The BANK of Greenland
CVR no. 80050410
Notification to Nasdaq OMX Copenhagen
11/2026
Interim Report
First
Half of 2026
The Interim 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.
Interim Report
First Half of 2026
1
Management’s Review 2
Interim Report in headlines 2
Financial Highlights 4
Management´s Review, first half of 2026 5
Statement by the Management 10
Income Statement and Statement of Comprehensive In come 12
Balance Sheet 13
Statement of Changes in Equity 14
Overview of Notes 16
Notes to the Interim Report 17
Contents
Interim Report
First Half of 2026
2
Interim Report in headlines
The BANK of Greenland's profit before tax amounts to DKK
97.4 million for the first half of 2026, compared to DKK 84.4
million for the first half of 2025. The profit before value adjust-
ments and write-downs amounts to DKK 95.5 million, com-
pared to DKK 94.7 million for the previous year. The profit ex-
ceeds expectations at the beginning of the year, with improve-
ment in both net interest and expenses. The profit also reflects
a favourable second quarter, offsetting a weaker first quarter.
Lending has increased by DKK 115 million since the end of
2025, amounting to DKK 5,037 million at the end of the first
half-year. It was expected that the declining level of interest
rates in 2025 would increase the Bank's customers' appetite for
investment, resulting in moderate growth in the Bank’s lending
in 2026. Guarantees increased by DKK 6 million from DKK
1,276 million at the end of 2025, to DKK 1,282 million at the
end of the first half of 2026.
After positive development in net interest and fee income in
Q2, this item only decreased by DKK 0.9 million to DKK 218.8
million in the first half of 2026, compared to the same period in
2025. This decline is lower than expected, as a consequence of
the Bank's increasing business volume. Moreover, fees devel-
oped positively in the first half of 2026.
Total expenses including depreciation amounted to DKK 126.2
million at the end of the first half of 2026, compared to DKK
128.4 million for the same period in 2025. This reflects an in-
crease in staff expenses as a consequence of pay increases un-
der collective agreements, as well as staff increases, in 2025,
and a decrease in other administration expenses, for which the
decline can be related primarily to IT expenses, as the Bank's
reduced payment to BEC Financial Technologies a.m.b.a. due to
lower development costs during the period.
At the end of the first half of 2026, value adjustments showed a
capital gain of DKK 5.8 million, compared to a capital gain of
DKK 4.3 million for the same period in 2025. The Bank’s port-
folio of sector equities developed favourably, and the same ap-
plies to the currency area. On the back of the market perfor-
mance, the Bank's bond holdings lost ground compared to the
first half of 2025.
Impairments of loans and guarantees amounted to DKK 3.9
million in the first half of 2026, compared to DKK 14.5 million
in the first half 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 40.5 million has been maintained.
In the stock exchange announcement of 20 July 2026, the fore-
cast profit before tax for 2026 was adjusted upwards to a
range of DKK 195-220 million, which remains unchanged.
Management’s Review
The profit before tax gives a return of 13.1% p.a. on opening equity after disbursement of dividend.
Lending at DKK 5.0 billion
Deposits at DKK 7.9 billion
Core earnings per cost in DKK of 1.76 in the first half of 2026, compared to 1.74 in the first half of 2025
Write-downs and provisions of 0.1% for the period
Solvency ratio of 27.3 and a capital requirement of 10.4%.
Interim Report
First Half of 2026
3
Interim Report
First Half of 2026
4
Financial Highlights
First half-
year
First half-
year
Full year
First half-
year
First half-
year
First half-
year
2026
2025
2025
2024
2023 2022
Net interest and fee income
218,765
219,646
428,840
242,363
203,990
167,808
Other operating income
2,933
3,381
6,340
2,617
3,005
3,049
Core income
221,698
223,027
435,180
244,980
206,995
170,857
Staff and administration expenses
120,174
122,121 244,385
110,806
102,828 92,437
Depreciation and impairment of tangible assets
4,865
4,645 9,621
4,316
4,035 3,636
Other operating expenses
1,142
1,610 3,270
2,363
1,866 1,696
Core expenses
126,181
128,376 257,276
117,485
108,729 97,769
Core result
95,517
94,651
177,904
127,495
98,266 73,088
Value adjustments
5,784
4,283 19,024
3,917
10,992 -25,195
Write
-downs on loans and receivables, etc. 3,874
14,520 15,539
11,272
6,279 2,112
Profit before tax
97,427
84,414
181,389
120,140
102,979 45,781
Tax
-11,643
-23,896
536
5,285
16,746
-5,893
Profit for the period
109,070
108,310
180,853
114,855
86,233
51,674
SELECTED BALANCE SHEET ITEMS:
Lending
5,036,923
5,168,941 4,921,760
5,097,302
4,638,998 4,009,541
Deposits
7,861,955
7,183,322 7,873,973
6,553,883
6,062,029 5,673,324
Equity
1,566,496
1,524,274 1,599,024
1,497,207
1,370,904 1,249,277
Total assets
10,945,691
10,042,646 10,974,460
9,056,827
8,222,783 7,544,633
Contingent liabilities
1,281,797
1,422,045 1,275,574
1,733,133
1,830,345 1,972,396
KEY FIGURES:
Capital ratio
27.3
25.5 27.8
25.9
24.0 22.8
Core capital ratio
24.8
23.2 25.3
24.7
22.9 22.8
Return on equity before tax for the period
6.2
5.4 11.4
8.1
7.7 3.6
Return on equity after tax for the period
6.9
6.9 11.3
7.7
6.4 4.1
Income per cost krone
1.8
1.6 1.7
1.9
1.9 1.5
Rate of return
1.0
1.1 1.6
1.3
1.0 0.7
Interest risk rate
1.0
0.8 1.0
0.6
1.3 1.4
Foreign exchange position
0.1
0.3 0.3
0.4
0.3 0.3
Liquidity coverage ratio
256.7
264.2 297.2
234.4
217.2 207.9
Net stable funding ratio
147.8
135.3 149.8
129.4
129.6 -
Lending plus write
-downs as a ratio of deposits 60.4
68.5 59.3
74.6
74.4 68.9
Lending as a ratio of equity
3.2
3.4 3.1
3.4
3.4 3.2
Growth in lending for the period
2.3
2.7 -2.2
5.9
6.6 6.0
Sum of large exposures
131.5
136.1 129.7
151.7
166.5 164.0
Write
-down ratio for the period 0.1
0.2 0.2
0.2
0.1 0.0
Accumulated write
-down ratio 3.3
3.6 3.5
3.2
3.0 3.1
Profit per share after tax for the period
54.1
46.9 100.8
66.7
47.9 28.7
Net book value per share
870.3
856.8 888.3
831.8
761.6 694.0
Stock exchange quotation/net book value per share
1.2
0.9 1.0
0.8
0.8 0.9
Interim Report
First Half of 2026
5
Management´s Review, first half of 2026
Statement of income
Net interest income improved in Q2, while this item amounts
to TDKK 159,398 for the first half-year, compared with TDKK
161,575 for the first half of 2025. It was expected that the de-
clining level of interest rates in 2025 would reduce net interest
in the first half of 2026. In mid-June 2026, Danmarks National-
bank raised the official interest rate to 1.85%.
The increase in deposits during 2025 also has a positive effect
in 2026. From 30 June 2025, deposits increased by DKK 679
million, or 9%, up to 30 June 2026. In Q2 2026, lending in-
creased by DKK 138 million.
Share dividend is at the level of the first half of 2025, amounting
to TDKK 9,789 at 30 June 2026, compared to TDKK 10,045 at
30 June 2025. The Bank solely holds sector equities.
Fee and commission income increased by TDKK 1,608 com-
pared to the same period in 2025. All fee items except guaran-
tee commission performed positively. The securities area in
particular made strong progress.
Net interest and fee income decreased overall by TDKK 881 to
TDKK 218,765 in the first half of 2026, although with an im-
provement from Q1 to Q2.
Other operating income amounted to TDKK 2,933, which is a
decrease of TDKK 448 from the first half of 2025. The differ-
ence primarily concerns non-recurring income.
Staff and administration expenses amounted to TDKK 120,174
after decreasing by TDKK 1,947 compared to the first half of
2025. Staff expenses increased by TDKK 3,455 as a conse-
quence of staff increases in 2025 and salary increases under
collective agreements. Administration expenses decreased by
TDKK 5,402. The decrease primarily concerns IT expenses,
with a reduction in the Bank's development costs in BEC Finan-
cial Technologies a.m.b.a in the first half-year.
Other operating expenses, which mainly concern operation
and maintenance of the Bank's office buildings, decreased by
TDKK 468 to TDKK 1,142 in the first half of 2026, compared
to the same period of 2025. The decrease is primarily due to
fluctuations in the timing of planned maintenance of the Bank's
office buildings.
Depreciation of properties and fixtures and fittings amounted
to TDKK 4,865, compared to TDKK 4,645 for the same period
in 2025.
The profit before value adjustments and write-downs is TDKK
95,517, compared to TDKK 94,651 for the first half of 2025.
Value adjustments present a total capital gain of TDKK 5,784,
compared to a capital gain of TDKK 4,283 for the same period
in 2025. The Bank’s holdings of sector equities performed fa-
vourably in terms of value adjustments and dividend. Based on
the level of interest rates, the Bank's bond holdings gave slightly
lower capital gains in the first half of 2026 than for the same
period in 2025. The currency area performed favourably in the
first half of 2026.
Selected Highlights and Key Figures
DKK 1,000
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
2026
2026
2025
2025
2025
2025
2024
2024
Net interest and fee income
113,352
105,413
108,944
100,250
111,691
107,955
114,392
113,509
Costs, depreciation and amorti-
sation
56,276
69,905
65,923
62,977
63,992
64,384
65,959
56,190
Other operating income
1,453
1,480
1,500
1,459
1,635
1,746
1,428
1,355
Profit before value adjustments
and write
-downs
58,529
36,988
44,521
38,732
49,334
45,317
49,861
58,674
Value adjustments
4,796
988
5,396
9,345
-2,907
7,190
6,004
18,657
Write-downs on loans, etc.
2,172
1,702
987
32
1,096
13,424
3,745
3,892
Profit before tax
61,153
36,274
48,930
48,045
45,331
39,083
52,120
73,439
Impairment of loans, etc. amounts to TDKK 3,874, compared
to TDKK 14,520 for the same period in 2025. The Bank sees
continued satisfactory creditworthiness in the loan portfolio.
The impairment level is still modest and the impairment ratio
for the period is 0.1%.
Interim Report
First Half of 2026
6
Despite the focus on Greenland and continued geopolitical in-
stability, Greenland and the BANK of Greenland’s customers
are not significantly challenged so far. The geopolitical risk pro-
file increases uncertainty, which can affect inflation and interest
rate levels going forward.
In addition to the individual write-downs, the Bank has main-
tained a significant management reserve of DKK 40.5 million to
counter risks.
The profit before tax is TDKK 97,427, having increased by
TDKK 13,013 from the same period of 2025.
Development in the quarter
Net interest and fee income amounted to TDKK 105,413 in
Q1, and TDKK 113,352 in Q2. This development can primarily
be related to the share dividend on the Bank's sector equities
holdings in Q2, and improved net interest income.
Total costs amounted to TDKK 69,905 in Q1 and TDKK
56,276 in Q2. Staff expenses decreased in Q2, since in Q1 holi-
day allowance, etc. is paid, but is not paid in the subsequent
quarters. Other administration costs also decreased, due to the
aforementioned lower payment to BEC.
The profit before value adjustments and write-downs thereby
increased to TDKK 58,529 in Q2, which is TDKK 21,541 higher
than in Q1 2026. Profit before tax increased to DKK 61.2 mil-
lion in Q2 2026, from DKK 36.3 million in Q1 2026.
Lending decreased by TDKK 22,687 in Q1, but increased by
TDKK 137,850 in Q2, which overall corresponds to an increase
of 3% from the end of 2025. At the start of the year, it was ex-
pected that the economic development in Greenland would
lead to moderate growth in the Bank's lending.
Deposits increased by TDKK 560,969 in Q1 2026, but de-
creased by TDKK 572,987 in Q2.
Balance sheet and equity
During the first half-year, the Bank’s lending showed a satisfac-
tory increase of TDKK 115,163 to TDKK 5,036,923, while the
Bank’s guarantees to customers increased by TDKK 6,223 from
the end of 2025 and amounted to TDKK 1,281,797 at the end
of June 2026.
In the annual reallocation the Bank acquired additional sector
equities in 2026. At 30 June 2026, equities, etc. amounted to
TDKK 182,314, compared to TDKK 170,179 at the end of
2025.
The pensions area, comprising assets linked to pool schemes,
continued to perform well, amounting to TDKK 816,490 at 30
June 2026, compared to TDKK 780,071 at the end of 2025.
At the end of June 2026, the Bank’s deposits, which predomi-
nantly comprise on-demand deposits, amounted to TDKK
7,861,955, which is a decrease of TDKK 12,018 from the end
of 2025. The Bank continues to have a stable deposit/lending
ratio of approximately 156%.
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 1,566,496.
Total assets thereby decreased by TDKK 28,769 to TDKK
10,945,691.
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.
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
Q2 2023 Q2 2024 Year 2025 Q2 2025 Q2 2026
Deposits Lending Guarantees
Interim Report
First Half of 2026
7
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 for the BANK of Greenland, at 31.2% including buff-
ers. The MREL requirement is being phased in during the pe-
riod from 2022 to 2027. The linear phasing-in means that by
2026 the Bank must fulfil an MREL requirement including buff-
ers of 28.7%. This means that 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
has made issues every year from 2021 to 2025. As of June
2026, a total of DKK 350 million in Senior Non-Preferred and
DKK 145 million in subordinated debt was issued.
On 8 July 2026, the Bank issued a further DKK 125 million in
Senior Non-Preferred and on 24 July notified the market of the
early redemption of DKK 25 million Senior Non-Preferred. This
is not included in the aforementioned calculation of surplus
capital cover. Going forward, the Bank also expects to issue se-
curities according to the Bank's requirements.
Capital requirement
First half-
year 2026
Year 2025
Solvency requirement
10.4% 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
14.9% 14.9%
MREL requirement (phased in linearly as
from 1 January 2022)
13.3% 10.2%
Total capital requirement
28.2% 25.1%
MREL capital ratio, cf. Note 18
33.4% 33.9%
Surplus capital cover
5.2% 8.8%
Total capital requirement at the end of
Q2 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
4.7% 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 balanced on an ongoing basis. 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 24.8 at the end of the first
half of 2026, and the capital ratio was 27.3.
Interim Report
First Half of 2026
8
The actual core capital ratio is thereby above the long-term tar-
get of 24. In view of the geopolitical uncertainty and the ex-
pected 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 increased by TDKK 37,957 to TDKK
5,757,550 at the end of June 2026. The development matches
the general balance-sheet development during the quarter.
The result for the first half of 2026 has not been verified by the
Bank’s auditor and is therefore not included in the capital ratio.
Including the result for the first half of 2026, the core capital
ratio is calculated at 26.3% and the capital ratio at 28.8%.
At the end of June 2026, the Bank’s individual solvency require-
ment was compiled at 10.4%. The BANK of Greenland thereby
has surplus capital cover before the buffer requirements of
16.9%, or TDKK 972,056. After deductions for the capital re-
serve buffer requirement of 2.5%, the SIFI buffer requirement
of 1.5% and the contracyclical buffer requirement of 0.5%, the
surplus cover is 12.4%.
The BANK of Greenland has published further details of the
calculated solvency requirement in a report on its website
http://www.banken.gl/report/
The BANK of Greenland’s reported individual solvency requirement according to the 8+ model
First half-year 2026
Full year 2026
Capital require-
ment
Solvency Re-
quirement
Capital require-
ment
Solvency Re-
quirement
Pillar I requirement
460,604
8.0
457,567
8.0
Credit risk
72,377
1.2
88,719
1.6
Market risk
31,095
0.5
30,891
0.5
Liquidity risk
525
0.1
2,495
0.1
Operational risk
8,200
0.1
13,920
0.2
Other risk
28,426
0.5
30,498
0.5
Capital and solvency requirement
601,227
10.4
624,090
10.9
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 Q2, the Bank had an LCR of 256.7% 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 30 June 2026 to be 147.8, 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 publicly-owned enterprises account for
32% points of the sum of large exposures. The exposure to
property amounts to 20.1%. This exposure is subject to
The Supervisory Diamond
First half-
year 2026
Limit
Sum of large exposures
131.50% < 175%
Property exposure
20.10%
< 25%
Growth in lending
-2.60%
< 20%
Liquidity-benchmark
257.50%
> 100%
Interim Report
First Half of 2026
9
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
1020 at the end of the first half of 2026, the price of the BANK
of Greenland’s shares has increased from 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 values are firmly anchored in the
Bank and its employees. The values are Commitment, Decency,
Customer-oriented and Development-oriented. These values
serve as a guide for how we act and wish to be seen within
and outside the Bank.
The BANK of Greenland considers all of the Corporate Gov-
ernance recommendations and the Danish Executive Order on
Management and Control of Banks, etc. and it is the Bank’s ob-
jective to observe these recommendations at all times and to
the greatest possible extent. The Bank's Corporate Governance
Statement can be found on the Bank's website
https://www.banken.gl/en/about-us/investor-relations/corporate-
governance/
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 de-
velopment 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 material signifi-
cance in the short term in 2026.
The Bank can see that the continued geopolitical uncertainty
aggravates the risk profile. This can affect interest rate levels
and national macroeconomic conditions, and in particular rising
inflation.
The Bank will be affected if inflation and cyclical trends are ex-
acerbated or amplified to any significant degree.
Total core income is now expected to increase slightly in 2026,
for which the primary reasons are the performance in the first
half-year and the increase in interest rates at the end of the first
half-year.
Total expenses including depreciation and amortisation are ex-
pected to be at the level of or slightly higher than in 2025. 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 195-220
million is maintained, which is in accordance with the revised
forecast in the stock exchange announcement of 20 July 2026.
Interim Report
First Half of 2026
10
The Board of Directors and Executive Management have today
considered and approved the Interim Report for the period
from 1 January to 30 June 2026, for the public limited liability
company, GrønlandsBANKEN A/S.
The interim report was prepared in accordance with the Dan-
ish Financial Business Act, and the Management’s Review was
drawn up 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
June 2026, and of the result of the Bank’s activities for the first
half of 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.
Statement by the Management
Nuuk, den 19
August 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
Interim Report
First Half of 2026
11
Interim Report First Half of 2026
12
Income Statement and Statement of Comprehensive In
come
DKK 1,000
Notes
First half-
year
2026
Full year 2025
First half-
year
2025
3
Interest income
180,259
369,559
193,265
4
Interest expenses
20,861
54,250
31,690
Net interest income
159,398
315,309
161,575
Share dividend, etc.
9,789
11,971
10,045
5
Fees and commission income
49,764
102,399
48,156
Fees paid and commission expenses
186
839
130
Net interest and fee income
218,765
428,840
219,646
6
Value adjustments
5,784
19,024
4,283
Other operating income
2,933
6,340
3,381
7
Staff and administration expenses
120,174
244,385
122,121
Depreciation and impairment of tangible assets
4,865
9,621
4,645
Other operating expenses
1,142
3,270
1,610
10
Write
-downs on loans and receivables, etc. 3,874
15,539
14,520
Profit before tax
97,427
181,389
84,414
8
Tax
-11,643
536
-23,896
Profit for the period
109,070
180,853
108,310
COMPREHENSIVE INCOME
Profit for the period
109,070
180,853
108,310
Other comprehensive income:
Value adjustment of properties
3,203
6,164
3,122
Value adjustment of defined
-benefit severance/pension scheme 0
-74
0
Tax on value adjustment of properties
-801
-1,541
-780
Other comprehensive income
2,402
4,549
2,342
Comprehensive income for the period
111,472
185,402
110,652
Interim Report First Half of 2026
13
Balance Sheet
DKK 1,000
Notes
Assets
30 June 2026
31 December
2026
30 June 2025
Cash balance and demand deposits with central banks
2,767,234
3,017,699
1,935,684
9
Receivables from credit institutions and central banks
153,510
106,698
118,873
10
Loans and other receivables at amortised cost
5,036,923
4,921,760
5,168,941
11
Bonds at fair value
1,538,793
1,522,468
1,507,375
Shares, etc.
182,314
170,179
163,926
12
Assets connected to pool schemes
816,490
780,071
713,018
Land and buildings in total, domicile properties
330,124
327,716
327,652
-
Domicile properties 330,124
327,716
327,652
Other tangible assets
6,767
7,407
7,965
Other assets
108,139
115,390
93,174
Accruals and deferred income
5,397
5,072
6,038
Total assets
10,945,691
10,974,460
10,042,646
Liabilities
Liabilities to credit institutions and central banks
18,535
21,147
23,229
13
Deposits and other liabilities
7,861,955
7,873,973
7,183,322
Deposits in pool schemes
816,490
780,071
713,018
14
Issued bonds at amortised cost
348,523
348,197
273,824
Current tax liabilities
24,583
1,535
18,190
Other liabilities
76,445
76,710
82,119
Prepayments and deferred expenses
4,305
4,188
4,491
Total debt
9,150,836
9,105,821
8,298,193
Provisions for pensions and similar obligations
3,481
3,307
3,064
Provisions for deferred tax
63,632
98,831
62,173
Provisions for losses on guarantees
7,848
12,866
3,858
Other provisions
9,375
10,768
7,423
Total provisions
84,336
125,772
76,518
15
Subordinated debt
144,023
143,843
143,661
Total subordinated debt
144,023
143,843
143,661
Equity
16
Share capital 180,000
180,000
180,000
Revaluation reserves
77,471
75,069
72,788
Retained earnings
1,309,025
1,199,955
1,271,486
Proposed dividend 0
144,000
0
Total equity
1,566,496
1,599,024
1,524,274
Total liabilities
10,945,691
10,974,460
10,042,646
1
Accounting policies applied
2
Accounting estimates
17
Contingent liabilities
18
Capital conditions and solvency
Interim Report First Half of 2026
14
Statement of Changes in Equity
DKK 1,000
Share capital
Revaluation
reserves
Retained
earnings
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
2,342 0
0
2,342
Profit for the period
0
0
108,310
0
108,310
Equity 30 June 2025
180,000
72,788
1,271,486
0
1,524,274
Other comprehensive income
0
2,281 -74
0
2,207
Profit for the period
0
0 -71,457
144,000
72,543
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
2,402 0
0
2,402
Profit for the period
0
0 109,070
0
109,070
Equity 30 June 2026
180,000
77,471 1,309,025
0
1,566,496
Interim Report First Half of 2026
15
Interim Report First Half of 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. Lending 20
11. Bonds 23
12. Assets connected to pool schemes 23
13. Deposits 23
14. Issued bonds at amortised cost 24
15. Subordinated debt 25
16. Share capital 25
17. Contingent liabilities 25
18. Capital conditions and solvency 26
Overview of Notes
Interim Report First Half of 2026
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 Interim Report
1. Accounting policies applied etc.
2.
Significant accounting estimates
Interim Report First Half of 2026
18
DKK 1,000
First half-
year
2026
Full year
2025
First half-year
2025
3. Interest income
Receivables from credit institutions and central banks
27,187
41,921
21,599
Lending and other receivables
139,945
298,640
155,378
Bonds
13,061
28,700
16,016
Foreign exchange, interest rate, equity, commodity and other contracts, as
well as derivative financial instruments
66
298
272
Total interest income
180,259
369,559
193,265
4. Interest expenses
Credit institutions and central banks
39
117
53
Deposits and other liabilities
20,822
51,195
31,637
Issued Bonds
0
1,935
0
Subordinated debt
0
1,003
0
Total interest expenses
20,861
54,250
18,360
5. Fee and commission income
Securities and securities accounts
2,238
11,492
1,399
Payment settlement
17,287
36,249
16,992
Loan transaction fees
2,024
3,677
1,600
Guarantee commission
14,100
28,098
14,475
Other fees and commission
14,115
22,883
13,690
Total fee and commission income
49,764
102,399
25,775
6. Value adjustments
Lending at fair value
-281
-631
261
Bonds
1,770
7,514
3,209
Shares
85
4,699
-1,546
Currency
3,927
6,805
2,618
Foreign exchange, interest rate, equity, commodities and other contracts, as
well as derivative financial instruments
283
637
-259
Assets connected to pool schemes
77,711
12,562
-15,951
Deposits in pool schemes
-77,711
-12,562
15,951
Total value adjustments
5,784
19,024
4,283
Interim Report First Half of 2026
19
7. Staff and administration expenses
Staff expenses
Salaries 58,633
110,571
54,810
Other staff expenses 1,478
2,684
2,352
Pensions 7,304
14,128
6,970
Social security expenses 860
1,663
688
In total 68,275
129,046
64,820
Other administration expenses
51,899
115,339
57,301
Average number of FTEs
159.3
156.1
154.7
Of which salaries and remuneration to the Board of Directors and the Exec-
utive Management
3,452
6,444
3,324
(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
3,473
6,734
3,351
Variable remuneration
0
108
0
Pension
422
815
398
8. Tax
25
-% of the profit before tax 24,357
45,347
21,104
Discount for dividend tax paid
-1,484
-2,776
-2,256
Total tax on ordinary profit
22,873
42,571
18,848
Paid dividend tax
1,484
2,776
2,256
Other changes
0
189
0
Taxation value of dividend paid
-36,000
-45,000
-45,000
Tax in total
-11,643
536
-23,896
Deferred tax
801
-9,103
781
Taxation value of dividend paid
-36,000
0
-45,000
Tax to be paid
22,072
9,639
20,323
No company tax was paid in the period.
9. Amounts receivable from credit institutions and central banks
Receivables from credit institutions
153,510
106,698
118,873
Total amounts receivable
153,510
106,698
118,873
DKK 1,000
First half-
year
2026
Full year
2025
First half-
year
2025
Interim Report First Half of 2026
20
10. Lending
Write
-downs on loans, guarantees and non-utilised credit facilities:
New write
-downs concerning new facilities during the period 5,484
14,062
5,926
Reversal of write
-downs concerning redeemed facilities -4,443
-13,582
-9,943
Net write
-downs during the period as a consequence of changes in the
credit risk
3,305
16,491
19,629
Losses without preceding write
-downs 58
65
53
Received for claims previously written off
-530
-1,497
-1,145
Recognised in the statement of income
3,874
15,539
14,520
Write
-downs on loans, guarantees and non-utilised credit facili-
ties in total
213,343
223,281
243,717
DKK 1,000
Stage 1 Stage 2
Stage 3
Total
Write-downs on loans 30.06.2026
Start of the period
9,037 69,361
127,878
206,276
New write
-downs concerning new facilities during the
year
2,194 2,161
893
5,248
Reversal of write
-downs concerning redeemed facilities -860 -1,496
-1,834
-4,190
Change in write
-downs at the beginning of the year –
transfer to stage 1
8,974 -8,139
-835
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-406 3,183
-2,777
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
-72 -1,001
1,073
0
Net write
-downs as a consequence of changes in the
credit risk
-7,928 5,418
12,209
9,699
Previously written down, now finally lost
0 0
-16,544
-16,544
Interest on written
-down facilities 0 0
2,260
2,260
Write-downs in total
10,939
69,487
122,323
202,749
Write-downs on guarantees 30.06.2026
Start of the period
306 461
12,099
12,866
New write
-downs concerning new facilities during the
year
106 75
0
181
Reversal of write
-downs concerning redeemed facilities 0 0
-15
-15
Change in write
-downs at the beginning of the year –
transfer to stage 1
109 -85
-24
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-6 21
-15
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
-163 99
-5,120
-5,184
Write
-downs in total 351 571
6,926
7,848
DKK 1,000
First half-
year
2026
Full year
2025
First half-
year
2025
Interim Report First Half of 2026
21
DKK 1,000
Stage 1
Stage 2
Stage 3
Total
Write-downs on non-utilised drawing rights 30.06.2026
Start of the period
650 803
2,686
4,139
New write
-downs concerning new facilities during the
year
42 9
4
55
Reversal of write
-downs concerning redeemed facilities -49 -137
-52
-238
Change in write
-downs at the beginning of the year –
transfer to stage 1
36 -36
0
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-3 198
-195
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
-329 864
-1,745
-1,210
Write
-downs in total 347 1,701
698
2,746
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
Interim Report First Half of 2026
22
DKK 1,000
Stage 1
Stage 2
Stage 3
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 30.06.2025
Start of the period
13,779 88,282
110,634
212,695
New write
-downs concerning new facilities during the
year
1,646 1,600
2,294
5,540
Reversal of write
-downs concerning redeemed facilities -1,080 -985
-2,693
-4,758
Change in write
-downs at the beginning of the year –
transfer to stage 1
9,528 -8,303
-1,225
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-478 1,010
-532
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
-14 -12,077
12,091
0
Net write
-downs as a consequence of changes in the
credit risk
-7,440 -2,269
31,822
22,113
Previously written down, now finally lost
0 0
-557
-557
Interest on written
-down facilities 0 0
2,981
2,981
Write
-downs in total 15,941 67,258
154,815
238,014
Write-downs on guarantees 30.06.2025
Start of the period
614 1,451
9,176
11,241
New write
-downs concerning new facilities during the
year
253 66
0
319
Reversal of write
-downs concerning redeemed facilities 0 -4
-4,584
-4,588
Change in write
-downs at the beginning of the year –
transfer to stage 1
5,319 -585
-4,734
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-2 2
0
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
0 -23
23
0
Net write
-downs as a consequence of changes in the
credit risk
-5,434 -104
2,424
-3,114
Write
-downs in total 750 803
2,305
3,858
Interim Report First Half of 2026
23
DKK 1,000
Stage 1
Stage 2
Stage 3
Total
Write-downs on non-utilised drawing rights 30.06.2025
Start of the period
405 802
538
1,745
New write
-downs concerning new facilities during the
year
13 48
6
67
Reversal of write
-downs concerning redeemed facilities -86 -69
-442
-597
Change in write
-downs at the beginning of the year –
transfer to stage 1
2 -2
0
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-3 5
-2
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
184 -352
798
630
Write
-downs in total 515 432
898
1,845
11. Bonds
Covered bonds
1,538,793
1,522,468
1,494,723
In total
1,538,793
1,522,468
1,494,723
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
816,442
780,013
712,980
Non
-invested funds 48
58
38
Total
816,490
780,071
713,018
13. Deposits
On demand
7,105,806
6,534,912
6,002,808
On terms of notice
448,171
1,023,398
875,550
Special deposit conditions
307,978
315,663
304,964
Total deposits
7,861,955
7,873,973
7,183,322
DKK 1,000
First half-
year
2026
Full year
2025
First half-
year
2025
Interim Report First Half of 2026
24
14. Issued bonds at amortised cost
Bond issue
348,523
348,197
273,824
Total
348,523
348,197
273,824
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.
DKK 1,000
First half-
year
2026
Full year
2025
First half-
year
2025
Interim Report First Half of 2026
25
15. Subordinated debt
Capital certificate as below
144,023
143,843
143,661
In total
144,023
143,843
143,661
Subordinated debt included in the capital base according to CRR
144,023
143,843
143,661
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.)
6.560%
6.200%
6.093%
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.)
5.530%
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.
Loan raised as subordinated debt, nominally
40,000
40,000
40,000
Interest rate, floating rate (CIBOR 6 with an addition of 300bp.)
5.527%
5.200%
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.
16. Share capital
Share capital consists of 1,800,000 shares of DKK 100.
Own shares
Number of own shares
0
0
0
17. Contingent liabilities
Mortgage finance guarantees
780,651
780,976
833,317
Registration and remortgaging guarantees
120,217
122,993
88,063
Other guarantees
380,929
371,605
500,665
Guarantees, etc. in total
1,281,797
1,275,574
1,422,045
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 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 Resolut
ion
Fund.
DKK 1,000
First half-
year
2026
Full year
2025
First half-
year
2025
Interim Report First Half of 2026
26
18. Capital conditions and solvency
Credit risk
4,985,953
4,915,387
5,064,513
CVA risk
10,425
11,185
10,700
Market risk
243,631
275,480
223,604
Operational risk
517,541
517,541
814,497
Total risk exposure
5,757,550
5,719,593
6,113,314
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
-34,250
-21,711
-18,674
Deductions for prudent valuation
-1,725
-1,696
-1,674
Deductions for Non
-Performing Exposures -25,789
-21,525
-21,069
Actual core capital
1,429,260
1,446,092
1,417,205
Supplementary capital
144,023
143,843
143,661
Capital base
1,573,283
1,589,935
1,560,866
Bond issue
348,523
348,197
273,824
Statutory capital base
1,921,806
1,938,132
1,834,690
Actual core capital ratio
24.8
25.3
25.5
Capital ratio
27.3
27.8
23.2
Statutory capital ratio requirements
33.4
33.9
30.0
DKK 1,000
First half-
year
2026
Full year
2025
First half-
year
2025
Interim Report First Half of 2026
27