Q1 2025 for the BANK of Greenland

Core Insights - The BANK of Greenland reported a profit before tax of DKK 39.1 million for Q1 2025, a decrease from DKK 61.8 million in Q1 2024, primarily due to declining interest rates [1] - Lending increased by DKK 94 million to DKK 5,125 million by the end of March 2025, while guarantees decreased by DKK 35 million to DKK 1,388 million [2] - Net interest and fee income fell by DKK 11.7 million to DKK 108.0 million compared to Q1 2024, attributed to lower interest rates [3] - Total expenses rose to DKK 64.4 million in Q1 2025 from DKK 59.2 million in Q1 2024, driven by increased staff and IT-related expenses [4] - Value adjustments showed a capital gain of DKK 7.2 million, up from DKK 5.4 million in the same period last year, benefiting from positive bond market trends [5] - Impairment write-downs for loans and guarantees increased to DKK 13.4 million in Q1 2025 from DKK 5.3 million in Q1 2024, although creditworthiness remains satisfactory [6] - The forecast for profit before tax for 2025 remains unchanged at DKK 150-185 million [7]