Greenlandic bank unveils first quarter profits

The bank expects profits of 125-145 million kroner for the year

Greenlandic bank Grønlandsbanken has made an encouraging start to the year after revealing its financial results for the first quarter of 2014.

Despite stagnating income from interest and fees, the bank managed to increase its profits from 32.1 million kroner before tax during the first quarter last year to 34.6 million kroner this quarter.

The bank earned 7.8 million kroner on value adjustments – up from just 0.6 million kroner during the same period the year before.

Success to continue
The bank expects that the second quarter will continue to provide profits thanks to plans for a positive value adjustment on its stock in Sparinvest Holding.

Despite the result, Grønlandsbanken said it will maintain its expectation that it will see profits of 125-145 million kroner, compared to the 135 million kroner it reaped in 2013.