The BANK of Greenland
CVR-no. 80050410
Notification to Nasdaq OMX Copenhagen
12/2025
Interim Report
Q1
- Q3 2025
Interim Report
Q1 - Q3 2025
1
Management’s Review 2
Interim Report in headlines 2
Financial Highlights Q1 – Q3 2025 4
Management’s Review Q1 – Q3 2025 5
Statement by the Management 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 Interim Report 17
Contents
Interim Report
Q1 - Q3 2025
Management’s Review
2
Interim Report in headlines
The BANK of Greenland's profit before tax amounted to DKK
132.5 million for the first nine months of 2025, compared to
DKK 193.6 million for the same period of 2024. The profit
before value adjustments and write-downs is, as expected,
affected by the declining level of interest rates, and amounted
to DKK 133.4 million, compared to DKK 186.2 million for the
previous year.
Lending has increased by DKK 138 million since the end of
2024, amounting to DKK 5,169 million at the end of
September 2025. At the start of 2025 it was expected that
Greenland's economic development would result in positive,
but more subdued growth in the Bank’s lending in 2025.
Guarantees decreased by DKK 114 million, from DKK 1,423
million at the end of 2024 to DKK 1,309 million at the end of
September 2025.
In the first nine months of 2025, net interest and fee income
decreased by DKK 36.0 million to DKK 319.9 million,
compared to the same period in 2024. The decrease is
primarily due to the development in market interest rates,
compensated partly by the Bank's increasing business volume.
Total expenses including depreciation amounted to DKK 191.4
million at the end of Q3 2025, compared to DKK 173.8 million
for the same period in 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 administration expenses,
where the increase can be attributed primarily to IT expenses
and further training of employees.
At the end of September 2025, value adjustments showed a
capital gain of DKK 13.6 million, compared to a capital gain of
DKK 22.6 million for the same period in 2024. The new
interest rate trends resulted in less positive development in the
Bank’s bond holdings compared to 2024. Besides high
dividends, the Bank’s portfolio of sector equities developed
favourably in the first nine months of 2025.
Impairment write-downs of loans and guarantees amounted to
DKK 14.6 million in Q1-Q3 2025, compared to DKK 15.2
million for the same period in 2024. The Bank sees continued
satisfactory creditworthiness in the loan portfolio. In addition to
the Bank’s individual impairment models, a management
supplement of DKK 38.1 million has been allocated.
On the basis of the Bank's performance in the first nine months
of the year, the expected profit for the year is specified as a
profit before tax of DKK 165-185 million, compared to the
previous forecast of DKK 150-185 million.
Management’s Review
The profit before tax gives a return of 12.1% p.a. on opening equity after disbursement of dividend.
Lending of DKK 5.2 billion.
Deposits of DKK 6.9 billion.
Core earnings per krone in costs of 1.70 at 30 September 2025, compared to 2.07 at 30 September
2024.
Write-downs and provisions of 0.2% for the period.
Interim Report
Q1 - Q3 2025
Management’s Review
3
Interim Report
Q1 - Q3 2025
Management’s Review
4
Financial Highlights Q1 – Q3 2025
Q1 - Q3
Q1 - Q3
Q1 - Q3
Full year
Q1 - Q3
Q1 - Q3
2025
2024
2023
2024
2022
2021
Net interest and fee income
319,896
355,872
470,264
315,032
255,178 249,061
Value adjustments
13,628
22,574
28,578
19,809
-45,672
7,716
Other operating income
4,840
3,972
5,400
4,456
4,563
3,942
Staff and administration expenses
182,007
163,922
226,362
152,100
138,304 137,545
Depreciation and impairment of tangible assets
7,037
6,711
9,017
6,070
5,488
5,214
Other operating expenses
2,309
3,042
4,255
2,050
2,036
1,992
Write
-downs on loans and receivables, etc. 14,552
15,164
18,909
8,253
3,040 1,570
Profit before tax
132,459
120,140
245,699
102,979
45,781
74,794
Tax
-11,880
23,645
36,689
33,706
-747 18,377
Profit for the period
144,339
114,855
209,010
86,233
51,674
66,912
Selected balance sheet items:
Lending
5,169,005
5,016,899
5,030,995
4,672,382
4,101,071 3,814,849
Deposits
6,902,282
6,932,155
7,152,807
6,289,006
5,786,992 5,634,605
Equity
1,561,498
1,553,473
1,593,622
1,422,847
1,264,404 1,230,319
Total assets
9,955,634
9,586,766
10,021,543
8,523,579
7,752,312 7,352,102
Contingent liabilities
1,308,977
1,409,986
1,422,643
1,868,631
2,044,097 1,937,514
Key figures:
Capital
ratio 25.7
26.6
26.9
24.6
22.7 22.7
Core capital ratio
23.3
24.8
25.1
23.4
22.2 22.7
Return on equity before tax for the period
8.4
12.8
16.0
12.5
5.1 9.5
Return on equity after tax for the period
9.1
11.2
13.6
10.0
5.2 8.0
Income per cost krone
1.6
2.0
2.0
2.0
1.4 1.8
Rate of return
1.4
1.8
2.1
1.6
0.9 1.3
Interest risk rate
0.9
1.0
0.6
1.2
1.3 1.4
Foreign exchange position
0.2
0.3
0.5
0.5
0.6 0.9
Liquidity coverage ratio
280.0
260.9
266.2
227.0
230.9 273.4
Net stable funding ratio
135.9
134.5
137.5
133.6
136.0 -
Lending plus write
-downs as a ratio of deposits 70.6
69.6
67.0
72.2
69.0 64.4
Lending as a ratio of equity
3.3
3.2
3.2
3.3
3.2 3.1
Growth in lending for the period
2.7
4.2
4.5
7.3
8.4 -4.8
Sum of large exposures
131.6
152.6
136.0
163.9
167.5 161.3
Write
-down ratio for the period 0.2
0.2
0.3
0.1
0.1 0.0
Accumulated write
-down ratio 3.5
3.4
3.4
3.0
3.0 3.2
Profit per share after tax for the period
80.2
94.4
116.1
76.2
36.6 53.3
Net book value per share
867.5
863.0
885.3
790.5
702.4 684.0
Stock exchange quotation/net book value per share
1.0
0.8
0.8
0.8
0.8 0.9
Interim Report
Q1 - Q3 2025
Management’s Review
5
Management’s Review Q1 – Q3 2025
Statement of income
At TDKK 239,457, compared to TDKK 274,094 for the first
three quarters of 2024, net interest income decreased by just
over 12%. The primary reason is that the certificate-of-deposit
interest rate fell from 3.1% to 1.6% during the period.
The Bank also saw shifts in deposits in favour of savings
accounts and high-interest-rate accounts, thereby reducing the
deposit margin during 2024 and 2025.
The increase in lending and deposits in both 2024 and 2025
offsets the effect of the development in the level of interest
rates.
Share dividend increased by TDKK 1,186 to TDKK 10,045 as of
30 September 2025. The Bank solely holds sector equities.
Fee and commission income decreased by TDKK 2,496
compared to the same period in 2024. Lower payment
settlement activity and a lower guarantee level are the primary
contributing factors.
Net interest and fee income decreased overall by TDKK 35,976
to TDKK 319,896 in the first nine months of 2025.
Other operating income amounted to TDKK 4,840, which is an
increase of TDKK 868 from 30 September 2024. The
difference primarily concerns non-recurring income.
Staff and administration expenses amounted to TDKK 182,007,
which is an increase of TDKK 18,085 from 30 September
2024. Staff expenses increased by TDKK 10,437 as a result of
staff increases and salary increases under collective agreements.
Administration expenses increased by TDKK 7,648. The
increase primarily concerns IT expenses and supplementary
training of employees.
Other operating expenses, which mainly concern operation
and maintenance of the Bank's office buildings, decreased by
TDKK 733 to TDKK 2,309 in the first three quarters of 2025,
compared to the same period in 2024. The increase is due to
the lower contribution to the Resolution Fund for 2025.
Depreciation of property and fixtures and fittings amounted to
TDKK 7,037, compared to TDKK 6,711 for the same period in
2024.
The profit before value adjustments and write-downs is TDKK
133,383, compared to TDKK 186,169 after three quarters of
2024.
Value adjustments present a total capital gain of TDKK 13,628,
compared to a capital gain of TDKK 22,574 for the same
period in 2024. The Bank’s holdings of sector equities
performed favourably. The currency area is at the level of the
same period in 2024. Based on the level of interest rates, the
Bank's bond holdings gave lower capital gains in the first nine
months of 2025, compared to the first nine months of 2024.
Financial Highlights and Key Figures
DKK 1,000
Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4
2025
2025
2025
2024
2024
2024
2024
2023
Net interest and fee income
100,250
111,691
107,955
114,392
113,509
122,734
119,629
119,981
Costs, depreciation and
amortisation
62,977
63,992
64,384
65,959
56,190
58,299
59,186
61,918
Other operating income
1,459
1,635 1,746
1,428
1,355
1,316
1,301 1,346
Profit before value
adjustments
and write-downs
38,732
49,334 45,317
49,861
58,674
65,751
61,744 59,409
Value adjustments
9,345
-2,907
7,190
6,004
18,657
-1,450
5,367
20,248
Write-downs on loans, etc.
32
1,096
13,424
3,745
3,892
5,946
5,326
5,907
Profit before tax
48,045
45,331 39,083
52,120
73,439
58,355
61,785 73,750
Impairment of loans, etc. amounted to TDKK 14,552,
compared to TDKK 15,164 for the same period in 2024. The
Bank sees continued satisfactory creditworthiness in the loan
portfolio. The impairment level is still modest and the
impairment ratio for the period is 0.2%.
Despite uncertain macroeconomic prospects, including a higher
interest rate level and geopolitical instability, Greenland and the
BANK of Greenland’s customers are not significantly affected
so far. However, the future economic development is subject
to uncertainty.
Interim Report
Q1 - Q3 2025
Management’s Review
6
In addition to the individual write-downs, on this basis the Bank
has maintained a significant management reserve of DKK 38.1
million to counter risks.
The profit before tax is TDKK 132,459, and is thereby TDKK
61,120 lower than for the same period in 2024.
Development in the quarter
Net interest and fee income amounted to TDKK 107,955 in
Q1, and TDKK 111,691 in Q2. In Q3, the item amounted to
TDKK 100,250. Taking account of share dividend received in
Q2, the difference between Q2 and Q3 is minimal.
Total costs amounted to TDKK 64,384 in Q1 and TDKK
63,992 in Q2. In Q3, the item amounted to TDKK 62,977. Staff
expenses decreased from Q1 to Q2, and were unchanged in
Q3, since in Q1 holiday allowance, etc. is paid, but is not paid in
the subsequent quarters. Other administration costs were by
and large unchanged between the quarters.
The profit before value adjustments and write-downs thereby
decreased in Q3, to TDKK 38,732, which is TDKK 10,602
lower than in Q2 and TDKK 6,585 lower than in Q1. The
profit before tax increased to DKK 48.0 million in Q3 2025,
from DKK 45.3 million in Q2 and DKK 39.1 million in Q1.
Lending increased by TDKK 94,028 in Q1, by TDKK 43,918 in
Q2, and by TDKK 64 in Q3. Overall, this corresponds to an
increase of 2.7% from the end of 2024. At the start of the year,
it was expected that the economic development in Greenland
would increase the Bank's lending, but generally with a lower
growth rate than in previous years.
Deposits increased by TDKK 54,260 in Q1 2025, but
decreased by TDKK 23,745 in Q2. In Q3, deposits declined by
TDKK 281,040, bringing the overall fall in deposits to TDKK
250,525 from the end of 2024.
Balance sheet and equity
During Q1-Q3, the Bank’s lending showed a satisfactory
increase of TDKK 138,010 to TDKK 5,169,005, while the
Bank’s guarantees to customers decreased by TDKK 113,666
from the end of 2024 and amounted to TDKK 1,308,977 at
the end of September 2025.
In the annual reallocation the Bank acquired additional sector
equities in 2025. At 30 September 2025, equities, etc.
amounted to TDKK 168,819, compared to TDKK 150,963 at
the end of 2024.
During 2025 the Bank acquired five new staff accommodation
properties, increasing the value of domicile properties to TDKK
328,044.
The Bank’s deposits, predominantly comprising on-demand
deposits, amounted to TDKK 6,902,282 at the end of
September 2025, which is a decrease of 4% from the end of
2024. The Bank continues to have a stable deposit/lending ratio
of approximately 134%.
After payment of the dividend of TDKK 180,000 for 2024
adopted by the Annual General Meeting, and recognition of the
profit for the first nine months of 2025, the Bank's equity
decreased from TDKK 1,593,622 to TDKK 1,561,498.
Total assets thereby decreased by TDKK 65,909 to TDKK
9,955,634.
Uncertainty of recognition and measurement
The principal uncertainties concerning recognition and
measurement 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
instruments. The management assesses that the presentation of
the accounts is subject to an appropriate level of uncertainty.
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
Q3 2022 Q3 2023 Year 2024 Q3 2024 Q3 2025
Deposits Lending Guarantees
Interim Report
Q1 - Q3 2025
Management’s Review
7
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
counterparties’ 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
instruments due to changes in market prices. The BANK of
Greenland classifies three types of risk within the market risk
area: interest 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
inappropriate 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
requirement 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 10 December 2024, a revised MREL requirement was
determined for the BANK of Greenland, at 30.2% of the Bank’s
risk-weighted assets at the end of 2023. The MREL
requirement is being phased in from 2022 to 2027. The linear
phasing-in means that by 2025 the Bank must fulfil an MREL
requirement of 25.1%. 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.
In continuation of the established MREL requirement, the Bank
made issues in 2021-2025. A total of DKK 400 million was
issued in Senior Non-Preferred and DKK 145 million in
subordinated debt. In connection with the Bank's most recent
Senior Non-Preferred issue for DKK 125 million in September,
the early redemption of DKK 50 million issued on 27 October
2021 was adopted. Redemption took place on 27 October
2025.
Going forward, the Bank also expects to continuously issue
securities.
Capital requirement
Q3 2025
Year 2024
Pillar I
8.00% 8.00%
Pillar II
2.48% 3.10%
Solvency
requirement 10.48%
11.10%
SIFI buffer requirement
1.50% 1.50%
Capital reserve buffer requirement
2.50% 2.50%
Capital requirement
14.48%
15.10%
MREL requirement (phased in as from 1
January 2022)
10.62% 7.55%
Total capital requirement
25.10%
22.65%
Capital base, cf. Note 18
1,557,220 1,535,841
SNP issue
398,025 273,569
-
of which with less than 1 year to
maturity
-49,993 0
MREL capital base
1,905,252
1,809,410
MREL capital ratio
31.40% 31.70%
Surplus capital cover
6.30%
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
capital requirement is the capital which, according to the
management’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
assumed 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 23.3 at the end of
September 2025, and the capital ratio was 25.7.
Interim Report
Q1 - Q3 2025
Management’s Review
8
With effect from the beginning of 2025, elements of the CRR3
capital requirements regulations entered into force in the EU.
CRR3 is expected to be implemented in Greenland at the end
of 2025. On the basis of new IT systems for compilation of
capital requirements, the Bank already commenced adjustment
to the regulations in the first three quarters of 2025, and will
continue this adjustment up to the implementation in
Greenland.
The risk-weighted assets amounted to TDKK 6,062,235 at the
end of September 2025, which is an increase of TDKK 25,766
from 30 June 2025. When the legislation has been
implemented in Greenland, the Bank expects a decrease in the
risk-weighted items.
The result for Q1-Q3 2025 has not been verified by the Bank’s
auditor and is therefore not included in the capital ratio.
Including the result at 30 September 2025, the core capital
ratio is calculated at 25.2% and the capital ratio at 27.6%.
As at the end of September 2025, the Bank's individual
solvency requirement was calculated at 10.5%. The BANK of
Greenland thereby has surplus capital cover before the buffer
requirements of 15.2%, or TDKK 921,876. After deductions for
the capital reserve buffer requirement of 2.5% and the SIFI
buffer requirement of 1.5%, the surplus cover is 11.2%.
The BANK of Greenland’s reported individual solvency requirement according to the 8+ model
Q3 2025 Full year 2024
Capital
requirement
Solvency
requirement
Capital
requirement
Solvency
requirement
Pillar I requirement
484,979
8.0
456,829
8.0
Credit risk
95,305
1.6
114,534
2.0
Market risk
22,037
0.4
27,320
0.5
Liquidity risk
2,775
0.1
6,270
0.1
Operational risk
21,325
0.3
23,621
0.4
Other risk
8,923
0.1
5,524
0.1
Capital and solvency requirement
635,344
10.5
634,098
11.1
The BANK of Greenland has published further details of the
calculated capital requirement in a report on the website
https://www.banken.gl/en/about-us/investor-relations/risk-
reports/
Liquidity
The liquidity coverage ratio (LCR) is a minimum requirement of
the ratio between current assets and liabilities, to ensure a
satisfactory liquidity ratio.
At the end of Q2, the Bank had an LCR of 280.0% and thereby
fulfils the LCR requirement of at least 100%.
The Bank’s required funding is based solely on deposits.
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
activities which the Bank aims to fulfil. It must be noted that
publicly-owned enterprises account for 39% points of the sum
of large exposures.
The property exposure amounts to 18.1%. 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
870 at the end of September 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.
Interim Report
Q1 - Q3 2025
Management’s Review
9
The BANK of Greenland's mission, values and
corporate governance
The BANK of Greenland conducts banking activities in
Greenland 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
participate 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 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
Governance recommendations and the Danish Executive
Order 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
https://www.banken.gl/en/
.
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
economy in 2025.
In both the short and longer term, the increased focus on
Greenland during the year 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 material significance in the short term in
2025, so that it is still the macroeconomic and local conditions
that are generally expected to influence the Bank's operations.
Declining interest rates increase the appetite for investment,
and lending was expected to develop moderately positively
towards the end of the year. Based on the development in
major public financing projects, however, the Bank now expects
a moderate decline in lending towards the end of 2025.
Deposits are expected to be at the level of or just below the
end of 2024.
The Bank will be affected negatively if inflation and cyclical
trends are exacerbated 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
expected to be higher than in 2024. A few staff increases and
the full effect of staff increases are expected in 2024.
Administration 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 the basis of the Bank's performance in the first nine months
of the year, the expected profit for the year is specified as a
profit before tax of DKK 165-185 million, compared to the
previous forecast of DKK 150-185 million.
The Supervisory Diamond
Q3 2025
Limit
Sum of large exposures
131.6% < 175%
Property exposure
18.1% < 25%
Growth in lending
3.00% < 20%
Liquidity
-benchmark 253.3% > 100%
Interim Report
Q1 - Q3 2025
Statement by the Management
10
The Board of Directors and Executive Management have today
considered and approved the interim report for the period 1
January - 30 September 2025 for the limited liability company,
GrønlandsBANKEN, aktieselskab.
The interim report is presented in accordance with the Danish
Financial Business Act, and the Management’s Review is
prepared in accordance with the Danish Financial Business Act.
The interim report is furthermore prepared in accordance with
additional Danish disclosure requirements for listed financial
companies.
It is our opinion that the interim report gives a true and fair
view of the Bank's assets, liabilities and financial position at 30
September 2025, and of the result of the Bank's activities for
the first three quarters of 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
financial affairs, as well as a description of the significant risks
and uncertainties to which the BANK of Greenland is subject.
Statement by the Management
Nuuk, 5 November 2025
Executive Management
Martin Birkmose Kviesgaard
Board of Directors
Gunnar à Liða
Kristian Frederik Lennert
Maliina Bitsch Abelsen
Chair
Vice Chairman
Pia Werner Alexandersen
Gert Jonassen
Pilunnguaq Frederikke Johansen
Kristiansen
Tulliaq Angutimmarik Olsen
Niels Peter Fleischer Rex
Peter Angutinguaq Wistoft
Interim Report
Q1 - Q3 2025
Statement by the Management
11
Interim Report Q1 - Q3 2025
Income Statement and Statement of Comprehensive Income
12
Income Statement and Statement of Comprehensive
Income
DKK 1,000
Notes
Q1 - Q3 2025
Full year 2024
Q1 - Q3 2024
3
Interest income
280,542
476,909
363,633
4
Interest expenses
41,085
116,956
89,539
Net interest income
239,457
359,953
274,094
Share dividend, etc.
10,045
8,859
8,859
5
Fees and commission income
70,595
102,129
73,091
Fees paid and commission expenses
201
677
172
Net interest and fee income
319,896
470,264
355,872
6
Value adjustments
13,628
28,578
22,574
Other operating income
4,840
5,400
3,972
7
Staff and administration expenses
182,007
226,362
163,922
Depreciation and impairment of tangible assets
7,037
9,017
6,711
Other operating expenses
2,309
4,255
3,042
16
Write-downs on loans and receivables, etc.
14,552
18,909
15,164
Profit before tax
132,459
245,699
193,579
8
Tax
-11,880
36,689
23,645
Profit for the period
144,339
209,010
169,934
COMPREHENSIVE INCOME
Profit for the period
144,339
209,010
169,934
Other comprehensive income:
Value adjustment of properties
4,715
6,084
4,555
Value adjustment of defined-benefit severance/pension scheme
0
-74
0
Tax on value adjustment of properties
-1,178
-1,521
-1,139
Other comprehensive income
3,537
4,489
3,416
Comprehensive income for the period
147,876
213,499
173,350
Interim Report Q1 - Q3 2025
Balance Sheet
13
Balance Sheet
DKK 1,000
Notes
Assets
30-sep-25
31 December
2024
30-sep-24
Cash balance and demand deposits with central banks
1,818,638
2,080,989
1,686,999
9
Receivables from credit institutions and central banks
108,613
155,989
115,905
16
Loans and other receivables at amortised cost
5,169,005
5,030,995
5,016,899
10
Bonds at fair value
1,516,202
1,498,540
1,616,182
Shares, etc.
168,819
150,963
146,767
11
Assets connected to pool schemes
732,782
675,765
582,542
Land and
buildings in total, domicile properties 328,044
310,860
310,891
-
Domicile properties 328,044
310,860
310,891
Other tangible assets
8,047
7,627
8,182
Current tax assets
0
658
0
Other assets
99,631
104,342
96,908
Accruals and deferred income
5,853
4,815
5,491
Total assets
9,955,634
10,021,543
9,586,766
Liabilities
Liabilities to credit institutions and central banks
14,505
15,698
18,117
12
Deposits and other liabilities
6,902,282
7,152,807
6,932,155
Deposits in pool schemes
732,782
675,765
582,542
13
Issued bonds at amortised cost
398,025
273,569
174,215
Current tax liabilities
30,206
0
46,632
Other liabilities
86,701
73,807
89,764
Prepayments and deferred expenses
1,940
4,395
2,480
Total debt
8,166,441
8,196,041
7,845,905
Provisions for pensions and similar obligations
3,145
2,902
2,740
Provisions for deferred tax
62,572
106,393
61,151
Provisions for losses on guarantees
10,508
11,241
11,262
Other provisions
7,718
7,322
8,280
Total provisions
83,943
127,858
83,433
14
Subordinated debt
143,752
104,022
103,955
Total subordinated debt
143,752
104,022
103,955
Equity
15
Share capital 180,000
180,000
180,000
Revaluation reserves
73,983
70,446
69,299
Retained earnings
1,307,515
1,163,176
1,304,174
Proposed dividend 0
180,000
0
Total equity
1,561,498
1,593,622
1,553,473
Total liabilities
9,955,634
10,021,543
9,586,766
1
Accounting policies applied
2
Accounting estimates
17
Contingent liabilities
18
Capital conditions and solvency
Interim Report Q1 - Q3 2025
Statement of Changes in Equity
14
Statement of Changes in Equity
DKK 1,000
Share capital
Revaluation
reserves
Retained
earnings
Proposed
dividend
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
3,416
0
0
3,416
Profit for
the period 0
0 169,934
0
169,934
Equity, 30 September 2024
180,000
69,299
1,304,174
0
1,553,473
Other comprehensive income
0
1,147 -74
0
1,073
Profit for the period
0
0 -140,924
180,000
39,076
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
-180,000
-180,000
Other comprehensive income
0
3,537 0
0
3,537
Profit for the period
0
0 144,339
0
144,339
Equity, 30
September 2025 180,000
73,983 1,307,515
0
1,561,498
Interim Report Q1 - Q3 2025
Statement of Changes in Equity
15
Interim Report Q1 - Q3 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 25
18. Capital conditions and solvency 25
Overview of Notes
Interim Report Q1 - Q3 2025
Notes to the Interim 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
companies, etc. and the Danish disclosure requirements for the
interim 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
attributed to items carried directly to equity.
On calculating the taxable income, Greenland allows tax
deduction of dividends for the dividend-paying company. The
taxation value of this is therefore added to equity at the time of
the Annual 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
liabilities is subject to a degree of uncertainty and an estimate of
how future events will affect the value of these assets and
liabilities. 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
assessments, including expectations of the properties’ future
returns and the fixed yield ratios.
For provisions, there are significant estimates related to the
determination of the future employee turnover rate, as well as
determining the interest obligation for tax-free savings accounts.
Notes to the Interim Report
1.
Accounting policies applied etc.
2.
Significant accounting estimates
Interim Report Q1 - Q3 2025
Notes to the Interim Report
18
DKK 1,000
Q1 – Q3
2025
Full year
2024
Q1 – Q3
2024
3. Interest income
Receivables from credit institutions and central banks
29,673
60,423
46,651
Lending and other receivables
228,189
376,161
287,631
Bonds
22,390
39,359
28,560
Foreign exchange, interest rate, equity, commodity and other contracts, as
well as derivative financial instruments
290
966
791
Total interest income
280,542
476,909
363,633
4. Interest expenses
Credit institutions and central banks
92
106
106
Deposits and other liabilities
40,993
115,112
89,433
Issued Bonds
0
1,118
0
Subordinated debt
0
620
0
Total interest expenses
41,085
116,956
89,539
5. Fee and commission income
Securities and securities accounts
2,088
9,413
2,081
Payment settlement
26,527
36,464
27,498
Loan transaction fees
2,309
3,752
2,864
Guarantee commission
21,463
30,181
22,934
Other fees and
commission 18,208
22,319
17,714
Total fee and commission income
70,595
102,129
73,091
6. Value adjustments
Lending at fair value
0
1,090
892
Bonds
5,841
15,989
15,885
Shares
3,348
6,351
2,139
Currency
4,439
6,235
4,549
Foreign exchange, interest rate, equity, commodities and other contracts, as
well as derivative financial instruments
0
-1,087
-891
Assets connected to pool schemes
1,701
59,703
55,532
Deposits in pool schemes
-1,701
-59,703
-55,532
Total value adjustments
13,628
28,578
22,574
Interim Report Q1 - Q3 2025
Notes to the Interim Report
19
7. Staff and administration expenses
Staff expenses
Salaries 82,292
103,989
74,352
Other staff expenses 2,824
2,832
2,297
Pensions 10,454
12,826
9,466
Social security expenses 1,215
277
233
In total 96,785
119,924
86,348
Other administration expenses
85,222
106,438
77,574
Average number of FTEs
155.8
153.8
153.0
Of which salaries and remuneration to the Board of Directors and the
Executive Management
4,926
6,444
4,901
Five other employees (Q3 2024: 6 employees) whose activities have a
significant influence on the Bank’s risk profile:
Salaries including free car and other benefits
5,649
7,101
5,879
8. Tax
25
-% of the profit before tax 33,120
61,425
48,395
Discount for dividend tax paid
-2,256
-1,982
-1,982
Total tax on ordinary profit
30,864
59,443
46,413
Paid
dividend tax 2,256
1,982
1,982
Other changes
0
14
0
Taxation value of dividend paid
-45,000
-24,750
-24,750
Tax in total
-11,880
36,689
23,645
Deferred tax
1,178
20,110
1,139
Taxation value of dividend paid
-45,000
0
-24,750
Tax to be paid
31,942
16,579
47,256
No company tax was paid in the period.
9. Amounts receivable from credit institutions and central banks
Receivables from credit institutions 108,613
155,989
115,905
Total
amounts receivable 108,613
155,989
115,905
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 – Q3
2025
Full year
2024
Q1 – Q3
2024
Interim Report Q1 - Q3 2025
Notes to the Interim Report
20
11. Assets connected to pool schemes
Investment associations
732,635
675,642
582,526
Non
-invested funds 147
123
16
Total
732,782
675,765
582,542
12. Deposits
On demand
5,713,153
5,874,580
5,613,168
On terms of notice
875,793
976,847
1,017,929
Special deposit conditions
313,336
301,380
301,058
Total deposits
6,902,282
7,152,807
6,932,155
13. Issued bonds at amortised cost
Bond issue
398,025
273,569
174,215
Total
398,025
273,569
174,215
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 opted 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
-
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
option of early redemption as from 20 November 2028.
Loan raised as Senior
Non-Preferred, nominally 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
option of early redemption as from 17 September 2029.
DKK 1,000
Q1 – Q3
2025
Full year
2024
Q1 – Q3
2024
Interim Report Q1 - Q3 2025
Notes to the Interim Report
21
14. Subordinated debt
Capital certificate as below
143,752
104,022
103,955
In total
143,752
104,022
103,955
Subordinated debt included in the capital base according to CRR
143,752
104,022
103,955
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, floating rate (CIBOR 6 with an addition of 400bp.)
6.093%
6.717%
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, floating rate (CIBOR 6 with an addition of 325bp.)
5.423%
6.633%
6.633%
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.
Loan raised as subordinated debt, nominally
40,000
-
-
Interest rate, floating rate (CIBOR 6 with an addition of 300bp.)
5.113%
-
-
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.
15. Share capital
Share capital consists 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 11,407
12,926
9,398
Reversal of write
-downs concerning redeemed facilities -11,887
-21,195
-16,061
Net write
-downs during the period as a consequence of changes in the
credit risk
16,343
27,237
22,359
Losses without preceding write
-downs 28
249
184
Received for claims previously written off
-1,339
-308
-716
Recognised in the statement of income
14,552
18,909
15,164
DKK 1,000
Q1 – Q3
2025
Full year
2024
Q1 – Q3
2024
Interim Report Q1 - Q3 2025
Notes to the Interim Report
22
DKK 1,000
Stage 1 Stage 2
Stage 3
Total
Write-downs on loans
30.09.2025
Start of the period
13,779 88,282
110,634
212,695
New write
-downs concerning new facilities during the
year
1,655 7,113
2,380
11,148
Reversal of write
-downs concerning redeemed facilities -1,592 -1,466
-3,570
-6,628
Change in write
-downs at the beginning of the year –
transfer to
stage 1
12,086 -11,563
-523
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-620 1,620
-1,000
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
-16 -14,839
14,856
1
Net write
-downs as a consequence of changes in the
credit risk
-14,605 -1,859
28,145
11,681
Previously written down, now finally lost
0 0
-14,587
-14,587
Interest on written
-down facilities 0 0
4,529
4,529
Write
-downs in total 10,687 67,288
140,864
218,839
Write-downs on guarantees
30.09.2025
Start of the period
614 1,451
9,176
11,241
New write
-downs concerning new facilities during the
year
68 169
0
237
Reversal of write
-downs concerning redeemed facilities 0 -3
-4,584
-4,587
Change in
write-downs at the beginning of the year –
transfer to stage 1
331 -181
-150
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-60 99
-39
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
-616 -332
4,565
3,617
Write-downs in total
337
872
9,299
10,508
Write-downs on non-utilised drawing rights
30.09.2025
Start of the period
405 802
538
1,745
New
write-downs concerning new facilities during the
year
2 13
7
22
Reversal of write
-downs concerning redeemed facilities -94 -134
-444
-672
Change in write
-downs at the beginning of the year –
transfer to stage 1
5 -5
0
0
Change in
write-downs at the beginning of the year –
transfer to stage 2
-3 6
-3
0
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
75 593
377
1,045
Write
-downs in total 390 912
838
2,140
Interim Report Q1 - Q3 2025
Notes to the Interim 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 0 0
-6,449
-6,449
Interest on written
-down facilities 0 0
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
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
Interim Report Q1 - Q3 2025
Notes to the Interim Report
24
DKK 1,000
Stage 1 Stage 2
Stage 3
Total
Write-downs on loans
30.09.2024
Start of the period
27,301 78,003
90,562
195,866
New write
-downs concerning new facilities during the
year
1,510 5,287
2,385
9,182
Reversal of write
-downs concerning redeemed facilities -1,720 -5,756
-6,075
-13,551
Change in write
-downs at the beginning of the year –
transfer to stage 1
10,805 -9,119
-1,686
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-755 5,078
-4,323
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
-16 -4,117
4,133
0
Net write
-downs as a consequence of changes in the
credit risk
-22,683 11,257
29,839
18,413
Previously written down, now finally lost
0 0
-971
-971
Interest on
written-down facilities 0 0
3,633
3,633
Write
-downs in total 14,442 80,633
117,497
212,572
Write-downs on guarantees
30.09.2024
Start of the period
1,096 2,695
5,942
9,733
New write
-downs concerning new facilities during the
year
66 126
0
192
Reversal of write
-downs concerning redeemed facilities -1 -3
-16
-20
Change in write
-downs at the beginning of the year –
transfer to stage 1
254 -86
-168
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-24 3,093
-3,069
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
-580 -4,374
6,311
1,357
Write-downs in total
811
1,258
9,193
11,262
Write-downs on non-utilised drawing rights
30.09.2024
Start of the period
345 517
1,847
2,709
New write
-downs concerning new facilities during the
year
18 5
1
24
Reversal of write
-downs concerning redeemed facilities -226 -487
-1,777
-2,490
Change in write
-downs at the beginning of the year –
transfer to stage 1
222 -126
-96
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-7 83
-76
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
145 951
1,493
2,589
Write
-downs in total 497 943
1,392
2,832
Interim Report Q1 - Q3 2025
Notes to the Interim Report
25
DKK 1,000
Q1 – Q3
2025
Full year
2024
Q1 – Q3
2024
17. Contingent liabilities
Mortgage finance guarantees
820,073
831,355
806,376
Registration and remortgaging guarantees
62,393
118,506
126,963
Other guarantees
426,511
472,782
476,647
Guarantees, etc. in total
1,308,977
1,422,643
1,409,986
Provision balance for guarantees
10,508
11,241
6,604
Provision balance for non
-utilised credit facilities 2,140
1,745
1,744
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
5,022,288
4,652,973
4,581,141
CVA risk
10,738
7,519
8,253
Market risk
214,712
235,372
273,384
Operational risk
814,497
814,497
721,601
Total risk exposure
6,062,235
5,710,361
5,584,379
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
-23,457
-5,519
-2,848
Deductions for prudent valuation
-1,688
-1,652
-1,443
Deductions for Non
-Performing Exposures -20,009
-13,647
-8,647
Actual core capital
1,413,468
1,431,819
1,385,950
Supplementary capital
143,752
104,022
64,410
Capital base
1,557,220
1,535,841
1,450,360
Actual core capital ratio
25.7
26.9
25.9
Capital ratio
23.3
25.1
24.7
Statutory capital ratio requirements
8.0
8.0
8.0
Interim Report Q1 - Q3 2025
Notes to the Interim Report
26