The Bank of Greenland
CVR-no. 80050410
Notification to Nasdaq OMX Copenhagen
08/2025
Interim Report
First half of 2025

Interim Report
First half of 2025
1
Management’s Review 2
Interim Report in headlines 2
Financial Highlights for the first half of 2025 4
Management’s Review, first half of 2025 5
Management Statement 11
Income Statement and Statement of Comprehensive Income 13
Balance Sheet 14
Statement of Changes in Equity 15
Overview of Notes 17
Notes to the Interim Report 18
Contents

Interim Report
First half of 2025
Management’s Review
2
Interim Report in headlines
The BANK of Greenland's profit before tax amounted to DKK
84.4 million for the first half of 2025, compared to DKK 120.1
million for the first half of 2024. The profit before value adjust-
ments and write-downs is, as expected, affected by the declin-
ing level of interest rates, and amounted to DKK 94.7 million,
compared to DKK 127.5 million for the previous year.
Lending has increased by DKK 138 million since the end of
2024, amounting to DKK 5,169 million at the end of the first
half-year. It was expected that Greenland's economic develop-
ment would result in positive, but more subdued growth in the
Bank’s lending in 2025. Guarantees decreased by DKK 1 million
from DKK 1,423 million at the end of 2024 to DKK 1,422 mil-
lion at the end of the first half of 2025.
Net interest and fee income decreased by DKK 22.7 million to
DKK 219.6 million in the first half of 2025, compared to the
same period in 2024. The decrease is primarily due to the de-
velopment in market interest rates, compensated by the in-
creasing business volume in the Bank.
Total expenses including depreciation amounted to DKK 128.4
million at the end of the first half of 2025, compared to DKK
117.5 million for the same period in 2024.
The increase concerns staff expenses as a consequence of col-
lective agreement-based adjustments and continued investment
in more employees, as well as other administration expenses,
where the increase can be attributed primarily to IT expenses
and supplementary training of employees.
At the end of the first half of 2025, value adjustments showed a
capital gain of DKK 4.3 million, compared to a capital gain of
DKK 3.9 million for the same period in 2024. Interest rate
trends resulted in positive development in the Bank’s bond
holdings, while the currency area declined slightly. In isolated
terms, the Bank's holdings of sector equities performed nega-
tively, although sector equities yielded high dividends in 2025.
Impairment of loans and guarantees amounted to DKK 14.5
million in the first half of 2025, compared to DKK 11.2 million
in the first half of 2024. The Bank sees continued satisfactory
creditworthiness in the loan portfolio. In addition to the Bank’s
individual impairment models, a management supplement of
DKK 39.7 million has been allocated. In particular, the supple-
ment accommodates the risks associated with increasing infla-
tion and interest rates, and greater cyclical uncertainty.
In the stock exchange announcement of 11 December 2024,
the forecast profit before tax for 2025 was stated as a range of
DKK 150-185 million, which remains unchanged.
Management’s Review
The profit before tax gives a return of 11.6% p.a. on opening equity after disbursement of dividend.
Loans at DKK 5.2 billion.
Deposits at DKK 7.2 billion.
Core earnings per krone in costs of 1.74 in the first half of 2025, compared to 1.93 in the first half of 2024.
Write-downs and provisions of 0.2% for the period.
Solvency ratio of 25.5 and a capital requirement of 10.5%.

Interim Report
First half of 2025
Management’s Review
3

Interim Report
First half of 2025
Management’s Review
4
Financial Highlights for the first half of 2025
First half-
year
First half-
year
Full year
First half-
year
First half-
year
First half-
year
2025
2024
2024
2023
2022.
2021
Net interest and fee income
219,646
242,363
470,264
203,990
167,808
168,148
Value adjustments
4,283 3,917 28,578 10,992 -25,195 5,115
Other operating income
3,381
2,617
5,400
3,005
3,049
2,179
Staff and administration expenses
122,121
110,806
226,362
102,828
92,437
93,229
Depreciation and impairment of tangible assets
4,645 4,316 9,017 4,035 3,636 3,486
Other operating expenses
1,610
2,363
4,255
1,866
1,696
1,602
Write-downs on loans and receivables, etc.
14,520
11,272
18,909
6,279
2,112
2,331
Profit before tax
84,414
120,140
245,699
102,979
45,781
74,794
Tax
-23,896 5,285 36,689 16,746 -5,893 7,882
Profit for the period
108,310 114,855 209,010 86,233 51,674 66,912
Selected balance sheet items:
Lending
5,168,941 5,097,302 5,030,995 4,638,998 4,009,541 3,824,443
Deposits
7,183,322 6,553,883 7,152,807 6,062,029 5,673,324 5,879,878
Equity
1,524,274 1,497,207 1,593,622 1,370,904 1,249,277 1,200,414
Total assets
10,042,646 9,056,827 10,021,543 8,222,783 7,544,633 7,537,865
Contingent liabilities
1,422,045 1,733,133 1,422,643 1,830,345 1,972,396 1,914,893
Key figures:
Capital ratio
25.5 25.9 26.9 24.0 22.8 22.7
Core capital ratio
23.2 24.7 25.1 22.9 22.8 22.7
Return on equity before tax for the period
5.4 8.1 16.0 7.7 3.6 6.3
Return on equity after tax for the period
6.9 7.7 13.6 6.4 4.1 5.6
Income per cost
krone 1.6 1.9 2.0 1.9 1.5 1.7
Rate of return
1.1 1.3 2.1 1.0 0.7 0.9
Interest risk rate
0.8 0.6 0.6 1.3 1.4 1.5
Foreign exchange position
0.3 0.4 0.5 0.3 0.3 0.9
Liquidity coverage ratio
264.2 234.4 266.2 217.2 207.9 259.6
Net stable funding
ratio 135.3 129.4 137.5 129.6 - -
Lending plus write
-downs as a ratio of deposits 68.5 74.6 67.0 74.4 68.9 65.1
Lending as a ratio of equity
3.4 3.4 3.2 3.4 3.2 3.2
Growth in lending for the period
2.7 5.9 4.5 6.6 6.0 -4.5
Sum of large
exposures 136.1 151.7 136.0 166.5 164.0 163.1
Write
-down ratio for the period 0.2 0.2 0.3 0.0 0.0 0.0
Accumalated write
-down ratio 3.6 3.2 3.4 3.0 3.1 3.2
Profit per share after tax for the period
46.9 66.7 116.1 47.9 28.7 37.2
Net book value per
share 856.8 831.8 885.3 761.6 694.0 666.9
Stock exchange quotation/net book value per share
0.9 0.8 0.8 0.8 0.9 0.9

Interim Report
First half of 2025
Management’s Review
5
Management’s Review, first half of 2025
Statement of income
At TDKK 161,575, compared to TDKK 184,019 for the first
half of 2025, net interest income decreased by 12%. A falling
level of interest rates in 2025 was expected, and in the same
period the certificate of deposit interest rate decreased from
3.35% to 1.6% at the end of June 2025.
The Bank also saw shifts in deposits in favour of savings and
high-interest-rate accounts, thereby reducing the deposit mar-
gin during 2024 and 2025.
The increase in lending and deposits in 2024 and 2025 offsets
the development in the level of interest rates.
Share dividend increased by TDKK 1,186 to TDKK 10,045 as of
30 June 2025. The Bank solely holds sector equities.
Fee and commission income decreased by TDKK 1,432 com-
pared to the same period of 2024. Lower payment settlement
fees and a lower guarantee level are the primary contributing
factors.
Net interest and fee income decreased overall by TDKK 22,717
to TDKK 219,646 for the first half of 2025.
Other operating income amounted to TDKK 3,381, which is an
increase of TDKK 764 from the first half of 2024. The differ-
ence primarily concerns non-recurring income.
Staff and administration expenses amounted to TDKK 122,121,
which is an increase of TDKK 11,315 compared to the first half
of 2024. Staff expenses increased by TDKK 6,467 as a result of
staff increases and salary increases under collective agreements.
Administration expenses increased by TDKK 4,848. The in-
crease primarily concerns IT expenses and supplementary train-
ing of employees.
Other operating expenses, which mainly concern operation
and maintenance of the Bank's office buildings, decreased by
TDKK 753 to TDKK 1,610 in the first half of 2025, compared
to the same period of 2024. The increase is due to the lower
contribution to the Resolution Fund for 2025.
Depreciation of properties and fixtures and fittings amounted
to TDKK 4,645, compared to TDKK 4,316 for the same period
in 2024.
The profit before value adjustments and write-downs is TDKK
94,651, compared to TDKK 127,495 in the first half of 2024.
Value adjustments present a total capital gain of TDKK 4,283,
compared to a capital gain of TDKK 3,917 for the same period
in 2024. In terms of value adjustments alone, the Bank’s hold-
ings of sector equities performed negatively, although this
should be viewed against share dividends, as described above.
Based on the level of interest rates, the Bank's bond holdings
also gave slightly higher capital gains in the first half of 2025
than for the same period in 2024.
Selected Highlights and Key Figures (not audited)
DKK 1,000
Q2
Q1
Q4
Q3
Q2
Q1
Q4
Q3
2025 2025 2024 2024 2024 2024 2023 2023
Net interest and fee income
111,691
107,955
114,392
113,509
122,734
119,629
119,981
111,043
Costs, depreciation and amorti-
sation
63,992
64,384
65,959
56,190
58,299
59,186
61,918
51,492
Other operating income
1,635
1,746
1,428
1,355
1,316
1,301
1,346
1,451
Profit before value
adjustments
and write-downs
49,334
45,317
49,861
58,674
65,751
61,744
59,409
61,002
Value adjustments
-2,907 7,190 6,004 18,657 -1,450 5,367 20,248 8,817
Write-downs on loans, etc.
1,096
13,424
3,745
3,892
5,946
5,326
5,907
1,974
Profit before tax
45,331
39,083
52,120
73,439
58,355
61,785
73,750
67,845

Interim Report
First half of 2025
Management’s Review
6
Impairment of loans, etc. amounted to TDKK 14,520, com-
pared to TDKK 11,272 for the same period in 2024. The Bank
sees continued satisfactory creditworthiness in the loan portfo-
lio. The impairment level is still modest and the impairment ra-
tio for the period is 0.2%.
Despite uncertain macroeconomic prospects and geopolitical
instability, Greenland and the BANK of Greenland’s customers
are not significantly challenged so far. However, the future eco-
nomic development is subject to uncertainty.
In addition to the individual write-downs, on this basis the Bank
has maintained a significant management reserve of DKK 39.7
million to counter risks.
The profit before tax is TDKK 84,414, and is thereby TDKK
35,726 lower than for the same period in 2024.
Development in the quarter
Net interest and fee income amounted to TDKK 94,028 in Q1,
and TDKK 111,691 in Q2. This development can primarily be
related to the share dividend on the Bank's sector equities
holdings in Q2.
Total costs amounted to TDKK 64,384 in Q1 and TDKK
63,992 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 were by and large un-
changed between the quarters.
The profit before value adjustments and write-downs thereby
increased to TDKK 49,334 in Q2, which is TDKK 4,017 higher
than in Q1 2025. The profit before tax increased to DKK 45.3
million in Q2 2025, from DKK 39.0 million in Q1 2025.
Lending increased by TDKK 78,749 in Q1, and by TDKK
43,918 in Q2, which overall corresponds to an increase of 3%
from the end of 2023. At the start of the year, it was expected
that the favourable economic development in Greenland would
increase the Bank's lending.
Deposits increased by TDKK 268,070 in Q1 2025, but de-
creased by TDKK 127,656 in Q2. In overall terms, the increase
in deposits from the end of 2023 thus amounted to TDKK
140,414.
Balance sheet and equity
During the first half-year, the Bank’s lending showed a satisfac-
tory increase of TDKK 137,946 to TDKK 5,168,941, while the
Bank’s guarantees to customers decreased by TDKK 598 from
the end of 2024 and amounted to TDKK 1,422,045 at the end
of June 2025.
In the annual reallocation the Bank acquired additional sector
equities in 2025. At 30 June 2025, equities, etc. amounted to
TDKK 163,926, compared to TDKK 150,963 at the end of
2024.
In the first half of 2025 the Bank acquired five new staff homes,
increasing the value of domicile properties to TDKK 327,652.
At the end of June 2025, the Bank’s deposits, which predomi-
nantly comprise on-demand deposits, amounted to TDKK
7,183,322, which is an increase of TDKK 30,515 from the end
of 2024. The Bank continues to have a stable deposit/lending
ratio of approximately 139%.
After payment of the dividend of TDKK 180,000 for 2024
adopted by the Annual General Meeting, the Bank's equity de-
creased from TDKK 1,593,622 to TDKK 1,524,274.
Total assets thereby increased by TDKK 21,103 to TDKK
10,042,646,
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
Q2 2022 Q2 2023 Q2 2024 Year 2024 Q2 2025
Deposits Lending Guarantees

Interim Report
First half of 2025
Management’s Review
7
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.
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. The BANK of Greenland compiles the
credit and market risk according to the standard method and
the operational risk according to the basic 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 10 December 2024, a revised MREL requirement was de-
termined for the BANK of Greenland, at 30.2% of the Bank’s
risk-weighted assets at the end of 2023. The MREL require-
ment is being phased in from 2022 to 2027. The linear phasing-
in means that by 2025 the Bank must fulfil an MREL require-
ment of 10.07%. This means that in the course of the coming
years, 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. A total of DKK
275 million was issued in Senior Non-Preferred and DKK 145
million in subordinated debt.
Going forward, the Bank also expects to issue securities.
Capital requirement
First half-
year 2025
Year 2024
Pillar I
8.00% 8.00%
Pillar II
2.45% 3.10%
Solvency requirement
10.45% 11.10%
SIFI buffer requirement
1.50% 1.50%
Capital reserve buffer requirement
2.50% 2.50%
Capital requirement
14.45% 15.10%
MREL requirement (phased in linearly as
from 1 January 2022)
10.07% 7.55%
Total capital requirement
24.52% 22.65%
Capital base, cf. Note 18
1,560,866 1,535,841
SNP issue
273,824 273,569
MREL capital base
1,834,690 1,809,410
MREL capital ratio
30.01% 31.70%
Surplus capital cover
5.49% 9.05%
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 increased during the coming years. 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

Interim Report
First half of 2025
Management’s Review
8
of Greenland’s core capital ratio was 23.2 at the end of the first
half of 2025, and the capital ratio was 25.5.
With effect from the beginning of 2025, elements of the CRR3
capital requirements regulations entered into force in the EU.
CRR3 is expected to be implemented in Greenland at the end
of 2025. On the basis of new IT systems for compilation of
capital requirements, the Bank already commenced adjustment
to the regulations in the first half of 2025, and will continue this
adjustment up to the implementation in Greenland.
Risk-weighted assets increased by TDKK 402,953 to TDKK
6,113,314 at the end of June 2025. It was expected that the
Bank would see an increase as a consequence of the changed
weighting of real estate exposure in particular. When the legis-
lation has been implemented in Greenland, the Bank expects a
decrease in the risk-weighted items.
The result for the first half of 2025 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 2025, the core capital ra-
tio is calculated at 24.3% and the capital ratio at 26.6%.
At the end of June 2025, the Bank’s individual solvency require-
ment was compiled at 10.5%. The BANK of Greenland thereby
has surplus capital cover before the buffer requirements of
15.0%, or TDKK 921,995. After deductions for the capital re-
serve buffer requirement of 2.5% and the SIFI buffer require-
ment of 1.5%, the surplus cover is 11.0%.
The BANK of Greenland has published further details of the
calculated solvency requirement in a report on its website
http://www.banken.gl/report/
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 264.2% and thereby
fulfils the LCR requirement of at least 100%.
The Bank’s required funding is based solely on deposits.
The BANK of Greenland’s reported individual solvency requirement according to the 8+ model
First half-year 2025
Full year 2024
Capital require-
ment
Solvency requi-
rement
Capital require-
ment
Solvency requi-
rement
Pillar I requirement
489,065
8.0
456,829
8.0
Credit risk
99,171 1.6 114,534 2.0
Market risk
19,504
0.3
27,320
0.5
Liquidity risk
2,625
0.1
6,270
0.1
Operational risk
21,427 0.4 23,621 0.4
Other risk
7,079
0.1
5,524
0.1
Capital and solvency requirement
638,871
10.5
634,098
11.1
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 five benchmarks for banking activi-
ties which the Bank aims to fulfil. It must be noted that publicly-
owned enterprises account for 48% points of the sum of large
exposures.

Interim Report
First half of 2025
Management’s Review
9
The property exposure amounted to 18.1%. This exposure is
subject to 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
775 at the end of the first half of 2025, the price of the BANK
of Greenland’s shares has increased from the end of 2024,
when the price was 700.
At the Bank’s Annual General Meeting on 26 March 2025, a
dividend payment of DKK 100 per share, or a total of DKK 180
million, to the Bank’s shareholders was adopted, and this was
paid out on 31 March 2025.
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 www.banken.gl.
Outlook for the remainder of 2025
As described in the Annual Report for 2024, the BANK of
Greenland expects close to zero growth in Greenland's econ-
omy in 2025.
In both the short and longer term, the increased focus on
Greenland in the first half-year can affect the economic devel-
opment and the framework conditions in Greenland. However,
the BANK of Greenland has no basis to assess that this will be
of any material significance in the short term in 2025, so that it
is still the macroeconomic and local conditions that are gener-
ally expected to influence the Bank's operations.
Declining interest rates increase the appetite for investment,
and lending is expected to develop moderately positively to-
wards the end of the year, but with lower growth than in
2024. Deposits are expected to be at the level of or just above
the end of 2024.
The Bank will be affected negatively if inflation and cyclical
trends are exacerbated to any significant degree.
Total core income is expected to decrease in 2025, for which
the primary reason is the development in interest rates.
Total expenses including depreciation and amortisation are ex-
pected to be higher than in 2024. A few staff increases and the
full effect of staff increases are expected in 2024. Administra-
tion expenses are also expected to increase, primarily in the IT
area.
The Supervisory Diamond
First half-
year 2025
Limit
Sum
of large exposures 136.1% < 175%
Property exposure
18.1%
< 25%
Growth in lending
1.40%
< 20%
Liquidity-benchmark
266.3%
> 100%

Interim Report
First half of 2025
Management’s Review
10
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, gains on the
Bank’s listed securities must be expected. Capital gains are also
expected from the currency area and sector shares.
On this basis, the expectation of a profit before tax at the level
of DKK 150-185 million is maintained.

Interim Report
First half of 2025
Management Statement
11
The Board of Directors and Executive Management have today
considered and approved the Interim Report for the period
from 1 January to 30 June 2025, 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 2025, and of the result of the Bank’s activities for the first
half of 2025.
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.
Management Statement
Nuuk,
20 August 2025
Executive Management
Martin Birkmose Kviesgaard
Board of Directors
Gunnar í Liða
Kristian Frederik
Lennert
Maliina Bitsch Abelsen
Chair
Vice Chairman
Pia Werner Alexandersen
Gert Jonassen
Pilunnguaq Frederikke Johansen Kristian-
sen
Tulliaq Angutimmarik Olsen
Niels Peter Fleischer Rex
Peter Angutinguaq Wistoft

Interim Report
First half of 2025
Management Statement
12

Interim Report First half of 2025
Income Statement and Statement of Comprehensive Income
13
Income Statement and Statement of Comprehensive In-
come
DKK 1,000
Notes
First half-
year
2025
Full year 2024
First half-
year
2024
3
Interest income
193,265 476,909 244,737
4
Interest expenses
31,690 116,956 60,718
Net interest income
161,575
359,953
184,019
Share dividend, etc.
10,045 8,859 8,859
5
Fees and commission income
48,156 102,129 49,588
Fees paid and commission expenses
130 677 103
Net interest and fee income
219,646 470,264 242,363
6
Value adjustments
4,283 28,578 3,917
Other operating income
3,381 5,400 2,617
7
Staff and administration expenses
122,121 226,362 110,806
Depreciation and impairment of
tangible assets 4,645 9,017 4,316
Other operating expenses
1,610 4,255 2,363
16
Write
-downs on loans and receivables, etc. 14,520 18,909 11,272
Profit before tax
84,414
245,699
120,140
8
Tax
-23,896 36,689 5,285
Profit for the period
108,310 209,010 114,855
COMPREHENSIVE INCOME
Profit for the period
108,310 209,010 114,855
Other comprehensive income:
Value adjustment of properties
3,122 6,084 2,972
Value adjustment of defined
-benefit severance/pension scheme 0 -74 0
Tax on value adjustment of properties
-780 -1,521 -743
Other comprehensive income
2,342
4,489
2,229
Comprehensive income for the period
110,652 213,499 117,084

Interim Report First half of 2025
Balance Sheet
14
Balance Sheet
DKK 1,000
Notes
Assets
30 June 2025
31 December
2024 30 June 2024
Cash balance and demand deposits with central banks
1,935,684 2,080,989 1,452,389
9
Receivables from credit institutions and central banks
118,873
155,989
92,494
16
Loans and other receivables at amortised cost
5,168,941
5,030,995
5,097,302
10
Bonds at fair value
1,507,375 1,498,540 1,295,749
Shares, etc.
163,926
150,963
143,436
11
Assets connected to pool schemes
713,018
675,765
564,213
Land and
buildings in total, domicile properties 327,652 310,860 310,998
-
Domicile properties 327,652 310,860 310,998
Other tangible assets
7,965
7,627
8,085
Current tax assets
0 658 0
Other assets
93,174
104,342
87,018
Accruals and deferred income
6,038
4,815
5,143
Total assets
10,042,646 10,021,543 9,056,827
Liabilities
Liabilities to credit institutions and central banks
23,229 15,698 15,427
12
Deposits and other liabilities
7,183,322 7,152,807 6,553,883
Deposits in pool schemes
713,018 675,765 564,213
13
Issued bonds at amortised cost
273,824 273,569 174,133
Current tax liabilities
18,190 0 28,272
Other liabilities
82,119 73,807 76,068
Prepayments and deferred expenses
4,491 4,395 6,441
Total debt
8,298,193 8,196,041 7,418,437
Provisions for pensions and similar obligations
3,064 2,902 2,662
Provisions for deferred tax
62,173
106,393
60,755
Provisions for losses on guarantees
3,858
11,241
6,604
Other provisions
7,423 7,322 6,752
Total provisions
76,518 127,858 76,773
14
Subordinated debt
143,661 104,022 64,410
Total subordinated debt
143,661 104,022 64,410
Equity
15
Share capital 180,000 180,000 180,000
Revaluation reserves
72,788
70,446
68,112
Retained earnings
1,271,486
1,163,176
1,249,095
Proposed dividend 0 180,000 0
Total equity
1,524,274
1,593,622
1,497,207
Total liabilities
10,042,646 10,021,543 9,056,827
1
Accounting policies applied
2
Accounting estimates
17
Contingent liabilities
18
Capital conditions and solvency

Interim Report First half of 2025
Statement of Changes in Equity
15
Statement of Changes in Equity
DKK 1,000
Share capital
Revaluation
reserves
Retained ear-
nings
Proposed divi-
dend
Total equity
capital
Equity, 01 January 2024
180,000 65,883 1,134,240 99,000 1,479,123
Dividend paid
0
0
0
-99,000
-99,000
Other comprehensive income
0
2,229
0
0
2,229
Profit for
the period 0 0 114,855 0 114,855
Equity, 30 June 2024
180,000
68,112
1,249,095
0
1,497,207
Other comprehensive income
0 2,334 -74 0 2,260
Profit for the period
0 0 -85,845 180,000 94,155
Equity, 31 December 2024
180,000 70,446 1,163,176 180,000 1,593,622
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

Interim Report First half of 2025
Statement of Changes in Equity
16

Interim Report First half of 2025
17
1. Accounting policies applied etc. 18
2. Significant accounting estimates 18
3. Interest income 19
4. Interest expenses 19
5. Fee and commission income 19
6. Value adjustments 19
7. Staff and administration expenses 20
8. Tax 20
9. Amounts receivable from credit institutions and central banks 20
10. Bonds 20
11. Assets connected to pool schemes 21
12. Deposits 21
13. Issued bonds at amortised cost 21
14. Subordinated debt 22
15. Share capital 22
16. Udlån 22
17. Contingent liabilities 26
18. Capital conditions and solvency 26
Overview of Notes

Interim Report First half of 2025
Notes to the Interim Report
18
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 2024.
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
Annual 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 2025
Notes to the Interim Report
19
DKK 1,000
First half-
year
2025
Full year
2024
First half-year
2024
3. Interest income
Receivables from credit institutions and central
banks 21,599 60,423 32,724
Lending and other receivables
155,378 376,161 193,213
Bonds
16,016 39,359 18,229
Foreign exchange, interest rate, equity, commodity and other contracts, as
well as derivative financial instruments
272 966 571
Total interest income
193,265
476,909
244,737
4. Interest expenses
Credit institutions and central banks
53 106 37
Deposits and other liabilities
31,637 115,112 60,681
Issued Bonds
0 1,118 0
Subordinated debt
0 620 0
Total interest expenses
31,690
116,956
60,718
5. Fee and commission income
Securities and securities accounts
1,399 9,413 1,234
Payment settlement
16,992 36,464 18,079
Loan transaction fees
1,600 3,752 1,914
Guarantee commission
14,475 30,181 15,360
Other fees and commission
13,690 22,319 13,001
Total fee and commission income
48,156
102,129
49,588
6. Value adjustments
Lending at fair value
261 1,090 1
Bonds
3,209 15,989 2,097
Shares
-1,546 6,351 -1,192
Currency
2,618 6,235 3,008
Foreign exchange, interest rate, equity, commodities and other contracts, as
well as derivative financial instruments
-259 -1,087 3
Assets connected to pool schemes
-15,951 59,703 37,221
Deposits in pool schemes
15,951 -59,703 -37,221
Total value adjustments
4,283
28,578
3,917

Interim Report First half of 2025
Notes to the Interim Report
20
7. Staff and administration expenses
Staff expenses
Salaries 54,810 103,989 49,824
Other staff expenses 2,352 2,832 2,110
Pensions 6,970 12,826 6,224
Social security expenses 688 277 195
In total 64,820 119,924 58,353
Other administration expenses
57,301 106,438 52,453
Average number of FTEs
154.7 153.8 153.7
Of which salaries and remuneration to the Board of Directors and the Exec-
utive Management
3,324 6,444 3,332
Six other employees (Q2 2024: 5 employees) whose activities have a signifi-
cant influence on the Bank’s risk profile:
Salaries including free car and other benefits
3,749 7,101 3,988
8. Tax
25
-% of the profit before tax 21,104 61,425 30,035
Discount for dividend tax paid
-2,256 -1,982 -1,982
Total tax on ordinary profit
18,848
59,443
28,053
Paid
dividend tax 2,256 1,982 1,982
Other changes
0 14 0
Taxation value of dividend paid
-45,000 -24,750 -24,750
Tax in total
-23,896 36,689 5,285
Deferred tax
781 20,110 743
Taxation value of dividend paid
-45,000 0 -24,750
Tax
to be paid 20,323 16,579 29,292
No company tax was paid in the period.
9. Amounts receivable from credit institutions and central banks
Receivables from credit institutions 118,873 155,989 92,494
Total amounts receivable
118,873 155,989 92,494
10. Bonds
Of the bond portfolio, a nominal amount of TDKK 50,000 is pledged as collateral for accounts with Danmarks Nationalbank.
DKK 1,000
First half-
year
2025
Full year
2024
First half-year
2024

Interim Report First half of 2025
Notes to the Interim Report
21
11. Assets connected to pool schemes
Investment associations
712,980 675,642 564,149
Non
-invested funds 38 123 64
Total
713,018 675,765 564,213
12. Deposits
On demand
6,002,808 5,874,580 5,389,805
On terms of notice
875,550 976,847 872,785
Special deposit conditions
304,964 301,380 291,293
Total deposits
7,183,322 7,152,807 6,553,883
13. Issued bonds at amortised cost
Bond issue
273,824 273,569 174,133
Total
273,824 273,569 174,133
Loan raised as Senior
Non-Preferred, nominally 50,000 50,000 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 0
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.
DKK 1,000
First half-
year
2025
Full year
2024
First half-year
2024

Interim Report First half of 2025
Notes to the Interim Report
22
14. Subordinated debt
Capital certificate as below
143.661 104.022 64.410
In total
143.661 104.022 64.410
Subordinated debt included in the capital base according to CRR
143.661 104.022 64.410
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.)
6,093% 8,113% 7,827%
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 -
Interest rate, floating rate (CIBOR 6 with an addition of 325bp.)
5,730% 6,633% 0,000%
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 - -
Interest rate, floating rate (CIBOR 6 with an addition of 300bp.)
5,113% 0,000% 0,000%
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.
15. Share capital
Share capital consists of 1,800,000 shares of DKK 100.
Own shares
Number of own shares
0 0 0
16. Lending
Write
-downs on loans, guarantees and non-utilised credit facilities:
New write
-downs concerning new facilities during the period 5,926 12,926 5,602
Reversal of write
-downs concerning redeemed facilities -9,943 -21,195 -5,763
Net write
-downs during the period as a consequence of changes in the
credit risk
19,629 27,237 11,739
Losses without preceding
write-downs 53 249 95
Received for claims previously written off
-1,145 -308 -401
Recognised in the statement of income
14,520 18,909 11,272
DKK
1,000
First half-
year
2025
Full year
2024
First half-year
2024

Interim Report First half of 2025
Notes to the Interim Report
23
DKK 1,000
Stage 1 Stage 2 Stage 3 Total
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
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

Interim Report First half of 2025
Notes to the Interim Report
24
DKK 1,000
Stage 1 Stage 2 Stage 3 Total
Write-downs on loans
31.12.2024
Start of the period
27,301 78,003 90,562 195,866
New write
-downs concerning new facilities during the
year
2,575 5,729 3,898 12,202
Reversal of write
-downs concerning redeemed facilities -2,859 -7,903 -7,801 -18,563
Change in write
-downs at the beginning of the year –
transfer to stage 1
7,852 -5,596 -2,256 0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-1,091 7,193 -6,102 0
Change in write
-downs at the beginning of the year –
transfer to stage 3
-11 -4,128 4,139 0
Net write
-downs as a consequence of changes in the
credit risk
-19,988 14,984 29,789 24,785
Previously
written down, now finally lost 0 0 -6,449 -6,449
Interest on written
-down facilities 0 0 4,854 4,854
Write
-downs in total 13,779 88,282 110,634 212,695
Write-downs on guarantees
31.12.2024
Start of the period
1,096 2,695 5,942 9,733
New
write-downs concerning new facilities during the
year
183 234 79 496
Reversal of write
-downs concerning redeemed facilities -2 -3 -16 -21
Change in write
-downs at the beginning of the year –
transfer to stage 1
434 -249 -185 0
Change in
write-downs at the beginning of the year –
transfer to stage 2
-180 3,243 -3,063 0
Change in write
-downs at the beginning of the year –
transfer to stage 3
0 -193 193 0
Net write
-downs as a consequence of changes in the
credit risk
-917 -4,276 6,226 1,033
Write-downs in total
614
1,451
9,176
11,241
Write-downs on non-utilised drawing rights
31.12.2024
Start of the period
345 517 1,847 2,709
New write
-downs concerning new facilities during the
year
139 89 0 228
Reversal of
write-downs concerning redeemed facilities -279 -488 -1,844 -2,611
Change in write
-downs at the beginning of the year –
transfer to stage 1
249 -122 -127 0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-9 81 -72 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
-40 725 734 1,419
Write
-downs in total 405 802 538 1,745

Interim Report First half of 2025
Notes to the Interim Report
25
DKK 1,000
Stage 1 Stage 2 Stage 3 Total
Write-downs on loans
30.06.2024
Start of the period
27,301 78,003 90,562 195,866
New write
-downs concerning new facilities during the
year
1,014 4,021 351 5,386
Reversal of write
-downs concerning redeemed facilities -986 -826 -1,843 -3,655
Change in write
-downs at the beginning of the year –
transfer to stage 1
6,501 -4,995 -1,506 0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-1,011 3,184 -2,173 0
Change in write
-downs at the beginning of the year –
transfer to stage 3
-8 -221 229 0
Net write
-downs as a consequence of changes in the
credit risk
-7,705 21,342 304 13,941
Previously written down, now finally lost
0 0 -287 -287
Interest on written
-down facilities 0 0 2,872 2,872
Write
-downs in total 25,106 100,508 88,509 214,123
Write-downs on guarantees
30.06.2024
Start of the period
1,096 2,695 5,942 9,733
New write
-downs concerning new facilities during the
year
78 116 0 194
Reversal of write
-downs concerning redeemed facilities -1 -3 -13 -17
Change in write
-downs at the beginning of the year –
transfer to stage 1
1,897 -347 -1,550 0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-4 78 -74 0
Change in
write-downs at the beginning of the year –
transfer to stage 3
-2 0 2 0
Net write
-downs as a consequence of changes in the
credit risk
-2,095 -748 -463 -3,306
Write-downs in total
969
1,791
3,844
6,604
Write-downs on non-utilised drawing rights
30.06.2024
Start of the period
345 517 1,847 2,709
New write
-downs concerning new facilities during the
year
20 2 0 22
Reversal of write
-downs concerning redeemed facilities -112 -372 -1,607 -2,091
Change in
write-downs at the beginning of the year –
transfer to stage 1
204 -87 -117 0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-15 15 0 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
8 471 626 1,104
Write
-downs in total 450 545 749 1,744

Interim Report First half of 2025
Notes to the Interim Report
26
DKK 1,000
First half-
year
2025
Full year
2024
First half-year
2024
17. Contingent liabilities
Mortgage finance
guarantees 833,317 831,355 930,587
Registration and remortgaging guarantees
88,063 118,506 278,852
Other guarantees
500,665 472,782 523,694
Guarantees, etc. in total
1,422,045
1,422,643
1,733,133
Provision balance for
guarantees 3,858 11,241 6,604
Provision balance for non
-utilised credit facilities 1,845 1,745 1,744
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
withdrawal
fee to BEC equivalent to the preceding three 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.
18. Capital conditions and solvency
Credit risk
5,064,513 4,652,973 4,673,441
CVA risk
10,700 7,519 10,146
Market risk
223,604 235,372 204,957
Operational risk
814,497 814,497 721,601
Total risk exposure
6,113,314
5,710,361
5,610,145
Equity at the beginning of the period
1,593,622 1,479,123 1,479,123
Comprehensive income for the period
0 213,499 0
Proposed dividend, accounting effect
45,000 -135,000 24,750
Paid dividend
-180,000 -99,000 -99,000
Framework for ratio of own shares
0 -5,985 -5,985
Deduction for capital shares in the financial sector
-18,674 -5,519 -2,848
Deductions for prudent valuation
-1,674 -1,652 -1,443
Deductions for Non
-Performing Exposures -21,069 -13,647 -8,647
Actual core capital
1,417,205 1,431,819 1,385,950
Supplementary capital
143,661 104,022 64,410
Capital base
1,560,866
1,535,841
1,450,360
Actual core capital ratio
25.5 26.9 25.9
Capital ratio
23.2 25.1 24.7
Statutory capital ratio requirements
8.0 8.0 8.0

Interim Report First half of 2025
Notes to the Interim Report
27