The BANK of Greenland
CVR no. 80050410
Notification to Nasdaq OMX Copenhagen
07/2026
Quarterly Report
Q1 2026
The Quarterly Report has been prepared in a
Danish and an English version. In case of dis-
crepancy between the Danish-Language original
text and the English-Language translation the
Danish text shall prevail.
Quarterly Report Q1 2026
1
Management’s Review 2
Quarterly Report summary 2
Financial Highlights for Q1 2026 4
Management´s Review, Q1 2026 5
Management Statement 10
Balance Sheet 13
Statement of Changes in Equity 14
Overview of Notes 16
Notes to the Quarterly Report 17
Contents
Management’s Review
2
Quarterly Report summary
With a profit before tax of DKK 36.3 million for Q1, the
BANK of Greenland made a favourable start to 2026. As ex-
pected, the result is affected by the declining level of interest
rates during 2025, and is also below the profit of DKK 39.1 mil-
lion for the same period of 2025. Core earnings amounted to
DKK 37 million, compared to DKK 45 million for the previous
year.
Lending has decreased by DKK 23 million since the end of
2025, amounting to DKK 4,899 million at the end of March
2026. Guarantees increased by DKK 74 million, from DKK
1,275 million at the end of 2025 to DKK 1,349 million at the
end of March 2026. It was expected that the declining level of
interest rates would increase the Bank’s customers’ appetite for
investment, thereby dampening growth in the Bank’s lending in
2026. A positive effect is not yet apparent, but lending is still
expected to increase during the rest of the year.
Net interest and fee income decreased by DKK 2.5 million to
DKK 105 million in the first three months of 2026, compared
to the same period in 2025. The decrease is mainly due to the
development in the level of interest rates.
Total expenses including depreciation amounted to DKK 70.0
million at the end of Q1 2026, compared to DKK 64 million
for the same period of 2025. The increase concerns staff ex-
penses, which rose as a consequence of collective agreement-
based adjustments and an increase in the number of employees
in 2025, as well as other administration expenses, where the in-
crease can be attributed primarily to IT and card expenses. The
cost increase in Q1 exceeds the expected level for the full year,
so that core earnings are expected to improve from perfor-
mance in Q1.
At the end of March 2026, value adjustments show a capital
gain of DKK 1 million, compared to a capital gain of DKK 7.2
million for the same period of 2025. Market unrest led to nega-
tive development in the Bank’s bond portfolio. On the other
hand, the Bank’s holdings of sector equities and the currency
area gave positive returns.
Impairment write-downs of loans and guarantees amounted to
DKK 1.7 million in Q1 2026, compared to DKK 13.4 million for
the same period of 2025. The Bank sees continued satisfactory
creditworthiness in the loan portfolio. In addition to the Bank’s
individual impairment models, a management supplement of
DKK 45.2 million has been allocated.
In the stock exchange announcement of 24 April 2026 the
Bank notified that a conditional agreement had been entered
into on the sale of the Bank’s ownership interest in BEC Finan-
cial Technologies a.m.b.a. to Nykredit. Provided that the condi-
tions for the fulfilment of the agreement are met, the agree-
ment is expected to entail a significant financial effect for the
Bank. For this reason, the earnings guidance for 2026 was ad-
justed upwards to an interval of DKK 180-205 million, which is
maintained.
Management’s Review
The profit before tax gives a return of 9.7% p.a. on opening equity after disbursement of dividend.
Lending at DKK 4.9 billion.
Deposits at DKK 8.4 billion.
Core earnings per krone in costs of 1.5 at 31 March 2026, compared to 1.7 at 31 March 2025.
Write-downs and provisions of 0.03% for the period.
Solvency ratio of 27.7 and a capital requirement of 10.7%.
Management’s Review
3
Management’s Review
4
Financial Highlights for Q1 2026
1. kvartal
1. kvartal
Helår
1. kvartal
1. kvartal
1. kvartal
2026
2025
2025
2024
2023
2022
Net interest and fee income
105,413
107,955
428,840
119,629
104,056
85,747
Other operating income
1,480
1,746
6,340
1,301
1,392
1,635
Core income
106,893
109,701
435,180
120,930
105,448
87,382
Staff and administration expenses
66,908
61,704
244,385
56,406
54,390
47,063
Depreciation and impairment of tangible assets
2,449
2,286
9,621
2,141
2,060
1,829
Other operating expenses
548
394
3,270
639
464
305
Core expenses
69,905
64,384
257,276
59,186
56,914
49,197
Core result
36,988
45,317
177,904
61,744
48,534
38,185
Value adjustments
988
7,190
19,024
5,367
7,907
-10,667
Write-downs on loans and receivables, etc.
1,702
13,424
15,539
5,326
6,992
718
Profit before tax
36,274
39,083
181,389
61,785
49,449
26,800
Tax
-26,932
-9,304
536
-9,304
3,362
-10,900
Profit for the period
63,206
48,387
180,853
71,089
46,087
37,700
SELECTED BALANCE SHEET ITEMS:
Lending
4,899,073
5,125,023
4,921,760
4,891,724
4,398,940
3,904,824
Deposits
8,434,942
7,207,067
7,873,973
6,681,539
6,012,091
5,542,272
Equity
1,519,424
1,489,082
1,599,024
1,452,334
1,329,742
1,234,454
Total assets
11,448,816
9,970,048
10,974,460
9,092,785
8,057,981
7,372,841
Contingent liabilities
1,349,199
1,387,693
1,275,574
1,796,756
1,917,778
1,786,028
KEY FIGURES:
Capital ratio
27.7
25.5
27.8
26.3
23.0
24.4
Core capital ratio
25.2
23.7
25.3
25.1
22.6
24.4
Return on equity before tax for the period
2.3
2.5
11.4
4.2
3.7
2.1
Return on equity after tax for the period
4.1
4.8
11.3
4.9
3.5
3.0
Income per cost krone
1.5
1.5
1.7
2.0
1.8
1.5
Rate of return
0.6
0.7
1.6
0.8
0.6
0.5
Interest risk rate
0.9
0.7
1.0
0.7
1.3
1.2
Foreign exchange position
0.3
0.3
0.3
0.3
0.5
0.8
Liquidity coverage ratio
300.3
267.2
297.2
249.6
230.9
236.7
Net stable funding ratio
154.9
137.0
149.8
133.7
132.2
-
Lending plus write-downs as a ratio of deposits
55.3
67.7
59.3
70.6
71.4
68.8
Lending as a ratio of equity
3.2
3.4
3.1
3.4
3.3
3.2
Growth in lending for the period
-0.5
1.9
-2.2
1.9
1.0
3.2
Sum of large exposures
128.3
133.9
129.7
133.9
165.5
164.0
Write-down ratio for the period
0.0
0.2
1.2
0.2
0.1
0.0
Accumalated write-down ratio
3.3
3.6
3.5
3.6
3.1
3.2
Profit per share after tax for the period
35.1
41.3
100.8
41.3
25.6
20.9
Net book value per share
843.9
827.3
888.3
827.3
738.7
686.0
Stock exchange quotation/net book value per share
1.1
0.9
1.0
0.9
0.8
0.9
Management’s Review
5
Management´s Review, Q1 2026
Statement of income
At TDKK 78,519 compared to TDKK 82,246 in Q1 2025, net
interest income decreased by 5%. It was expected that the de-
clining level of interest rates in 2025 would reduce net interest
in Q1 2026.
At the same, the ordinary redemption of major construction fi-
nancing projects in 2025 reduced lending by 4% from Q1 2025
to Q1 2026.
In the same period, however, deposits increased by TDKK
1,227,875 or 17%, offsetting the development in interest rate
levels.
Fee and commission income decreased by TDKK 525 com-
pared to the same period of 2025. With the exception of a
lower level of guarantees, and thereby lower guarantee com-
mission, all other fee items increased.
Net interest and fee income decreased overall by TDKK 2,542
to TDKK 105,413 in the first three months of 2026.
Other operating income amounted to TDKK 1,480, which is a
decrease of TDKK 266 from 31 March 2025. The difference
primarily concerns lower rent income.
Staff and administration expenses amounted to TDKK 66,208,
which is an increase of TDKK 5,204 compared to 31 March
2025.
Staff expenses increased by TDKK 2,493 as a result of staff in-
creases in 2025 and salary increases under collective agree-
ments. Administration expenses increased by TDKK 2,711. The
increase primarily reflects IT and card expenses.
Other operating expenses, which concern operation and
maintenance of the Bank’s office buildings, decreased by TDKK
154 to TDKK 548 in Q1 2026, compared to the same period
in 2025. The increase is primarily due to fluctuations in the tim-
ing of planned maintenance of bank buildings.
Depreciation of properties and fixtures and fittings amounted
to TDKK 2,449, compared to TDKK 2,286 for the same period
in 2025.
Core earnings thereafter amount to TDK 36,988, compared to
TDKK 45,317 after Q1 2025.
Value adjustments present a total capital gain of TDKK 988,
compared to a capital gain of TDKK 7,190 for the same period
in 2025. The Bank's holdings of sector equities gave by and
large unchanged returns, including dividend, while the Bank's
bond holdings showed a capital loss of TDKK 4,606. The cur-
rency area is at a higher level than the same period in 2025.
Selected Highlights and Key Figures
DKK 1,000
Q1
Q4
Q3
Q2
Q1
Q4
Q3
Q2
2026
2025
2025
2025
2025
2024
2024
2024
Net interest and fee income
105,413
108,944
100,250
111,691
107,955
114,392
113,509
122,734
Costs, depreciation and amorti-
sation
69,905
65,923
62,977
63,992
64,384
65,959
56,190
58,299
Other operating income
1,480
1,500
1,459
1,635
1,746
1,428
1,355
1,316
Profit before value adjustments
and write-downs
36,988
44,521
38,732
49,334
45,317
49,861
58,674
65,751
Value adjustments
988
5,396
9,345
-2,907
7,190
6,004
18,657
-1,450
Write-downs on loans, etc.
1,702
987
32
1,096
13,424
3,745
3,892
5,946
Profit before tax
36,274
48,930
48,045
45,331
39,083
52,120
73,439
58,355
Despite continued focus on Greenland and escalating geopoliti-
cal instability, Greenland and the BANK of Greenland’s custom-
ers are not significantly challenged so far. The deterioration in
the geopolitical risk profile increases uncertainty, which can af-
fect inflation and interest rate levels.
In addition to the individual write-downs, on this basis the Bank
has maintained a significant management reserve of DKK 45.2
million to counter risks.
The profit before tax is TDKK 36,274, and is thereby TDKK
2,809 lower than for the same period in 2025.
Management’s Review
6
Balance sheet and equity
During the first three months, the Bank’s lending decreased by
TDKK 22,687 to TDKK 4,899,073, while the Bank’s guarantees
to customers increased by TDKK 73,625 from the end of 2025
and amounted to TDKK 1,349,199 at the end of March 2026.
In the annual reallocation the Bank acquired additional sector
equities in 2026. At 31 March 2026, equities, etc. amounted to
TDKK 185,934, compared to TDKK 170,179 at the end of
2025.
At the end of March 2026, the Bank’s deposits, which predomi-
nantly comprise on-demand deposits, amounted to TDKK
8,434,942, which is an increase of TDKK 560,969 from the end
of 2025. The Bank continues to have a stable deposit/lending
ratio of approximately 172%.
After payment of the dividend of TDKK 144,000 for 2025
adopted by the Annual General Meeting, the Bank's equity de-
creased from TDKK 1,599,024 to TDKK 1,519,424.
Total assets thereafter amount to TDKK 11,488,816.
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. At the end of 2025, elements of the
CRR3 EU capital requirement regulations entered into force in
Greenland. The BANK of Greenland compiles the credit and
market risk according to these regulations and the operational
risk is now compiled according to the business 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
obligations that, in a resolution situation, can be written down
or converted before simple claims.
On 11 December 2025, a revised MREL requirement was de-
termined by the Danish FSA for the BANK of Greenland, at
31.2% including buffers. The MREL requirement is being phased
in during the period from 2022 to 2027. The linear phasing-in
means that by 2026 the Bank must fulfil an MREL requirement
of 28.7%. This means that in the course of the coming years,
the Bank must fulfil the phased-in requirement by issuing capital
instruments and consolidation of equity capital.
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
8.000.000
8.500.000
Q1 2023 Q1 2024 Year 2025 Q1 2025 Q1 2026
Deposits Lending Guarantees
Management’s Review
7
In continuation of the established MREL requirement, the Bank
made issues in 2021-2025. A total of DKK 350 million was is-
sued in Senior Non-Preferred and DKK 145 million in subordi-
nated debt.
The Bank also expects to make issues in 2026.
Capital requirement
Q1 2026
Full year
2025
Solvency requirement
10.7%
10.9%
SIFI buffer requirement
1.5%
1.5%
Capital reserve buffer requirement
2.5%
2.5%
Countercyclical capital buffer
0.5%
0.0%
Capital requirement
15.2%
14.9%
MREL requirement (phased in linearly as
from 1 January 2022)
12.8%
10.2%
Total capital requirement
28.0%
25.1%
MREL capital ratio, cf. Note 18
33.9%
33.9%
Surplus capital cover
5.9%
8.8%
Total capital requirement at the end of
2026 / 2025
28.2%
25.1%
MREL add-on phasing in 1/1 2026
-
2.6%
Countercyclical capital buffer 01.01.2026
-
0.5%
Countercyclical capital buffer 01.07.2026
0.5%
0.5%
Total capital requirement
28.7%
28.7%
Surplus capital cover
5.2%
5.2%
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 25.2 at the end of March
2026, and the capital ratio was 27.7.
The actual core capital ratio is thereby above the long-term tar-
get of 24. In view of the previously mentioned geopolitical un-
certainty and the expected balance sheet development in 2026,
the Bank considers it appropriate to be capitalised higher than
the target level.
In December 2024, the Minister of Industry, Business and Fi-
nancial Affairs approved the phasing-in of a contracyclical capital
buffer requirement in Greenland of 0.5% as from
1 January 2026, and an additional 0.5% as from 1 July 2026.
Risk-weighted assets decreased by TDKK 45,321 to TDKK
5,64,271 at the end of March 2026. The development matches
the general balance-sheet development during the quarter.
The result for Q1 2026 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 2026, the core capital ratio is calculated
at 25.8% and the capital ratio at 28.3%.
As at the end of March 2026, the Bank's individual solvency re-
quirement was compiled at 10.7%. The BANK of Greenland
thereby has surplus capital cover before the buffer requirement
of 17.0%, or TDKK 969,961. After deductions for the capital
reserve buffer requirement of 2.5% and the SIFI buffer require-
ment of 1.5%, the surplus cover is 13.0%.
The BANK of Greenland’s reported individual solvency requirement according to the 8+ model
Q1 2026
End of 2025
Capital require-
ment
Solvency requi-
rement
Capital require-
ment
Solvency requi-
rement
Pillar I requirement
453,942
8.0
457,567
8.0
Credit risk
78,637
1.4
88,719
1.6
Market risk
30,939
0.5
30,891
0.5
Liquidity risk
2,795
0.1
2,495
0.1
Operational risk
8,200
0.1
13,920
0.2
Other risk
29,685
0.6
30,498
0.5
Capital and solvency requirement
604,198
10.7
624,090
10.9
Management’s Review
8
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 300.3% and thereby
fulfils the LCR requirement of at least 100%.
The Net Stable Funding Ratio (NSFR) is a key indicator to en-
sure that the Bank has sufficient stable long-term financing. The
Bank’s required funding is based solely on deposits.
The Bank has calculated NSFR at 31 March 2026 to be 154.9,
which is well above the requirement of 100%.
The Supervisory Diamond
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 35% points of the sum of
large exposures.
The property exposure amounts to 19.3%. 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 stabilizing
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 895 at the end of March 2026, the price of the
BANK of Greenland’s share has increased since the end of
2025, when the price was 880.
At the Bank’s Annual General Meeting on 25 March 2026, a
dividend payment of DKK 80 per share, or a total of DKK 144
million, to the Bank’s shareholders was adopted, and this was
paid out on 30 March 2026.
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
also ensuring sound financial activities. The BANK of Greenland
is highly aware of this vital role. The BANK of Greenland’s val-
ues are firmly anchored in the Bank and its employees. The val-
ues are Commitment, Decency, Customer-oriented and Devel-
opment-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
Governance recommendations and the Danish Executive Or-
der on Management and Control of Banks, etc. and it is the
Bank’s objective 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.
The Supervisory Diamond
Q1 2026
Limit
Sum of large exposures
128.30%
< 175%
Property exposure
19.30%
< 25%
Growth in lending
-4.40%
< 20%
Liquidity-benchmark
276.50%
> 100%
Management’s Review
9
Outlook for the remainder of 2026
As described in the Annual Report for 2025, the BANK of
Greenland expects close to zero economic growth in Green-
land in 2026, but moderate growth in the Bank's lending.
The massive focus on Greenland at the beginning of 2026 has
declined in recent months, but can still affect the economic
development and the framework conditions in Greenland, in
both the short and longer term. However, the BANK of
Greenland has no basis to assess that this will be of any mate-
rial significance in the short term in 2026.
The Bank can see that the escalating geopolitical uncertainty ag-
gravates the risk profile. This can affect interest rate levels and
national macroeconomic conditions, and in particular rising in-
flation.
The Bank will be affected if inflation and cyclical trends are ex-
acerbated or amplified to any significant degree.
Total core earnings are expected to decrease slightly in 2026,
as interest rate trends in 2025 will exert their full effect in
2026.
Total costs including depreciation and amortisation are now ex-
pected to be at the 2025 level. No staff increases are expected
in 2026, although the full effect of the staff increases in 2025 is
expected.
In April 2026, on an equal footing with the other owners of
BEC, the Bank notified that a conditional framework agreement
had been entered into on the sale of the Bank's ownership in-
terest in BEC Financial Technologies a.m.b.a. to Nykredit. The
fulfilment of the agreement is subject to conditions and official
approval. Provided that the agreement is fulfilled, it is expected
to have a significant positive financial effect for the Bank in
2026.
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, and despite mar-
ket uncertainty, gains on the Bank’s listed securities must be ex-
pected. Capital gains are also expected from the currency area
and sector equities.
On this basis, an expected profit before tax of DKK 180-205
million is maintained, which is in accordance with the revised
forecast in the stock exchange announcement of 24 April 2026.
Management Statement
10
The Board of Directors and Executive Management have today
considered and approved the quarterly report for the period 1
January – 31 March 2026, for the public limited liability com-
pany, GrønlandsBANKEN, aktieselskab.
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 2026, and of the results of the Bank's operations for Q1
2026.
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, 12 May 2026
Executive Management
Martin Birkmose Kviesgaard
Board of Directors
Gunnar í Liða
Maliina Bitsch Abelsen
Pia Werner Alexandersen
Chairman
Vice Chairman
Gert Rinaldo Jonassen
Pilunnguaq Frederikke Johansen Kristiansen
Tulliaq Angutimmarik Olsen
Ujarak Rosing Petersen
Niels Peter Fleischer Rex
Peter Angutinguaq Wistoft
Management Statement
11
Balance Sheet
12
Income Statement and Statement of
Comprehensive Income
DKK 1,000
Notes
Q1 2026
Full year 2025
Q1 2025
3
Interest income
88,101
369,559
100,606
4
Interest expenses
9,582
54,250
18,360
Net interest income
78,519
315,309
82,246
Share dividend, etc.
695
11,971
0
5
Fees and commission income
26,300
102,399
25,775
Fees paid and commission expenses
101
839
66
Net interest and fee income
105,413
428,840
107,955
6
Value adjustments
988
19,024
7,190
Other operating income
1,480
6,340
1,746
7
Staff and administration expenses
66,908
244,385
61,704
Depreciation and impairment of tangible assets
2,449
9,621
2,286
Other operating expenses
548
3,270
394
10
Write-downs on loans and receivables, etc.
1,702
15,539
13,424
Profit before tax
36,274
181,389
39,083
8
Tax
-26,932
536
-35,229
Profit for the period
63,206
180,853
74,312
COMPREHENSIVE INCOME
Profit for the period
63,206
180,853
74,312
Other comprehensive income:
Value adjustment of properties
1,592
6,164
1,530
Value adjustment of defined-benefit severance/pension scheme
0
-74
0
Tax on value adjustment of properties
-398
-1,541
-382
Other comprehensive income
1,194
4,549
1,148
Comprehensive income for the period
64,400
185,402
75,460
Balance Sheet
13
Balance Sheet
DKK 1,000
Notes
Assets
31 March 2026
31 December
2025
31 March 2025
Cash balance and demand deposits with central banks
3,456,235
3,017,699
1,985,031
9
Receivables from credit institutions and central banks
143,048
106,698
71,739
10
Loans and other receivables at amortised cost
4,899,073
4,921,760
5,125,023
11
Bonds at fair value
1,526,299
1,522,468
1,494,723
Shares, etc.
185,934
170,179
163,087
12
Assets connected to pool schemes
795,569
780,071
696,021
Land and buildings in total, domicile properties
327,942
327,716
327,149
- Domicile properties
327,942
327,716
327,149
Other tangible assets
6,858
7,407
7,146
Other assets
102,243
115,390
94,424
Accruals and deferred income
5,615
5,072
5,705
Total assets
11,448,816
10,974,460
9,970,048
Liabilities
Liabilities to credit institutions and central banks
29,089
21,147
19,094
13
Deposits and other liabilities
8,434,942
7,873,973
7,207,067
Deposits in pool schemes
795,569
780,071
696,021
14
Issued bonds at amortised cost
348,359
348,197
273,696
Current tax liabilities
10,590
1,535
9,113
Other liabilities
79,513
76,710
87,531
Prepayments and deferred expenses
2,447
4,188
2,014
Total debt
9,700,509
9,105,821
8,294,536
Provisions for pensions and similar obligations
3,394
3,307
2,983
Provisions for deferred tax
63,229
98,831
61,775
Provisions for losses on guarantees
7,377
12,866
10,525
Other provisions
10,950
10,768
7,060
Total provisions
84,950
125,772
82,344
15
Subordinated debt
143,933
143,843
104,086
Total subordinated debt
143,933
143,843
104,086
Equity
16
Share capital
180,000
180,000
180,000
Revaluation reserves
76,263
75,069
71,594
Retained earnings
1,263,161
1,199,955
1,237,488
Proposed dividend
0
144,000
0
Total equity
1,519,424
1,599,024
1,489,082
Total liabilities
11,448,816
10,974,460
9,970,048
1
Accounting policies applied
2
Accounting estimates
17
Contingent liabilities
18
Capital conditions and solvency
Statement of Changes in Equity
14
Statement of Changes in Equity
DKK 1,000
Share Capital
Revalutaion
reserves
Retained ear-
nings
Proposed divi-
dend
Total equity
capital
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
0
74,312
0
74,312
Equity, 31 March 2025
180,000
71,594
1,237,488
0
1,489,082
Other comprehensive income
0
4,623
-74
0
4,549
Profit for the period
0
0
36,853
144,000
180,853
Equity, 31 December 2025
180,000
75,069
1,199,955
144,000
1,599,024
Equity, 01 January 2026
180,000
75,069
1,199,955
144,000
1,599,024
Dividend paid
0
0
0
-144,000
-144,000
Other comprehensive income
0
1,194
0
0
1,194
Profit for the period
0
0
63,206
0
63,206
Equity, 31 March 2026
180,000
76,263
1,263,161
0
1,519,424
Statement of Changes in Equity
15
Quarterly Report Q1 2026
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. Loans and write-downs 20
11. Bonds 23
12. Assets connected to pool schemes 23
13. Deposits 23
14. Issued bonds at amortised cost 24
15. Subordinated debt 24
16. Share capital 25
17. Contingent liabilities 25
18. Capital conditions and solvency 25
Overview of Notes
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 2025.
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
Notes to the Quarterly Report
18
DKK 1,000
Q1
2026
Full year
2025
Q1
2025
3. Interest income
Receivables from credit institutions and central banks
12,556
41,921
12,356
Lending and other receivables
69,194
298,640
79,818
Bonds
6,354
28,700
8,268
Foreign exchange, interest rate, equity, commodity and other contracts, as
well as derivative financial instruments
-3
298
164
Total interest income
88,101
369,559
100,606
4. Interest expenses
Credit institutions and central banks
19
117
27
Deposits and other liabilities
9,563
51,195
18,333
Issued Bonds
0
1,935
0
Subordinated debt
0
1,003
0
Total interest expenses
9,582
54,250
18,360
5. Fee and commission income
Securities and securities accounts
919
11,492
685
Payment settlement
8,412
36,249
8,354
Loan transaction fees
938
3,677
778
Guarantee commission
7,003
28,098
7,142
Other fees and commission
9,028
22,883
8,816
Total fee and commission income
26,300
102,399
25,775
6. Value adjustments
Lending at fair value
-939
-631
-230
Bonds
-4,606
7,514
1,843
Shares
3,741
4,699
4,116
Currency
1,846
6,805
1,229
Foreign exchange, interest rate, equity, commodities and other contracts, as
well as derivative financial instruments
946
637
232
Assets connected to pool schemes
-10,169
12,562
-20,881
Deposits in pool schemes
10,169
-12,562
20,881
Total value adjustments
988
19,024
7,190
Notes to the Quarterly Report
19
7. Staff and administration expenses
Staff expenses
Salaries
30,488
110,571
28,301
Other staff expenses
1,118
2,684
1,191
Pensions
3,617
14,128
3,378
Social security expenses
530
1,663
390
In total
35,753
129,046
33,260
Other administration expenses
31,155
115,339
28,444
Average number of FTEs
158.7
156.1
154.0
Of which salaries and remuneration to the Board of Directors and the Exec-
utive Management
1,809
6,444
1,720
(1 member of the executive board and 9 members of the board of direc-
tors)
The board of directors does not receive variable remuneration. The Execu-
tive Management receives variable remuneration in the form of defined-ben-
efit severance/pension scheme. Reference is made to the bank's remunera-
tion report:
https://www.banken.gl/en/about-us/the-board/remuneration-committee/
Five other employees whose activities have a significant influence on the
Bank’s risk profile:
Fixed remuneration, including free car and other benefits
1,904
6,734
1,823
Variable remuneration
0
108
0
Pension
211
815
199
8. Tax
25-% of the profit before tax
9,068
45,347
9,771
Discount for dividend tax paid
-188
-2,776
0
Total tax on ordinary profit
8,880
42,571
9,771
Paid dividend tax
188
2,776
0
Other changes
0
189
0
Taxation value of dividend paid
-36,000
-45,000
-45,000
Tax in total
-26,932
536
-35,229
Deferred tax
398
-9,103
382
Taxation value of dividend paid
-36,000
0
-45,000
Tax to be paid
8,482
9,639
9,389
No company tax was paid in the period.
9. Amounts receivable from credit institutions and central banks
Receivables from credit institutions
143,048
106,698
71,739
Total amounts receivable
143,048
106,698
71,739
DKK 1,000
Q1
2026
Full year
2025
Q1
2025
Notes to the Quarterly Report
20
10. Loans and write-downs
Write-downs on loans, guarantees and non-utilised credit facilities:
New write-downs concerning new facilities during the period
2,751
14,062
2,107
Reversal of write-downs concerning redeemed facilities
-2,253
-13,582
-2,417
Net write-downs during the period as a consequence of changes in the
credit risk
1,550
16,491
14,646
Losses without preceding write-downs
24
65
6
Received for claims previously written off
-370
-1,497
-918
Recognised in the statement of income
1,702
15,539
13,424
Write-downs on loans, guarantees and non-utilised credit facili-
ties in total
210,125
223,281
241,262
DKK 1,000
Stage 1
Stage 2
Stage 3
In total
Write-downs on loans
31.03.2026
Start of the period
9,037
69,361
127,878
206,276
New write-downs concerning new facilities during the year
587
891
930
2,408
Reversal of write-downs concerning redeemed facilities
-159
-767
-1,125
-2,051
Change in write-downs at the beginning of the year –
transfer to stage 1
8,468
-8,019
-449
0
Change in write-downs at the beginning of the year –
transfer to stage 2
-315
2,841
-2,526
0
Change in write-downs at the beginning of the year –
transfer to stage 3
-31
-102
133
0
Net write-downs as a consequence of changes in the
credit risk
-7,645
5,617
9,027
6,999
Previously written down, now finally lost
0
0
-16,385
-16,385
Interest on written-down facilities
0
0
1,181
1,181
Write-downs in total
9,942
69,822
118,664
198,428
Write-downs on guarantees
31.03.2026
Start of the period
306
461
12,099
12,866
New write-downs concerning new facilities during the year
129
15
0
144
Reversal of write-downs concerning redeemed facilities
0
0
-6
-6
Change in write-downs at the beginning of the year –
transfer to stage 1
52
-15
-37
0
Change in write-downs at the beginning of the year –
transfer to stage 2
0
9
-9
0
Change in write-downs at the beginning of the year –
transfer to stage 3
-1
0
1
0
Net write-downs as a consequence of changes in the
credit risk
-108
-1
-5,519
-5,628
Write-downs in total
378
469
6,529
7,376
DKK 1,000
Q1
2026
Full year
2025
Q1
2025
Notes to the Quarterly Report
21
DKK 1,000
Stage 1
Stage 2
Stage 3
In total
Write-downs on non-utilised drawing rights
31.03.2026
Start of the period
650
803
2,686
4,139
New write-downs concerning new facilities during the year
9
190
0
199
Reversal of write-downs concerning redeemed facilities
-53
-91
-52
-196
Change in write-downs at the beginning of the year –
transfer to stage 1
11
-10
-1
0
Change in write-downs at the beginning of the year –
transfer to stage 2
0
0
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
-117
1,381
-1,085
179
Write-downs in total
500
2,273
1,548
4,321
Write-downs on loans
31.12.2025
Start of the period
13,779
88,282
110,634
212,695
New write-downs concerning new facilities during the
year
2,345
5,759
5,408
13,512
Reversal of write-downs concerning redeemed facilities
-1,775
-1,776
-4,103
-7,654
Change in write-downs at the beginning of the year –
transfer to stage 1
14,261
-14,037
-224
0
Change in write-downs at the beginning of the year –
transfer to stage 2
-1,359
2,086
-727
0
Change in write-downs at the beginning of the year –
transfer to stage 3
-17
-14,638
14,655
0
Net write-downs as a consequence of changes in the
credit risk
-18,197
3,685
21,603
7,091
Previously written down, now finally lost
0
0
-24,833
-24,833
Interest on written-down facilities
0
0
5,465
5,465
Write-downs in total
9,037
69,361
127,878
206,276
Write-downs on guarantees
31.12.2025
Start of the period
614
1,451
9,176
11,241
New write-downs concerning new facilities during the
year
81
71
7
159
Reversal of write-downs concerning redeemed facilities
-6
-3
-9
-18
Change in write-downs at the beginning of the year –
transfer to stage 1
629
-629
0
0
Change in write-downs at the beginning of the year –
transfer to stage 2
-59
102
-43
0
Change in write-downs at the beginning of the year –
transfer to stage 3
0
-331
331
0
Net write-downs as a consequence of changes in the
credit risk
-953
-200
2,637
1,484
Write-downs in total
306
461
12,099
12,866
Notes to the Quarterly Report
22
DKK 1,000
Stage 1
Stage 2
Stage 3
In total
Write-downs on non-utilised drawing rights
31.12.2025
Start of the period
405
802
538
1,745
New write-downs concerning new facilities during the
year
306
81
4
391
Reversal of write-downs concerning redeemed facilities
-243
-648
-5,019
-5,910
Change in write-downs at the beginning of the year –
transfer to stage 1
12
-12
0
0
Change in write-downs at the beginning of the year –
transfer to stage 2
-6
42
-38
-2
Change in write-downs at the beginning of the year –
transfer to stage 3
0
-363
363
0
Net write-downs as a consequence of changes in the
credit risk
176
901
6,838
7,915
Write-downs in total
650
803
2,686
4,139
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
Notes to the Quarterly Report
23
DKK 1,000
Stage 1
Stage 2
Stage 3
In total
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
11. Bonds
Of the bond portfolio, a nominal amount of TDKK 50,000 is pledged as collateral for accounts with Danmarks Nationalbank.
12. Assets connected to pool schemes
Investment associations
795,499
780,013
695,988
Non-invested funds
70
58
33
Total
795,569
780,071
696,021
13. Deposits
On demand
7,268,966
6,534,912
5,916,339
On terms of notice
853,474
1,023,398
988,955
Special deposit conditions
312,502
315,663
301,773
Total deposits
8,434,942
7,873,973
7,207,067
DKK 1,000
Q1
2026
Full year
2025
Q1
2025
Notes to the Quarterly Report
24
14. Issued bonds at amortised cost
Bond issue
348,359
348,197
273,696
Total
348,359
348,197
273,696
Loan raised as Senior Non-Preferred, nominally
-
-
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
100,000
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.
Loan raised as Senior Non-Preferred, nominally
125,000
125,000
-
The loan was raised as Senior Non-Preferred on 17 September 2025 and
falls due for full redemption on 17 September 2032. The Bank has the op-
tion of early redemption as from 17 September 2029.
15. Subordinated debt
Capital certificate as below
143,933
143,843
104,086
In total
143,933
143,843
104,086
Subordinated debt included in the capital base according to CRR
143,933
143,843
104,086
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.)
6.200%
6.200%
7.827%
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
40,000
Interest rate, floading rate (CIBOR 6 with an addition of 325bp.)
5.530%
5.407%
5.730%
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.
DKK 1,000
Q1
2026
Full year
2025
Q1
2025
Notes to the Quarterly Report
25
Loan raised as subordinated debt, nominally
40,000
40,000
-
Interest rate, floading rate (CIBOR 6 with an addition of 300bp.)
5.200%
5.200%
-
The loan was raised on 28 May 2025 and falls due for full redemption on 28
May 2035. The Bank has the option of early redemption as from 28 May
2030.
16. Share capital
Share capital consits of 1,800,000 shares of DKK 100.
Own shares
Number of own shares
0
0
0
17. Contingent liabilities
Mortgage finance guarantees
763,698
780,976
830,575
Registration and remortgaging guarantees
183,581
122,993
94,405
Other guarantees
401,920
371,605
462,713
Guarantees, etc. in total
1,349,199
1,275,574
1,387,693
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 withdrawal
fee to BEC equivalent to the preceding two and a half years’ IT costs.
Like the rest of the Danish banking sector, the Bank has an obligation to make payments to the Guarantee Fund and the Resolution
Fund.
18. Capital conditions and solvency
Credit risk
4,890,682
4,915,387
4,982,375
CVA risk
12,549
11,185
14,542
Market risk
253,500
275,480
195,732
Operational risk
517,541
517,541
814,497
Total risk exposure
5,674,272
5,719,593
6,007,146
Equity at the beginning of the period
1,599,024
1,593,622
1,593,622
Comprehensive income for the period
0
185,402
0
Proposed dividend, accounting effect
36,000
-108,000
45,000
Paid dividend
-144,000
-180,000
-180,000
Deduction for capital shares in the financial sector
-37,456
-21,711
-17,199
Deductions for prudent valuation
-1,717
-1,696
-1,661
Deductions for Non-Performing Exposures
-21,625
-21,525
-14,775
Actual core capital
1,430,226
1,446,092
1,424,987
Supplementary capital
143,933
143,843
104,086
Capital base
1,574,159
1,589,935
1,529,073
Bond issue
348,359
348,359
273,696
Statutory capital base
1,992,518
1,938,132
1,802,769
Actual core capital ratio
25.2
25.3
23.7
Capital ratio
27.7
27.8
25.5
Statutory capital ratio requirements
33.9
33.9
30.0
DKK 1,000
Q1
2026
Full year
2025
Q1
2025
Notes to the Quarterly Report
26