REPORT FOR THE FIRST NINE MONTHS OF 2012

Transcription

1 Announcement to Nasdaq OMX Copenhagen 15/ October 2012 REPORT FOR THE FIRST NINE MONTHS OF 2012 Q GER-nr The BANK of Greenland - the first nine months of /17

2 SUMMARY The BANK of Greenland heightens its expectations for 2012 The BANK of Greenland turned a very satisfactory profit of DKr m on ordinary activities for the first nine months of 2012 as compared with DKr m for the same period of This profit provided a return of 19.5% per year on the shareholders equity as at the start of 2012 and after paid out dividend. The profit before price adjustments and impairments increased very satisfactorily to DKr m as compared with DKr m for the first nine months of Net income on interest and charges rose by DKr m to DKr m as compared with the same period of 2011.This increase can primarily be ascribed to interest receivable based on a greater volume of lending and an increase in interest margins. Other income from ordinary activities amounted to DKr m as compared with DKr m at the end of Q Expenses for staff and administration rose by DKr m to DKr m. This increase can primarily be ascribed to increasing IT expenses as well as higher staff expenses. Depreciation of tangible assets rose by DKr m to DKr m in 2012 primarily because of impairments on the bank s newly renovated branch office in Sisimiut. Other expenses from ordinary activities fell to DKr m from DKr m during the same period of In 2011, this item was burdened by DKr m due to several bank failures in Denmark as well as DKr m in commissions to the Financial Stability company. Price adjustments amounted to a plus of DKr m as compared with a minus of DKr m during the first nine months of Impairment on the bank s loans and advances, etc. amounted to DKr m as compared with DKr m during the first nine months of Impairments remain at very modest levels and amount to 0.3% of the bank s total loans, advances and guarantees. Please note that the Danish Financial Supervisory Authority performed an inspection of The BANK of Greenland in August. Their report was published at the end of September. This inspection did not lead to any changes in the bank s loan impairments or other valuation of assets. The BANK of Greenland s loans and advances amount to DKr 2,982,423,000, which represent an increase of DKr m since 30 September 2011; however, they also represent a decrease of DKr m since the end of The bank s deposits increased by DKr m to DKr 3,808,233,000. At the end of Q3 2012, The BANK of Greenland continues to maintain a comfortable excess of deposits. It also has excess coverage of 183.7% based on statutory requirements for liquidity. At the end of Q3 2012, The BANK of Greenland s solvency ratio was 19.5% before calculation of the profit for the period. As at 30 September 2012, the bank s individual solvency requirement had fallen to 9.7 % from 10.3% as at 30 June Based on satisfactory developments, expectations for profits before price adjustments and impairments for the whole year have been increased from the previous DKr m to the present DKr m. The profit before price adjustments and impairments was DKr 120 m in For the first time in 2012, The BANK of Greenland is publishing its expectations for the profit on ordinary activities: DKr m as compared with DKr 78 m in Until now, The BANK of Greenland s highest profit on ordinary activities was DKr 112 m in The BANK of Greenland - the first nine months of /17

3 TABLE OF CONTENTS Financial Highlights and Key Figures... 4 Management s Report Profit and Loss Account and Comprehensive Income for 1 January 30 September Balance Sheet as at 30 September Shareholders Equity Notes on the Profit and Loss Account Notes on the Balance Sheet Statement from the Boards of Directors and Management The BANK of Greenland - the first nine months of /17

4 FINANCIAL HIGHLIGHTS AND KEY FIGURES Financial highlights First nine months First nine months Whole year First nine months First nine months First nine months Net income from interest and charges 206, , , , , ,590 Price adjustments 12,687-17,047-29,502 7,849-12,955-32,022 Other ordinary income 3,097 1,709 2,725 6,342 3,684 1,454 Staff expenses and other adm. Expenses 92,253 85, ,194 80,774 77,365 69,374 Depreciation & impairment of tangible Assets 8,869 7,438 12,422 7,158 5,577 2,099 Other ordinary expenses 1,683 5,913 5,283 10,252 12,433 6,307 Impairment of loans, advances, etc. 9,167 7,819 12,470 12,462 10,869 1,956 Profit on ordinary activities 110,224 64,385 78,329 77,539 64,963 62,286 Tax 35,041 20,468 24,726 24,647 20,607 19,760 Net profit for the financial period 75,183 43,917 53,602 52,892 44,356 42,526 Selected accounting items: Loans and advances 2,982,423 2,963,522 3,063,171 2,869,636 2,688,870 2,650,689 Deposits 3,808,233 3,383,494 3,748,395 3,223,780 2,887,061 3,313,512 Shareholders equity 832, , , , , ,931 Balance sheet total 4,843,170 4,494,579 4,813,013 4,370,413 3,884,944 4,157,014 Off-balance sheet items 970, , , , , ,676 Key figures Solvency ratio Core capital ratio Return on shareholders equity before tax Return on shareholders equity after tax Earnings per expense DKr Interest risk Currency position Loans and advances in relation to deposits Loans and advances in relation to shareholders Equity Growth in loans and advances in the period Excess coverage in relation to statutory requirement for liquidity Sum of major exposures Impairment ratio for the period Accumulated impairment percentage Net profit for the year per share Equity of the share Share price/equity of the share The BANK of Greenland - the first nine months of /17

5 MANAGEMENTS REPORT Profit and Loss Account Net income from interest increased by DKr m to DKr m compared with the same period of This increase can be ascribed to an increased volume of lending and improvements in the bank s interest margins as compared with Income from charges and commissions increased by DKr m to DKr m during the first three quarters of Approximately half of this increase can be ascribed to an increase in lending and guarantee activities as well as loan conversions. Price adjustments amount to a total gain of DKr m as compared with a loss of DKr m during the same period of The gain was primarily the result of rising prices on the bank s holdings in Scandinotes IV Mezzanine. This was the same holding of Scandinotes bonds that was the cause of significant negative price adjustments in The price increase in 2012 must be viewed in light of the redemption of bond loans announced by Sparbank and Vestfyns Bank in November The bank continues to maintain a very low interest risk of 1.5%. Total expenses and depreciation increased by DKr m to DKr m. This increase was caused primarily by increases in IT costs and staff expenses. The first three quarters of 2011 were burdened by payments to the Danish Guarantee Fund for Depositors and Investors of DKr m caused by a number of bank failures. In 2012, payments to the Guarantee Fund have been replaced by an insurance-based model calling for payment of a fixed annual contribution of DKr m for the first three quarters of Unlike 2012, 2011 was also burdened by a commission paid to Financial Stability; in February 2012, the bank redeemed the last government-secured bonds. Depreciations increased by DKr m to DKr m during the first three quarters of 2012 when compared with the same period of This increase is primarily the result of depreciation on the bank s newly renovated branch office in Sisimiut. Impairment of the bank s loans and advances amounted to DKr m as compared with DKr m during the same period of These impairments take the stricter requirements from the Danish Financial Supervisory Authority into account. Impairment and provisions for loss on bad debts and guarantees remain modest. Selected Highlights and Key Figures (Dkr 1,000) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q Net income from interest and charges 68,783 70,352 67,277 66,672 64,770 61,170 60,863 61,240 Expenses and depreciation 32,791 34,616 35,398 36,638 31,237 32,492 35,532 35,262 Other ordinary income 1,251 1, , Profit before price adjustments and impairments 37,243 36,861 32,600 31,050 34,163 29,373 25,715 26,669 Price adjustments 9, ,159-12,455-3,612-7,644-5,791-3,970 Impairment of loans, advances, etc. 2,761 3,297 3,109 4,651 2,652 2,956 2,211 2,119 Profit on ordinary activities 43,651 33,923 32,650 13,944 27,899 18,773 17,713 20,580 The BANK of Greenland - the first nine months of /17

6 MANAGEMENTS REPORT The profit before price adjustments and impairments increased very satisfactorily to DKr m as compared with DKr m during the same period of The profit on ordinary activities was DKr m as compared with DKr m during the same period of This profit created a return on the shareholders equity at the start of the period, after distribution of dividends, by 19.5%. Balance sheet and shareholders equity At the end of the first nine months of 2012, the bank s loans and advances amounted to DKr 2, m, i.e. a decrease of DKr m compared with the end of Compared with the same time in 2011, loans and advances have increased by DKr m. Bond holdings have increased by DKr m to DKr m at the end of the third quarter of Of this increase, commercial bonds for DKr m were bought during the first three quarters. The bank s deposits, of which the major share is deposits on demand, increased by DKr m since the end of the third quarter of 2012, to DKr 3,808,233,000. The balance sheet total thus remains at roughly the same level as at the end of 2011: DKr 4, m as compared with DKr 4, m at the end of At the end of the third quarter of 2012, the shareholders equity amounts to DKr m. Capital The BANK of Greenland is using the standard method for credit and market risks as well as the base indicator method for operational risks. For the present, the bank does not see the need to introduce more advanced models for calculating solvency. The solvency ratio at The BANK of Greenland, into which the profit for the period has not been included, is 19.5%. At the end of Q3 2012, the bank s individual solvency requirement is 9.7% as compared with 10.3% as at 30 June For further information about the above, please see The BANK of Greenland s report, including the bank s solvency requirement, on its website Investor, Public disclosure. Liquidity The BANK of Greenland maintains a comfortable excess of deposits. With excess coverage of 183.7% at the end of Q3 2012, the bank has a solid funding structure. Extremely low interest rates continue to present a challenge to the BANK of Greenland s ability to earn. In 2010, The BANK of Greenland issued government secured bonds amounting to a total of DKr 400 m out of a potential total of DKr 1 billion. The bank maintained DKr 300 m in its own holdings The BANK of Greenland - the first nine months of /17

7 MANAGEMENTS REPORT until Q2 of 2011 when it decided, based on its extremely strong liquidity base and capital structure to prematurely redeem all DKr 300 m. In February 2012, the bank redeemed the remaining DKr 100 m and has thus prematurely redeemed all its issued government secured bonds. For the time being, The BANK of Greenland has decided not to take advantage of the Danish central bank s lending scheme; by the same token, such an option has not been included in the bank s liquidity planning. Accounting Policies, etc. This quarterly report has been prepared in compliance with the Danish Financial Enterprise Act and the executive order on financial reports for credit institutions and stock broking companies, etc. Furthermore, the quarterly report has been prepared in accordance with supplementary Danish requirements for disclosure concerning quarterly reports for listed financial enterprises. The accounting policies used are the same as those used in the annual report for Tax, consisting of current tax and changes in deferred tax, is included in the profit and loss account as that amount referring to the profit for the period. It is included directly in the shareholders equity as that amount referring directly to entries on the shareholders equity. When calculating taxable income, Greenland allows for a deduction for dividends to the company paying the dividends. The taxable value of this deduction is added to the shareholders equity at the time when the general meeting approves the dividend. Deferred tax assets are included in the balance sheet with the value at which the asset is expected to be realizable. At the completion of the account for the first six months of 2012, we discovered that, for the annual report for 2011, a tax asset of DKr m had been mistakenly entered. This error caused the bank s net profits and shareholder s equity to be equivalently too high. The error was corrected in the second quarter and comparative figures for 2011 have been corrected. This nine-month report has not been audited or reviewed. Accounting Estimates The calculation of the accounting value of certain assets and commitments is based on estimates of the manner in which future events impact the value of these assets and commitments. The most significant estimates concern the impairment of loans, reserves on guarantees, calculation of the current value of unlisted financial instruments, assessment of owner-occupied properties and provided-for commitments. These estimates are based on assumptions that the bank s management perceives as defensible, but which are uncertain. Moreover, the bank is impacted by risks and uncertainties that can influence events, so that the actual results can deviate from the estimates. The BANK of Greenland - the first nine months of /17

8 MANAGEMENTS REPORT For impairment of loans and advances, there is a significant estimate attached to the determination of the risk that not all future payments will be received. Furthermore, group impairments continue to be associated with a degree of uncertainty. Listed financial instruments, which, in light of current financial unrest, have been priced in markets with a low turnover, can involve a much higher degree of uncertainty than previously experienced when calculating the current cost. In 2012, the bank has calculated a change in its depreciation profile for the bank s headquarters, the newly renovated branch office in Sisimiut as well as individual recently built staff housing which, in total, means that depreciation as at the end of September 2012 is DKr m less than our previous estimate. For provisions on commitments, there is a significant estimate attached to the determination of future employee turnover as well as a determination of the interest commitment on savings accounts that receive an extra high interest from the government. The Supervisory Diamond The BANK of Greenland has taken the five indicators in The Danish Financial Supervisory Authority so called Supervisory Diamond under consideration, and it is the bank s goal to live up to them with due concern for the daily operation of the bank. The sum of major exposures (less than 125% of base capital).. The BANK of Greenland 96.5 % Lending growth (less than 20% per year).. The BANK of Greenland -2.6 % Real estate exposure (less than 25% of total lending) The BANK of Greenland 12.4 % Stable funding (loans/working capital less bonds maturing in less than 1 year. Limit: less than 1. The BANK of Greenland 0.64 Liquidity adequacy (more than 50%). The BANK of Greenland 183.7% Concerning the sum of major exposures, the bank s policy is that the sum of major exposures in companies owned by the government or the municipalities may not exceed 75 % and the sum of other exposures may not exceed 75%. As of 30 September 2012, the distribution is 32% on exposures with firms run by the government or the municipalities and 64 % on other exposures. The BANK of Greenland has exposures in real estate enterprises owned by the government or the municipalities (they are included under public authorities in the bank s list of the bank s exposures according to line of business). These exposures are not included in the calculation of propertyrelated exposures in the Supervisory Diamond. Other information Board member, Jørn Skov Nielsen, former manager of the Bureau of Minerals and Petroleum, has per 1 August 2012 been appointed permanent secretary of the Ministry of Industry and Labour. Because of this, Jørn Skov Nielsen has chosen to withdraw his position in the Board of Directors of the BANK of Greenland, with effect from the board meeting held 15 August The BANK of Greenland - the first nine months of /17

9 MANAGEMENTS REPORT In consequences of this the vacant position in the Board of Directors is expected to be filled in at the forthcoming Annual General Meeting to be held on 20 March Until then the Board of Directors of the BANK will consist of 5 members elected by the Annual General Meeting and 3 members elected by the employees. Outlook for all of 2012 Economic developments are expected to continue to create challenges for the financial sector. In 2012, the economy of Greenland is expected to experience weak negative growth. The BANK of Greenland does not expect a significant negative impact on its basic banking activities, but the bank will continue to experience stagnating lending. The bank believes that the credit worthiness of its loan portfolio is satisfactory. Regulation of its loans is therefore expected to be modest in At the beginning of August, the Danish Financial Supervisory Authority conducted its routine examination at the bank. The final report was ready at the end of August. This examination resulted in no changes or corrections in the bank s loan impairments, the value of its assets or the bank s calculated solvency requirement. Based on satisfactory developments, the bank has increased its expectations for the annual profit before price adjustments and impairments from the previous DKr m to DKr m. In 2011, the profit before price adjustments and impairments amounted to DKr 120 m. For the first time in 2012, The BANK of Greenland is publishing its expectations for the profit on ordinary activities: DKr m as compared with DKr 78 m in Until now, The BANK of Greenland s highest profit on ordinary activities was DKr 112 m in October 2012 The Board of Directors The BANK of Greenland - the first nine months of /17

10 (DKr 1,000 ) PROFIT AND LOSS ACCOUNT Q 1-3 whole year Q 1-3 Notes Interest receivable 171, , ,636 2 Interest payable 17,680 35,445 26,896 Net income from interest 154, , ,740 Dividend on shares, etc Charges and commissions receivable 52,816 66,723 49,910 Charges and commissions payable 1,184 1,505 1,257 Net income from interest and charges 206, , ,803 4 Price adjustments 12,687-29,502-17,047 Other ordinary income 3,097 2,725 1,709 5 Staff expenses and administrative expenses 92, ,194 85,910 Depreciation and impairments on tangible assets 8,869 12,422 7,438 Other operating expenses 1,683 5,283 5,913 8 Impairments on loans, advances, etc. 9,167 12,470 7,819 Profit on ordinary activities 110,224 78,329 64,385 6 Tax 35,041 24,727 20,468 Net profit for the financial period 75,183 53,602 43,917 Total income Net profit for the financial period 75,183 53,602 43,917 Reversed depreciation on owner-occupied property 2,580 6,649 3,140 Reversed appreciation on owner-occupied property , Tax of other total income Net total income for the financial period 77,545 49,817 47,692 The BANK of Greenland - the first nine months of /17

11 (DKr 1,000 ) BALANCE SHEET 30 September 31 December 30 September Notes ASSETS Cash in hand and claims at call at central banks 475, , ,818 7 Claims on credit institutions and central banks 344, , ,325 Loans, advances and other receivables at redeemed 8 price 2,982,423 3,063,171 2,963,522 9 Bonds at current price 718, , ,184 Shares, etc. 102,890 92,536 96,004 Total, property and buildings, premises 191, , ,088 Total tangible assets 9,000 9,393 9,080 Other assets 14,061 15,569 14,574 Prepayments and accrued income 5,246 3,071 2,984 Total assets 4,843,170 4,813,013 4,494,579 LIABILITIES Debt to credit institutions and central banks 49,850 47,746 79, Deposits and other debt 3,808,233 3,748,395 3,383, Issued bonds 0 99,910 99,895 Current tax commitments 27,069 9,369 30,450 Other liabilities 60,594 49,923 57,125 Accruals and deferred income 1,646 3,190 1,556 Total debt 3,947,392 3,958,533 3,652,260 Reserves for deferred tax 54,833 53,998 49,431 Reserves for losses on guarantees 522 1, Other reserved commitments 7,685 7,499 7,085 Total reserved commitments 63,040 62,574 57,482 Shareholders equity 12 Share capital 180, , ,000 Reserves for write-ups 23,515 21,723 27,570 Brought forward from prior years 629, , ,267 Total shareholders equity 832, , ,837 Total liabilities 4,843,170 4,813,013 4,494, Off-balance sheet items 14 Solvency and capital The BANK of Greenland - the first nine months of /17

12 SHAREHOLDERS EQUITY (DKr 1,000 ) Share capital Reserves for write-ups Profit brought forward Shareholders equity 01 January ,000 24, , ,380 Paid dividend - 18,000-18,000 Tax value of paid dividend 5,724 5,724 Total Trade, own shares, net -8,048-8,048 Regulation to current value, owner-occupied property 3,140 3,140 Net profit for the financial year brought forward to shareholders equity Net profit for the period brought forward to shareholders equity 43,917 43,917 Shareholders equity, 30 September ,000 27, , ,837 Trade, own shares, net 2,482 2,482 Regulation to current value, owner-occupied property 1,395 1,395 Reversal of previous years write-up - 7, ,493 Net profit for the financial year brought forward to shareholders equity 15,409 15,409 Correction transferred to profit brought forward (cf,accounting Policies) - 5,724-5,724 Shareholders equity 31 December ,000 21, , ,906 Proposed dividend - 54,000-54,000 Tax value of proposed dividend 17,171 17,171 Shareholders equity 01 January ,000 21, , ,906 Dividend paid - 54,000-54,000 Tax value of dividend paid 17,171 17,171 Trade, own shares, net Regulation to current value, owner-occupied property 2,580 2,580 Reversal of previous years write-up Net profit for the financial year brought forward to shareholders equity 75,183 75,183 Shareholders equity 30 September ,000 23, , ,738 The BANK of Greenland - the first nine months of /17

13 NOTES ON THE PROFIT AND LOSS ACCOUNT Q 1-3 whole year Q 1-3 (DKr 1,000 ) Interest receivable/premiums on Claims on credit institutions and central banks 1,285 5,287 4,215 Loans and advances 160, , ,797 Bonds 12,467 16,040 11,654 Total derivatives - 2,202-3,075-2,030 Of which Currency contracts Interest contracts - 2,202-3,084-2,039 Total interest receivable 171, , ,636 2 Interest payable to Credit institutions and central banks 651 2,068 1,772 Deposits 16,690 31,608 23,863 Bonds issued 339 1,769 1,261 Total interest payable 17,680 35,445 26,896 3 Charges and commissions payable to Securities and depositories 2,151 2,731 2,079 Payment transfers 22,973 29,719 21,947 Charges on loan proceedings 7,528 9,131 6,487 Guarantee commission 10,368 13,011 9,930 Other charges and commissions 9,796 12,131 9,467 Total charges and commissions payable 52,816 66,723 49,910 4 Price adjustments of Loans and advances at current price 16,001 14,077 11,733 Bonds 11,057-23,636-16,003 Shares 472-7,311-2,144 Foreign currency 1,158 1,445 1,100 Derivatives - 16,001-14,077-11,733 Total price adjustments 12,687-29,502-17,047 The BANK of Greenland - the first nine months of /17

14 NOTES ON THE PROFIT AND LOSS ACCOUNT Q 1-3 whole year Q 1-3 (DKr 1,000 ) Staff and administrative expenses Salaries and remuneration to Boards of Directors and Management Board of Directors 854 1, Board of Management 1,977 2,236 1,736 Total 2,831 3,286 2,624 Staff expenses Wages and salaries 37,266 48,587 35,199 Other staff expenses 2,137 3,748 3,167 Pensions 4,304 5,143 3,805 Social security expenses Total 44,061 57,914 42,491 Other administrative expenses 45,361 56,994 40,795 Total staff and administrative expenses 92, ,194 85,910 The average number of employees calculated as full-time employees Tax 30% 33,067 23,499 19,316 Paid dividend tax of Danish shares %-supplement 1,974 1,410 1,152 Other adjustments Total tax on the profit on ordinary activities 34,872 24,613 20,354 Paid dividend tax Total tax 35,041 24,727 20,468 Deferred tax 0 9,694 0 Tax value of paid dividend 17,172 5,724 5,724 Tax payable 17,869 9,309 14,744 No corporate tax has been paid during the period The BANK of Greenland - the first nine months of /17

15 NOTES ON THE BALANCE SHEET 30 September 31 December 30 September (DKr 1,000 ) Claims on credit institutions and central banks Claims on notice at central banks Claims at credit institutions 344, , ,325 Total claims 344, , ,325 8 Loans and advances Impairments on loans, advances and claims Loans and advances 9,722 12,387 7,774 Guarantees Total impairments during the past nine months 9,167 12,470 7,819 Individual impairments At the start of the priod 50,956 50,124 50,124 Impairments during the period 20,794 17,781 14,413 Reversal of impairments made in prior accounting Years 8,072 6,382 6,033 Irreversibly lost (depreciated) previously individually Impaired 13,168 10,175 2,252 Other movements At the end of the period 49,672 50,956 56,141 Group impairments At the start of the period 8,027 4,460 4,460 Impairments during the period 250 3,651 2,015 Reversal of impairments made in prior accounting Years Other movements At the end of the period Bonds of which DKr 50,000,000 has been deposited as security at Danmarks Nationalbank 10 Deposits On demand On notice Time deposits Special categories of deposits Total deposits 3,808,233 3,748,395 3,383,494 The BANK of Greenland - the first nine months of /17

16 NOTES ON THE BALANCE SHEET 30 September 31 December 30 September (DKr 1,000 ) Danish government secured bonds 0 99,910 99, Share capital The bank's share capital consists of 1,800,000 DKr 100 shares Own holdings Number of own shares 39,477 39,475 39,761 Nominal value of own holdings 3,948 3,948 3,976 Percentage of share capital at the end of the period Off-balance sheet items Finance guarantees 14,283 16,010 14,716 Loss guarantees on mortgage credit loans 430, , ,190 Registration and conversion guarantees 230,128 98,495 73,625 Other guarantees 294, , ,214 Total guarantees, etc. 969, , ,745 Irrevocable standby letters of credit 750 3, Total other off-balance sheet items 750 3, Solvency in accordance with the Danish Financial Supervisory Authority s executive order on capital adequacy: Non-traded weighted items 3,121,581 3,117,034 3,045,716 Weighted items with market risk, etc. 327, , ,589 Weighted items with operational risk 447, , ,118 Group impairments under the standard method - 8,046-8,027-5,673 Total weighted items 3,888,787 3,774,640 3,659,750 Core capital after deduction in percentage of riskweighted items 18,9 19,4 19,5 Base capital after deduction 758, , ,920 Core capital after deduction 734, , ,350 The BANK of Greenland - the first nine months of /17

17 STATEMENT FROM THE BOARDS OF DIRECTORS AND MANAGEMENT The Board of Directors and the Board of Management have today reviewed and approved the report for the period 1 January September 2012 for The BANK of Greenland A/S. The report for the first nine months of 2012 has been presented in accordance with the Act on Danish Financial Enterprise. Furthermore, the report for the first nine months of 2012 has been written in accordance with other Danish requirements for reports covering parts of years for listed credit institutions. The Management s Report gives a true and fair view of developments in the bank s activities and financial position and describes significant risk and uncertainty factors that may affect the bank. In our opinion, the accounting policies chosen provide a true and fair view of the bank s assets, liabilities, and financial position as at 30 September 2012, and of the profit stemming from the bank s activities during the first nine months of October 2012 The Board of Management Martin Kviesgaard The Board of Directors Gunnar í Liða Kristian Lennert Frank Bagger Chairman Deputy Chairman Anders Brøns Allan Damsgaard Yvonne Kyed Jette Radich Vagn T. Raun The BANK of Greenland A/S, telephone The BANK of Greenland - the first nine months of /17