
Costs, depreciation and amortisation
64,384
65,959
56,190
58,299
59,186
61,918
51,492
51,814
Other operating income
1,746
1,428
1,355
1,316
1,301
1,346
1,451
1,613
Profit before value adjustments and
write-
downs
45,317
49,861
58,674
65,751
61,744
59,409
61,002
49,732
Value adjustments
7,190 6,004
18,657 -1,450
5,367
20,248
8,817 3,085
Write-downs on loans, etc.
13,424
3,745
3,892
5,946
5,326
5,907
1,974
-713
Profit before tax
39,083
52,120
73,439
58,355
61,785
73,750
67,845
53,530
Impairment of loans, etc. amounts to TDKK 13,124, compared
to TDKK 5,326 for the same period in 2024. The development
in the quarter is due to single exposures and the Bank contin-
ues to see a generally sound lending portfolio. The impairment
level is still modest and the impairment ratio for the period is
0.2%.
Quarterly Report
Q1 2025
6
Despite continued focus on Greenland and geopolitical instabil-
ity, Greenland and the BANK of Greenland’s customers are not
significantly challenged so far. However, the future economic
development is subject to uncertainty.
In addition to the individual write-downs, on this basis the Bank
has maintained a significant management reserve of DKK 38.4
million to counter risks.
The profit before tax is TDKK 39,083, and is thereby TDKK
22,702 lower than for the same period in 2024.
Balance sheet and equity
During Q1, the Bank’s lending showed a satisfactory increase of
TDKK 94,028 to TDKK 5,125,023, while the Bank’s guarantees
to customers decreased by TDKK 34,950 from the end of
2024 and amounted to TDKK 1,387,693 at the end of March
2025.
In the annual reallocation the Bank acquired additional sector
equities in 2025. At 31 March 2025, equities, etc. amount to
TDKK 163,087 compared to TDKK 150,963 at the end of
2024.
In Q1, the Bank acquired five new staff homes, increasing the
value of domicile properties to TDKK 327,149.
At the end of March 2025, the Bank’s deposits, which predomi-
nantly comprise on-demand deposits, amounted to TDKK
7,207,067, which is an increase of TDKK 54,260 from the end
of 2024. The Bank continues to have a stable deposit/lending
ratio of approximately 141%.
After payment of the dividend of TDKK 180,000 for 2024
adopted by the Annual General Meeting, the Bank's equity de-
creased from TDKK 1,593,622 to TDKK 1,489,082.
Total assets thereafter amount to TDKK 9,970,048.
Uncertainty of recognition and measurement
The principal uncertainties concerning recognition and meas-
urement are related to write-downs on lending, provisions on
guarantees and non-utilised credit facilities, together with the
valuation of properties, unlisted securities and financial instru-
ments. The management assesses that the presentation of the
accounts is subject to an appropriate level of uncertainty.
Financial risks
The BANK of Greenland is exposed to various financial risks,
which are managed at different levels of the organisation. The
Bank’s financial risks consist of:
Credit risk: Risk of loss as a consequence of debtors’ or coun-
terparties’ default on actual payment obligations.
Market risk: Risk of loss as a consequence of fluctuation in the
fair value of financial instruments and derivative financial instru-
ments due to changes in market prices. The BANK of Green-
land classifies three types of risk within the market risk area: in-
terest rate risk, foreign exchange risk and share risk.
Liquidity risk: Risk of loss as a consequence of the financing
costs increasing disproportionately, the risk that the Bank is
prevented from maintaining the adopted business model due to
a lack of financing/funding, or ultimately, the risk that the Bank
cannot fulfil agreed payment commitments when they fall due,
as a consequence of the lack of financing/funding.
Operational risk: The risk that the Bank in full or in part incurs
financial losses as a consequence of inadequate or inappropri-
ate internal procedures, human errors, IT systems, etc.
Capital requirement
The BANK of Greenland must by law have a capital base that
supports the risk profile. The BANK of Greenland compiles the
credit and market risk according to the standard method and
the operational risk according to the basic indicator method.
MREL requirement
The requirement concerning own funds and eligible liabilities
must be viewed as an element of the recovery and resolution
of banks. This entails that banks which are subject to this re-
quirement must maintain a ratio of capital instruments and debt
1.000.000
1.500.000
2.000.000
2.500.000
3.000.000
3.500.000
4.000.000
4.500.000
5.000.000
5.500.000
6.000.000
6.500.000
7.000.000
7.500.000
Q1 2022 Q1 2023 Q1 2024 Year 2024 Q1 2025
Deposits Lending Guarantees
Quarterly Report
Q1 2025
7
obligations that, in a resolution situation, can be written down
or converted before simple claims.
On 10 December 2024, a revised MREL requirement was de-
termined for the BANK of Greenland, at 30.2% of the Bank’s
risk-weighted assets at the end of 2023. The MREL require-
ment is being phased in during the period from 2022 to 2027.
The linear phasing-in means that by 2025 the Bank must fulfil
an MREL requirement of 10.07%. This means that in the course
of the coming years, the Bank must fulfil the phased-in require-
ment by issuing capital instruments and consolidation of equity
capital.
In continuation of the established MREL requirement, the Bank
made issues in 2021-2024. A total of DKK 275 million was is-
sued in Senior Non-Preferred and DKK 105 million in subordi-
nated debt.
In 2025, the Bank also expects to issue securities.
Capital requirement
Q1 2025
Year 2024
Pillar I
8.00%
8.00%
Pillar II
2.62%
3.10%
Solvency requirement
10.62%
11.10%
SIFI buffer requirement
1.50%
1.50%
Capital reserve buffer requirement
2.50%
2.50%
Capital requirement
14.62%
15.10%
MREL requirement (phased in linearly as
from 1 January 2022)
10.07%
7.55%
Total capital requirement
24.69%
22.65%
Capital base, cf. Note 18
1,529,073
1,535,841
SNP issue
273,696
273,569
MREL capital base
1,802,769
1,809,410
MREL capital ratio
30.01%
31.70%
Surplus capital cover
5.32%
9.05%
Solid capital base
In accordance with the Danish Financial Business Act, the Board
of Directors and the Executive Management must ensure that
the BANK of Greenland has an adequate capital base. The capi-
tal requirement is the capital which, according to the manage-
ment’s assessment, as a minimum is needed to cover all risks.
The BANK of Greenland was designated as an SIFI institution in
April 2017.
Based on the requirements concerning own funds and eligible
liabilities, the Board of Directors expects that the total capital
reserves must be increased during the coming years. The aim of
the Board of Directors is that there must be sufficient capital
for growth in the Bank’s business activities, just as there must
be sufficient capital to cover ongoing fluctuations in the risks as-
sumed by the Bank.
In 2021, the Bank’s Board of Directors therefore adopted a
capital objective with a set target for CET1 of 24%. The BANK
of Greenland’s core capital ratio was 23.7 at the end of March
2025, and the capital ratio was 25.5.
The capital adequacy regulations CRR3 were implemented in
early 2025 in the EU, which is expected to have an effect in
Greenlandic law by the end of 2025. However, the bank has,
based on new IT systems for capital adequacy calculations, be-
gun adapting to the regulation in the first quarter of 2025 and
will continue this adaptation towards implementation in the law
of Greenland.
Risk-weighted assets have increased by TDKK 296,785 and
amounts to a total of TDKK 6,007,146 by the end of March
2025. It was expected that the bank would see an increase as a
result of changes in the weighting of real estate exposures in
particular. When the legislation is implemented in Greenland,
the bank expects a decrease in the calculation of risk-weighted
items.
The result for Q1 2025 has not been verified by the Bank’s au-
ditor and is therefore not included in the capital ratio. Including
the result at 31 March 2025, the core capital ratio is calculated
at 24.3% and the capital ratio at 26.0.
At the end of September 2024, the Bank's individual solvency
requirement was compiled at 10.6%. The BANK of Greenland
thus has surplus capital cover before the buffer requirements of
14.9%, or TDKK 891,312. After deductions for the capital re-
serve buffer requirement of 2.5% and the SIFI buffer require-
ment of 1.5%, the surplus cover is 10.9%.
Quarterly Report
Q1 2025
8
The BANK of Greenland’s reported individual solvency requirement according to the 8+ model
Q1 2025 Year 2024
Capital require-
ment
Solvency requi-
rement
Capital require-
ment
Solvency requi-
rement
Pillar I requirement
480,572
8.0
456,829
8.0
Credit risk
102,226
1.7
114,534
2.0
Market risk
17,691
0.3
27,320
0.5
Liquidity risk
5,720
0.1
6,270
0.1
Operational risk
24,214
0.4
23,621
0.4
Other risk
7,338
0.1
5,524
0.1
Capital and solvency requirement
637,761
10.6
634,098
11.1
The BANK of Greenland has published further details of the
calculated solvency requirement in a report on its website
http://www.banken.gl/report/
Liquidity
The liquidity coverage ratio (LCR) is a minimum requirement of
the ratio between current assets and liabilities, to ensure a satis-
factory liquidity ratio.
At the end of Q1, the Bank had an LCR of 267.2% and thereby
fulfils the LCR requirement of at least 100%.
The Bank’s required funding is based solely on deposits.
The Supervisory Diamond for banks
The BANK of Greenland has considered the benchmarks set
out in the Danish FSA’s Supervisory Diamond for banks. The
Supervisory Diamond states four benchmarks for banking activ-
ities which the Bank aims to fulfil. It must be noted that pub-
licly-owned enterprises account for 46% points of the sum of
large exposures.
The property exposure amounts to 18.6%. This exposure is
subject to considerable subordinate public financing. In addition,
some of the exposure is based on lease contracts with the
state, the Government of Greenland or municipalities. The
Bank assesses that both of these factors contribute to stabilising
the overall sector exposure.
Investor relations
The BANK of Greenland’s overall financial objective is to
achieve a competitive return for the shareholders. At a price of
765 at the end of March 2025, the price of the BANK of
Greenland’s share has increased since the end of 2024, when
the price was 700.
At the Bank’s Annual General Meeting on 26 March 2025, a
dividend payment of DKK 100 per share, or a total of DKK 180
million, to the Bank’s shareholders was adopted, and this was
paid out on 31 March 2025.
In accordance with Section 28a of the Danish Companies Act,
six shareholders have notified shareholdings in excess of 5%.
The Bank has no holdings of own shares.
The BANK of Greenland’s mission, values and cor-
porate governance
The BANK of Greenland conducts banking activities in Green-
land in open competition with domestic and foreign banks and
provides advice and services in the financial area to all citizens
and businesses in Greenland.
The Bank's mission should be viewed in a broader perspective
whereby the BANK of Greenland can be seen as the BANK for
all of Greenland. This entails an enhanced responsibility to par-
ticipate positively and actively in society’s development and to
help to create opportunities for the benefit of Greenland, while
The Supervisory Diamond
Q1 2025
Limit
Sum of large exposures
133,90%
< 175%
Property exposure
18,60%
< 25%
Growth in lending
4,80%
< 20%
Liquidity
-benchmark 266,90%
> 100%
Quarterly Report
Q1 2025
9
also ensuring sound financial activities. The BANK of Greenland
is highly aware of this vital role.
The BANK of Greenland’s values are firmly anchored in the
Bank and its employees. The values are Commitment, Decency,
Customer-oriented and Development-oriented. These values
serve as a guide for how we act and wish to be seen within
and outside the Bank.
The BANK of Greenland considers all of the Corporate Gov-
ernance recommendations and the Danish Executive Order on
Management and Control of Banks, etc. and it is the Bank’s ob-
jective to observe these recommendations at all times and to
the greatest possible extent. The Bank’s Corporate Governance
Statement can be found on the Bank’s website www.banken.gl.
Outlook for the remainder of 2025
As described in the Annual Report for 2024, the BANK of
Greenland expects close to zero growth in Greenland's econ-
omy in 2025.
In both the short and longer term, the increased focus on
Greenland can affect the economic development and the
framework conditions in Greenland. However, the BANK of
Greenland has no basis to assess that this will be of any mate-
rial significance in the short term in 2025, so that it is still the
macroeconomic and local conditions that are generally ex-
pected to influence the Bank's operations.
Expected declining interest rates are expected to increase the
appetite for investment, however, and lending is expected to
develop positively towards year-end, but with lower growth
than in 2024. Deposits are expected to be at the level of or
just above the end of 2024.
The Bank will be affected if inflation and cyclical trends are ex-
acerbated or amplified to any significant degree.
Total core income is expected to decrease in 2025, for which
the primary reason is the development in interest rates.
Total expenses including depreciation and amortisation are ex-
pected to be higher than in 2024. A few staff increases and the
full effect of staff increases are expected in 2024. Administra-
tion expenses are also expected to increase, primarily in the IT
area.
The Bank assesses that the credit quality of the loan portfolio is
satisfactory. Impairment write-downs on loans are therefore
still expected to be at a low, but normalised, level.
Based on the expected level of interest rates, gains on the
Bank’s listed securities must be expected. Capital gains are also
expected from the currency area and sector shares.
On this basis, the expectation of a profit before tax at the level
of DKK 150-185 million is maintained.
Quarterly Report
Q1 2025
10
The Board of Directors and Executive Management have today
considered and approved the quarterly report for the period 1
January – 31 March 2025, for the public limited liability com-
pany, GrønlandsBANKEN A/S.
The quarterly report is presented in accordance with the Dan-
ish Financial Business Act, and the Management’s Review is pre-
pared in accordance with the Danish Financial Business Act.
The quarterly report is furthermore prepared in accordance
with additional Danish disclosure requirements for listed finan-
cial companies.
It is our opinion that the quarterly report gives a true and fair
view of the Bank's assets, liabilities and financial position at 31
March 2025, and of the results of the Bank's operations for Q1
2025.
It is our opinion that the Management’s Review gives a true and
fair review of the development in the Bank’s activities and finan-
cial affairs, as well as a description of the significant risks and un-
certainties to which the BANK of Greenland is subject.
Management Statement
Nuuk, 13 May 2025
Executive Management
Martin Birkmose Kviesgaard
Board of Directors
Gunnar à Liða
Kristian Frederik Lennert
Maliina Bitsch Abelsen
Chair
Vice Chair
Pia Werner Alexandersen
Gert Jonassen
Pilunnguaq Frederikke Johansen Kristiansen
Tulliaq Angutimmarik Olsen
Niels Peter
Fleischer Rex
Peter Angutinguaq Wistoft
Quarterly Report
Q1 2025
11
Quarterly Report
Q1 2025
Income Statement and Statement of
Comprehensive Income
12
Income Statement and Statement of
Comprehensive Income
DKK 1.000
Notes
Q1 2025
Full year 2024
Q1 2024
3
Interest income
100,606
476,909
123,892
4
Interest expenses
18,360
116,956
30,693
Net interest income
82,246
359,953
93,199
Share dividend, etc.
0
8,859
0
5
Fees and commission income
25,775
102,129
26,496
Fees paid and commission expenses
66
677
66
Net interest and fee income
107,955
470,264
119,629
6
Value adjustments
7,190
28,578
5,367
Other operating income
1,746
5,400
1,301
7
Staff and administration expenses
61,704
226,362
56,406
Depreciation and impairment of tangible assets
2,286
9,017
2,141
Other operating expenses
394
4,255
639
16
Write-downs on loans and receivables, etc.
13,424
18,909
5,326
Profit before tax
39,083
245,699
61,785
8
Tax
-35,229
36,689
-9,304
Profit for the period
74,312
209,010
71,089
COMPREHENSIVE INCOME
Profit for the period
74,312
209,010
71,089
Other comprehensive income:
Value adjustment of properties
1,530
6,084
1,497
Value adjustment of defined-benefit severance/pension scheme
0
-74
0
Tax on value adjustment of properties
-382
-1,521
-374
Other comprehensive income
1,148
4,489
1,123
Comprehensive income for the period
75,460
213,499
72,212
Quarterly Report Q1 2025
Balance Sheet
13
Balance Sheet
DKK 1.000
Notes
Assets
31 March 2025
31 December
2024
31 March 2024
Cash balance and demand deposits with central banks
1,985,031
2,080,989
1,704,750
9
Receivables from credit institutions and central banks
71,739
155,989
112,646
16
Loans and other receivables at amortised cost
5,125,023
5,030,995
4,891,724
10
Bonds at fair value
1,494,723
1,498,540
1,282,595
Shares, etc.
163,087
150,963
149,261
11
Assets connected to pool schemes
696,021
675,765
538,247
Land and
buildings in total, domicile properties 327,149
310,860
310,900
-
Domicile properties 327,149
310,860
310,900
Other tangible assets
7,146
7,627
6,665
Current tax assets
0
658
0
Other assets
94,424
104,342
90,547
Accruals and deferred income
5,705
4,815
5,450
Total assets
9,970,048
10,021,543
9,092,785
Liabilities
Liabilities to credit institutions and central banks
19,094
15,698
13,077
12
Deposits and other liabilities
7,207,067
7,152,807
6,681,539
Deposits in pool schemes
696,021
675,765
538,247
13
Issued bonds at amortised cost
273,696
273,569
174,051
Current tax liabilities
9,113
0
15,665
Other liabilities
87,531
73,807
73,971
Prepayments and deferred
expenses 2,014
4,395
2,558
Total debt
8,294,536
8,196,041
7,499,108
Provisions for pensions and similar obligations
2,983
2,902
2,584
Provisions for deferred tax
61,775
106,393
60,386
Provisions for losses on guarantees
10,525
11,241
6,674
Other provisions
7,060
7,322
7,330
Total provisions
82,344
127,858
76,974
14
Subordinated debt
104,086
104,022
64,369
Total subordinated debt
104,086
104,022
64,369
Equity
15
Share capital 180,000
180,000
180,000
Revaluation reserves
71,594
70,446
67,006
Retained earnings
1,237,488
1,163,176
1,205,328
Proposed dividend 0
180,000
0
Total equity
1,489,082
1,593,622
1,452,334
Total liabilities
9,970,048
10,021,543
9,092,785
1
Accounting policies applied
2
Accounting estimates
17
Contingent liabilities
18
Capital conditions and solvency
Quarterly Report Q1 2025
Statement of Changes in Equity
14
Statement of Changes in Equity
DKK 1.000
Share capital
Revaluation
reserves
Retained ear-
nings
Proposed divi-
dend
Total equity
capital
Equity, 01 January 2024
180,000
65,883 1,134,240
99,000
1,479,123
Dividend paid
0
0
0
-99,000
-99,000
Other comprehensive income
0
1,123
0
0
1,123
Profit for the period
0
71,088
0
71,088
Equity, 31 March 2024
180,000
67,006
1,205,328
0
1,452,334
Other comprehensive income
0
3,440 -74
0
3,366
Profit for the period
0
0 -42,078
180,000
137,922
Equity, 31 December 2024
180,000
70,446 1,163,176
180,000
1,593,622
Equity, 01 January 2025
180,000
70,446 1,163,176
180,000
1,593,622
Dividend paid
0
0 0
-180,000
-180,000
Other comprehensive income
0
1,148 0
0
1,148
Profit for the period
0
74,312
0
74,312
Equity, 31 March 2025
180,000
71,594 1,237,488
0
1,489,082
Quarterly Report Q1 2025
Statement of Changes in Equity
15
Quarterly Report Q1 2025
16
1. Accounting policies applied etc. 17
2. Significant accounting estimates 17
3. Interest income 18
4. Interest expenses 18
5. Fee and commission income 18
6. Value adjustments 18
7. Staff and administration expenses 19
8. Tax 19
9. Amounts receivable from credit institutions and central banks 19
10. Bonds 19
11. Assets connected to pool schemes 20
12. Deposits 20
13. Issued bonds at amortised cost 20
14. Subordinated debt 21
15. Share capital 21
16. Loans 21
17. Contingent liabilities 26
18. Capital conditions and solvency 26
Overview of Notes
Quarterly Report Q1 2025
Notes to the Quarterly Report
17
The Interim Report has been prepared in accordance with the
Danish Financial Business Act, the statutory order on financial
reports for credit institutions and investment service compa-
nies, etc. and the Danish disclosure requirements for the in-
terim reports of listed financial companies.
The accounting policies applied are unchanged from the Annual
Report for 2024.
Tax, which consists of current tax and changes in deferred tax,
is recognised in the income statement when it relates to the
profit for the period, and directly in equity when it can be at-
tributed to items carried directly to equity.
On calculating the taxable income, Greenland allows tax deduc-
tion of dividends for the dividend-paying company. The taxation
value of this is therefore added to equity at the time of the An-
nual General Meeting’s approval of the dividend.
Deferred tax assets are recognised in the balance sheet at the
value at which the asset is expected to be realised. The interim
report has not been audited or reviewed..
The calculation of the accounting value of certain assets and lia-
bilities is subject to a degree of uncertainty and an estimate of
how future events will affect the value of these assets and liabil-
ities. The most significant estimates relate to:
• measurement of loans, guarantees and non-utilised credit
facilities;
• financial instruments;
• fair value of domicile properties; and
• provisions.
Non-listed financial instruments that primarily concern sector
equities and that are measured at estimated fair values.
The measurement of the fair value of the Bank’s head office
properties is subject to significant accounting estimates and as-
sessments, including expectations of the properties’ future re-
turns and the fixed yield ratios.
For provisions, there are significant estimates related to the de-
termination of the future employee turnover rate, as well as
determining the interest obligation for tax-free savings accounts.
Notes to the Quarterly Report
1.
Accounting policies applied etc.
2.
Significant accounting estimates
Quarterly Report Q1 2025
Notes to the Quarterly Report
18
DKK 1,000
Q1
2025
Full year
2024
3. Interest income
Receivables from credit institutions and central banks
12,356
60,423
16,523
Lending and other receivables
79,818
376,161
97,993
Bonds
8,268
39,359
9,082
Foreign exchange, interest rate, equity, commodity and other
contracts, as
well as derivative financial instruments
164
966
294
Total interest income
100,606
476,909
123,892
4. Interest expenses
Credit institutions and central banks
27
106
37
Deposits and other liabilities
18,333
115,112
30,656
Issued Bonds
0
1,118
0
Subordinated debt
0
620
0
Total interest expenses
18,360
116,336
30,693
5. Fee and commission income
Securities and securities accounts
685
9,413
641
Payment settlement
8,354
36,464
8,861
Loan transaction fees
778
3,752
966
Guarantee commission
7,142
30,181
7,863
Other fees and commission
8,816
22,319
8,165
Total fee and commission income
25,775
102,129
26,496
6. Value adjustments
Lending at fair value
-230
1,090
32
Bonds
1,843
15,989
-643
Shares
4,116
6,351
4,498
Currency
1,229
6,235
1,510
Foreign exchange, interest rate, equity, commodities and other contracts, as
well as derivative financial instruments
232
-1,087
-30
Assets connected to pool schemes
-20,881
59,703
30,601
Deposits in pool schemes
20,881
-59,703
-30,601
Total value adjustments
7,190
28,578
5,367
Quarterly Report Q1 2025
Notes to the Quarterly Report
19
7. Staff and administration expenses
Staff expenses
Salaries 28,301
103,989
25,722
Other staff expenses 1,191
2,832
1,227
Pensions 3,378
12,826
3,036
Social security expenses 390
277
41
Total 33,260
119,924
30,106
Other administration expenses
28,444
106,438
26,300
Average no. of full
-time employees 154.0
153.8
153.3
Of which salaries and
remuneration to the Board of Directors and the Exec-
utive Management
1,720
6,444
1,762
Five other employees (Q1 2024: six employees) whose activities have a sig-
nificant influence on the Bank’s risk profile:
Salaries and
pensions, including free car and other benefits 2,022
7,101
2,179
8. Tax
25
-% of the profit before tax 9,771
61,425
15,446
Discount for dividend tax paid
0
-1,982
0
6
-%-supplement 0
0
0
Total tax on ordinary profit
9,771
59,443
15,446
Paid dividend tax
0
1,982
0
Other changes
0
14
0
Taxation value of dividend paid
-45,000
-24,750
-24,750
Tax in total
-35,229
36,689
-9,304
Deferred tax
382
20,110
374
Taxation value of dividend paid
-45,000
0
-24,750
Tax to be paid
9,389
16,579
15,072
No company tax was paid in the period.
9. Amounts receivable from credit institutions and central banks
Receivables from credit institutions 71,739
155,989
112,646
Total amounts
receivable 71,739
155,989
112,646
10. Bonds
Of the bond portfolio, a nominal amount of TDKK 50,000 is pledged as collateral for accounts with Danmarks Nationalbank.
DKK 1,000
Q1
2025
Full year
2024
Q1
2024
Quarterly Report Q1 2025
Notes to the Quarterly Report
20
11. Assets connected to pool schemes
Investment associations
695,988
675,642
538,135
Non
-invested funds 33
123
112
Total
696,021
675,765
538,247
12. Deposits
On demand
5,916,339
5,874,580
5,458,280
On terms of notice
988,955
976,847
929,836
Special deposit
conditions 301,773
301,380
293,423
Total deposits
7,207,067
7,152,807
6,681,539
13. Issued bonds at amortised cost
Bond issue
273,696
273,569
174,051
Total
273,696
273,569
174,051
Loan raised as Senior Non
-Preferred, nominally 50,000
50,000
50,000
The loan was raised as Senior Non
-Preferred on 27 October 2021 and falls
due for full redemption on 27 October 2026. The Bank has the option of
early redemption as from 27 October 2025.
Loan raised as
Senior Non-Preferred, nominally 25,000
25,000
25,000
The loan was raised as Senior Non
-Preferred on 2 September 2022 and falls
due for full redemption on 2 September 2027. The Bank has the option of
early redemption as from 2 September 2026.
Loan raised as Senior Non
-Preferred, nominally 100,000
100,000
100,000
The loan was raised as Senior Non
-Preferred on 1 December 2023 and falls
due for full redemption on 1 December 2030. The Bank has the option of
early redemption as from 1 December 2027.
Loan raised as Senior
Non-Preferred, nominally 100,000
100,000
0
The loan was raised as Senior Non
-Preferred on 20 November 2024 and
falls due for full redemption on 20 November 2031. The Bank has the op-
tion of early redemption as from 20 November 2028.
DKK 1,000
Q1
2025
Full year
2024
Q1
2024
Quarterly Report Q1 2025
Notes to the Quarterly Report
21
14. Subordinated debt
Capital certificate as below
104,086
104,022
64,369
In total
104,086
104,022
64,369
Subordinated debt included in the capital base according to CRR
104,086
104,022
64,369
Loan raised as subordinated debt, nominally
25,000
25,000
25,000
Interest rate, fixed rate
6.197%
6.197%
6.197%
The loan was raised on 2 September 2022 and falls due for full redemption
on 2 september 2032. The Bank has the option of early redemption as from
2 September 2027.
Loan raised as subordinated debt, nominally
40,000
40,000
40,000
Interest rate, floading rate (CIBOR 6 with an addition of 400bp.)
7.827%
8.113%
8.113%
The loan was raised on 1 June 2023 and falls due for full redemption on 1
June 2033. The Bank has the option of early redemption as from 1 June
2028.
Loan raised as subordinated debt, nominally
40,000
40,000
0
Interest rate, floading rate (CIBOR 6 with an addition of 325bp.)
5.730%
6.633%
0.000%
The loan was raised on 12 September 2024 and falls due for full redemption
on 12 September 2034. The Bank has the option of early redemption as
from 12 September 2029.
15. Share capital
Share capital consits of 1,800,000 shares of DKK 100.
Own shares
Number of own shares
0
0
0
16. Loans
Write
-downs on loans, guarantees and non-utilised credit facilities:
New write
-downs concerning new facilities during the period 2,107
12,926
1,461
Reversal of write
-downs concerning redeemed facilities -2,417
-21,195
-3,611
Net write
-downs during the period as a consequence of changes in the
credit risk
14,646
27,237
7,498
Losses without preceding write
-downs 6
249
50
Received for claims previously written off
-918
-308
-72
Recognised in the statement of income
13,424
18,909
5,326
DKK
1,000
Q1
2025
Full year
2024
Q1
2024
Quarterly Report Q1 2025
Notes to the Quarterly Report
22
DKK 1,000
Stage 1 Stage 2
Stage 3
Total
Write-downs on loans
31.03.2025
Start of the period
13,779 88,282
110,634
212,695
New write
-downs concerning new facilities during the
year
438 971
567
1,976
Reversal of write
-downs concerning redeemed facilities -537 -436
-1,050
-2,023
Change in write
-downs at the beginning of the year –
transfer to stage 1
6,316 -5,629
-687
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-441 795
-354
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
-1 -11,328
11,329
0
Net write
-downs as a consequence of changes in the
credit risk
-5,602 -4,397
25,361
15,362
Previously written down, now finally lost
0 0
-505
-505
Interest on written
-down facilities 0 0
1,750
1,750
Write
-downs in total 13,952 68,258
147,045
229,255
Write-downs on guarantees
31.03.2025
Start of the period
614 1,451
9,176
11,241
New write
-downs concerning new facilities during the
year
119 0
0
119
Reversal of write
-downs concerning redeemed facilities 0 -1
-4
-5
Change in write
-downs at the beginning of the year –
transfer to stage 1
427 -159
-268
0
Change in
write-downs at the beginning of the year –
transfer to stage 2
-29 34
-5
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
0 -193
193
0
Net write
-downs as a consequence of changes in the
credit risk
-603 22
-250
-831
Write-downs in total
528
1,154
8,842
10,524
Write-downs on non-utilised drawing rights
31.03.2025
Start of the period
405 802
538
1,745
New write
-downs concerning new facilities during the
year
4 0
8
12
Reversal of write
-downs concerning redeemed facilities -55 -43
-291
-389
Change in write
-downs at the beginning of the year –
transfer to stage 1
1 -1
0
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-4 4
0
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
0 0
0
0
Net write
-downs as a consequence of changes in the
credit risk
129 -407
393
115
Write
-downs in total 480 355
648
1,483
Quarterly Report Q1 2025
Notes to the Quarterly Report
23
DKK 1,000
Stage 1
Stage 2
Stage 3
Total
Write-downs on loans
31.12.2024
Start of the period
27,301 78,003
90,562
195,866
New write
-downs concerning new facilities during the
year
2,575 5,729
3,898
12,202
Reversal of write
-downs concerning redeemed facilities -2,859 -7,903
-7,801
-18,563
Change in
write-downs at the beginning of the year –
transfer to stage 1
7,852 -5,596
-2,256
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-1,091 7,193
-6,102
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
-11 -4,128
4,139
0
Net write
-downs as a consequence of changes in the
credit risk
-19,988 14,984
29,789
24,785
Previously written down, now finally lost
-6,449
-6,449
Interest on written
-down facilities
4,854
4,854
Write
-downs in total 13,779 88,282
110,634
212,695
Write-downs on guarantees
31.12.2024
Start of the period
1,096 2,695
5,942
9,733
New write
-downs concerning new facilities during the
year
183 234
79
496
Reversal of write
-downs concerning redeemed facilities -2 -3
-16
-21
Change in write
-downs at the beginning of the year –
transfer to stage 1
434 -249
-185
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-180 3,243
-3,063
0
Change in
write-downs at the beginning of the year –
transfer to stage 3
0 -193
193
0
Net write
-downs as a consequence of changes in the
credit risk
-917 -4,276
6,226
1,033
Write-downs in total
614
1,451
9,176
11,241
Quarterly Report Q1 2025
Notes to the Quarterly Report
24
DKK 1,000
Stage 1 Stage 2
Stage 3
Total
Write-downs on non-utilised drawing rights
31.12.2024
Start of the period
345 517
1,847
2,709
New write
-downs concerning new facilities during the
year
139 89
0
228
Reversal of write
-downs concerning redeemed facilities -279 -488
-1,844
-2,611
Change in write
-downs at the beginning of the year –
transfer to stage 1
249 -122
-127
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-9 81
-72
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
0 0
0
0
Net write
-downs as a consequence of changes in the
credit risk
-40 725
734
1,419
Write
-downs in total 405 802
538
1,745
Write-downs on loans
31.03.2024
Start of the period
27,301 78,003
90,562
195,866
New
write-downs concerning new facilities during the
year
311 250
756
1,317
Reversal of write
-downs concerning redeemed facilities -610 -520
-508
-1,638
Change in write
-downs at the beginning of the year –
transfer to stage 1
3,666 -3,498
-168
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-715 3,098
-2,383
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
-3 -184
187
0
Net write
-downs as a consequence of changes in the
credit risk
-3,474 12,701
-102
9,125
Previously written down, now finally lost
-165
-165
Interest on written
-down facilities
1,503
1,503
Write-downs in total
26,476
89,850
89,682
206,008
Quarterly Report Q1 2025
Notes to the Quarterly Report
25
DKK 1,000
Stage 1 Stage 2
Stage 3
Total
Write-downs on guarantees
31.03.2024
Start of the period
1,096 2,695
5,942
9,733
New write
-downs concerning new facilities during the
year
117 18
0
135
Reversal of write
-downs concerning redeemed facilities -1 0
-8
-9
Change in write
-downs at the beginning of the year –
transfer to stage 1
1,852 -305
-1,547
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-1 10
-9
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
-2 0
2
0
Net
write-downs as a consequence of changes in the
credit risk
-1,987 -768
-430
-3,185
Write
-downs in total 1,074 1,650
3,950
6,674
Write-downs on non-utilised drawing rights
31.03.2024
Start of the period
345 517
1,847
2,709
New
write-downs concerning new facilities during the
year
9 0
0
9
Reversal of write
-downs concerning redeemed facilities -100 -284
-1,580
-1,964
Change in write
-downs at the beginning of the year –
transfer to stage 1
49 -50
1
0
Change in
write-downs at the beginning of the year –
transfer to stage 2
-5 101
-96
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
0 0
0
0
Net write
-downs as a consequence of changes in the
credit risk
117 642
799
1,558
Write
-downs in total 415 926
971
2,312
Quarterly Report Q1 2025
Notes to the Quarterly Report
26
DKK 1,000
Q1
2025
Full year
2024
Q1
2024
17. Contingent liabilities
Mortgage finance guarantees
830,575
831,355
1,037,793
Registration and remortgaging guarantees
94,405
118,506
223,266
Other
guarantees 462,713
472,782
535,697
Guarantees, etc. in total
1,387,693
1,422,643
1,796,756
Provision balance for guarantees
10,525
11,241
6,674
Provision balance for non
-utilised credit facilities 1,483
1,745
2,312
The Bank is a member of BEC (BEC Financial Technologies a.m.b.a.). On any withdrawal the Bank will be obliged to pay a withdr
awal
fee to BEC equivalent to the preceding three years’ IT costs.
Like the rest of the Danish banking sector, the Bank has an obli
gation to make payments to the Guarantee Fund and the Resolution
Fund.
18. Capital conditions and solvency
Credit risk
4,982,375
4,652,973
4,551,730
CVA risk
14,542
7,519
10,098
Market risk
195,732
235,372
212,705
Operational risk
814,497
814,497
721,601
Total risk exposure
6,007,146
5,710,361
5,496,134
Equity at the beginning of the period
1,593,622
1,479,123
1,479,123
Comprehensive income for the period
0
213,499
0
Proposed dividend, accounting effect
45,000
-135,000
24,750
Paid dividend
-180,000
-99,000
-99,000
Framework for ratio of own shares
0
-5,985
-5,985
Deduction for capital shares in the financial sector
-17,199
-5,519
-8,639
Deductions for prudent valuation
-1,661
-1,652
-1,436
Deductions for Non
-Performing Exposures -14,775
-13,647
-8,164
Actual core capital
1,424,987
1,431,819
1,380,649
Supplementary capital
104,086
104,022
64,369
Capital base
1,529,073
1,535,841
1,445,018
Actual core
capital ratio 25.5
26.9
26.3
Capital ratio
23.7
25.1
25.1
Statutory capital ratio requirements
8.0
8.0
8.0
Quarterly Report Q1 2025
Notes to the Quarterly Report
27