After the first half of 2025, Grønlandsbanken's pre-tax profit stands at DKK 84.4 million compared to DKK 120.1 million in the first half of 2024. The decline was anticipated and is primarily due to the decreasing interest rate level.

Overall, loans and deposits have increased by more than DKK 650 million in the past year, and Grønlandsbanken has a total business volume of over DKK 16 billion. Bank Director Martin Kviesgaard is not surprised by the result.

”We are exiting the first half of the year with positive yet somewhat subdued growth in lending, which aligns well with our forecasts. In contrast, deposits and the pension sector are growing significantly. The lower interest rate environment is impacting the top line, but conversely, it will be beneficial for the many customers facing investments in, for example, boats, cars, or housing.”

The bank has continued its investment in employee training, and at the same time, there are more employees in the bank.

”There is a natural increase in costs associated with collective agreement regulation, and we continue to invest in a better customer experience and attractive customer solutions in online banking. We can see that customers are pleased with this.” states the bank director.

The bank's holdings of securities and currency exceeding DKK 1.5 billion have positively contributed to the results. In addition to significant income from dividends on stocks and interest on bonds, exchange rate adjustments at the end of the first half of 2025 represent a capital gain of DKK 4.3 million compared to a capital gain of DKK 3.9 million in the same period of 2024.

A robust bank with strong customers

The customers of Grønlandsbanken are on a solid financial foundation, and loan losses are low. This results in low write-downs on loans and guarantees, which in the first half of 2025 amount to DKK 14.5 million compared to DKK 11.3 million in the first half of 2024.

“We still see that the economy in Greenland is being affected both negatively and positively. The increased tourism is generating greater income for the community, and we can see that a number of investment decisions in tourism are very close to being made. Conversely, several infrastructure investments are nearing completion, and the income from fishing is declining, which is putting some pressure on Greenland's economy this year and next year.” concludes Martin Kviesgaard.

In the stock exchange announcement of December 11, 2024, the forecast for the year's pre-tax result for 2025 was set at a range of DKK 150-185 million, which is maintained.

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