The BANK of Greenland
CVR no. 80050410
Notification to Nasdaq OMX Copenhagen
14/2026
Interim Report
Q3 2026
The Interim Report has been prepared in a
Danish and an English version. In case of dis-
crepancy between the Danish-Language original
text and the English-Language translation the
Danish text shall prevail.
Interim Report
Q3 2026
1
Management’s Review 2
Interim Report in headlines 2
Financial Highlights 4
Management’s Review, Q3 2026 5
Statement by the Management 10
Income Statement and Statement of Comprehensive Income 12
Balance Sheet 13
Statement of Changes in Equity 14
Overview of Notes 16
Notes to the Interim Report 17
Contents
Interim Report
Q3 2026
2
Interim Report in headlines
The BANK of Greenland's profit before tax amounted to DKK
143.9 million for the first nine months of 2026, compared to
DKK 132.5 million for the same period of 2025. The profit be-
fore value adjustments and write-downs amounted to DKK
143.3 million, compared to DKK 133.4 million for the previous
year. The profit exceeds expectations at the beginning of the
year, with improvement in both net interest and expenses.
Lending has increased by DKK 107 million since the end of
2025, amounting to DKK 5,029 million at the end of Q3. It was
expected that the declining level of interest rates in 2025 would
increase the Bank's customers' appetite for investment, thereby
moderating growth in the Bank’s lending in 2026. Guarantees
increased by DKK 97 million, from DKK 1,276 million at the
end of 2025, to DKK 1,372 million at the end of September
2026.
After positive development in net interest and fee income in
Q2 and Q3 in particular, after the first nine months of 2026
this item has now increased by DKK 7.6 million to DKK 332.3
million, compared to the same period in 2025. The primary
reasons are increasing business volume, a higher level of interest
rates and positive fee development.
Total expenses including depreciation amounted to DKK 189.0
million after the first nine months of 2026, compared to DKK
191.4 million for the same period in 2025.
This reflects an increase in staff expenses as a consequence of
pay increases under collective agreements, as well as staff in-
creases, in 2025, and a decrease in other administration ex-
penses, for which the decline can be related primarily to IT ex-
penses, as the Bank's reduced payment to BEC Financial Tech-
nologies a.m.b.a. due to lower development costs during the
period.
At the end of September 2026, value adjustments showed a
capital gain of DKK 6.4 million, compared to a capital gain of
DKK 13.6 million for the same period in 2025. The Bank’s port-
folio of sector equities developed favourably, and the same ap-
plies to the currency area. On the back of the market perfor-
mance, the Bank's bond holdings lost ground compared to the
first nine months of 2025.
Impairment of loans and guarantees amounted to DKK 5.8 mil-
lion after the first nine months of 2026, compared to DKK 14.6
million after the first nine months of 2025. The Bank sees con-
tinued satisfactory creditworthiness in the loan portfolio. In ad-
dition to the Bank’s individual impairment models, a manage-
ment supplement of DKK 42.8 million has been maintained.
In the stock exchange announcement of 20 July 2026, the fore-
cast profit before tax for 2026 was adjusted upwards to a
range of DKK 195-220 million. The forecast is maintained, alt-
hough profit is expected to be at the upper end of the range.
Management’s Review
The profit before tax gives a return of 12.9% p.a. on opening equity after disbursement of dividend
Lending at DKK 5.0 billion
Deposits at DKK 7.7 billion
Core earnings per krone in costs of 1.76 in 2026, compared to 1.70 in 2025
Write-downs and provisions of 0.1% for the period
Solvency ratio of 27.1 and a capital requirement of 10.2%
Interim Report
Q3 2026
3
Interim Report
Q3 2026
4
Financial Highlights
Q1- Q3
Q1- Q3
Full year
Q1- Q3
Q1- Q3
Q1- Q3
2026
2025
2025
2024
2023
2022
Net interest and fee income
327,924
319,896
428,840
355,872
315,032 255,178
Other operating income
4,389
4,840
6,340
3,972
4,456
4,563
Core income
332,313
324,736
435,180
359,844
319,488
259,741
Staff and administration expenses
180,082
182,007
244,385
163,922
152,100 138,304
Depreciation and impairment of tangible assets
7,275
7,037
9,621
6,711
6,070 5,488
Other operating expenses
1,646
2,309
3,270
3,042
2,050 2,036
Core expenses
189,003
191,353
257,276
173,675
160,220 145,828
Core result
143,310
133,383
177,904
186,169
159,268
113,913
Value adjustments
6,419
13,628
19,024
22,574
19,809 -45,672
Write
-downs on loans and receivables, etc. 5,819
14,552
15,539
15,164
8,253 3,040
Profit before tax
143,910
132,459
181,389
193,579
170,824
65,201
Tax
-22
-11,880
536
23,645
33,706 -747
Profit for the period
143,932
144,339
180,853
169,934
137,118
65,948
SELECTED BALANCE SHEET ITEMS:
Lending
5,028,743
5,169,005
4,921,760
5,016,899
4,672,382 4,101,071
Deposits
7,671,629
6,902,282
7,873,973
6,932,155
6,289,006 5,786,992
Equity
1,602,552
1,561,498
1,599,024
1,553,473
1,422,847 1,264,404
Total assets
10,923,140
9,955,634
10,974,460
9,586,766
8,523,579 7,752,312
Contingent liabilities
1,372,386
1,308,977
1,275,574
1,409,986
1,868,631 2,044,097
KEY FIGURES:
Capital ratio
27.1
25.7
27.8
26.6
24.6 22.7
Core capital ratio
24.6
23.3
25.3
24.8
23.4 22.2
Return on equity before tax for the period
9.0
8.4
11.4
12.8
12.5 5.1
Return on equity after tax for the period
9.0
9.1
11.3
11.2
10.0 5.2
Income per cost krone
1.7
1.6
1.7
2.0
2.0 1.4
Rate of return
1.3
1.4
1.6
1.8
1.6 0.9
Interest risk rate
1.0
0.9
1.0
1.0
1.2 1.3
Foreign exchange position
0.3
0.2
0.3
0.3
0.5 0.6
Liquidity coverage ratio
279.0
280.0
297.2
260.9
227.0 230.9
Net stable funding ratio
145.6
135.9
149.8
134.5
133.6 136.0
Lending plus write
-downs as a ratio of deposits 61.4
70.6
59.3
69.6
72.2 69.0
Lending as a ratio of equity
3.1
3.3
3.1
3.2
3.3 3.2
Growth in lending for the period
2.2
2.7
-2.2
4.2
7.3 8.4
Sum of large exposures
134.8
131.6
129.7
152.6
163.9 167.5
Write
-down ratio for the period 0.1
0.2
0.2
0.2
0.1 0.1
Accumulated write
-down ratio 3.1
3.5
3.5
3.4
3.0 3.0
Profit per share after tax for the period
80.0
80.2
100.8
94.4
76.2 36.6
Net book value per share
890.3
867.5
888.3
863.0
790.5 702.4
Stock exchange quotation/net book value per share
1.3
1.0
1.0
0.8
0.8 0.8
Interim Report
Q3 2026
5
Management’s Review, Q3 2026
Statement of Income
Net interest income increased to TDKK 245,501, compared to
TDKK 239,457 for the first nine months of 2025. In Q3 2026,
the interest rate on certificates of deposit was above the level
for Q3 2025.
The increase in deposits during 2025 also has a positive effect
in 2026. From 30 September 2025, deposits increased by DKK
769 million, or 11%, up to 30 September 2026.
Share dividend is at the level of the first nine months of 2025,
amounting to TDKK 9,789 at 30 September 2026, compared
to TDKK 10,045 at 30 September 2025. The Bank solely holds
sector equities.
Fee and commission income increased by TDKK 2.358 com-
pared to the same period in 2025. The securities area and loan
transaction fees in particular have made strong progress.
Net interest and fee income increased overall by TDKK 8,028
to TDKK 327,924 in the first nine months of 2026.
Other operating income amounted to TDKK 4,389, which is a
decrease of TDKK 451 from the same period in 2025. The dif-
ference primarily concerns non-recurring income.
Staff and administration expenses amounted to TDKK 180,082
after decreasing by TDKK 1,925 compared to the first nine
months of 2025. Staff expenses increased by TDKK 3,284 as a
consequence of staff increases in 2025 and salary increases un-
der collective agreements. Administration expenses decreased
by TDKK 5,209. The decrease primarily concerns IT expenses,
with a reduction in the Bank's development costs in BEC Finan-
cial Technologies a.m.b.a in the first nine months of 2026.
Other operating expenses, which mainly concern operation
and maintenance of the Bank's office buildings, decreased by
TDKK 663 to TDKK 1,646 in the first nine months of 2026,
compared to the same period in 2025. The decrease is primar-
ily due to fluctuations in the timing of planned maintenance of
the Bank's office buildings.
Depreciation of properties and fixtures and fittings amounted
to TDKK 7,275, compared to TDKK 7,037 for the same period
in 2025.
The profit before value adjustments and write-downs is TDKK
143,310, compared to TDKK 133,383 after the first nine
months of 2025.
Value adjustments present a total capital gain of TDKK 6,419,
compared to a capital gain of TDKK 13,628 for the same pe-
riod in 2025. The Bank’s holdings of sector equities performed
favourably. Based on the level of interest rates, the Bank's bond
holdings gave capital losses in the first nine months of 2026,
compared to a capital gain for the same period in 2025. The
currency area performed very favourably in the first nine
months of 2026.
Selected Highlights and Key Figures
DKK 1,000
Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4
2026
2026
2026
2025
2025
2025
2025
2024
Net interest and fee income
109,159
113,352
105,413
108,944
100,250
111,691
107,955
114,392
Costs, depreciation and amorti-
sation
62,822
56,276
69,905
65,923
62,977
63,992
64,384
65,959
Other operating income
1,456
1,453 1,480
1,500
1,459
1,635
1,746 1,428
Profit before value adjustments
and write-downs
47,793
58,529 36,988
44,521
38,732
49,334
45,317 49,861
Value adjustments
635
4,796
988
5,396
9,345
-2,907
7,190
6,004
Write-downs on loans, etc.
1,945
2,172
1,702
987
32
1,096
13,424
3,745
Profit before tax
46,483
61,153 36,274
48,930
48,045
45,331
39,083 52,120
Impairment of loans, etc. amounts to TDKK 5,819, compared
to TDKK 14,552 for the same period in 2025. The Bank sees
continued satisfactory creditworthiness in the loan portfolio.
The impairment level is still modest and the impairment ratio
for the period is 0.1%.
The security policy agreement between Greenland, Denmark
and the USA in September 2026 reduced the political uncer-
tainty concerning Greenland, There is still a broader geopolitical
risk profile, however, which can affect inflation and interest rate
Interim Report
Q3 2026
6
levels going forward. The BANK of Greenland's customers are
still not affected significantly, however.
In addition to the individual write-downs, the Bank has main-
tained a significant management reserve of DKK 42.8 million to
counter risks.
The profit before tax is TDKK 143,910, having increased by
TDKK 11,451 from the same period of 2025.
Development in the quarter
Net interest and fee income amounted to TDKK 105,413 in
Q1, TDKK 113,352 in Q2, and TDKK 109,159 in Q3. This de-
velopment can primarily be related to the share dividend on
the Bank's sector equities holdings in Q2, and improved net in-
terest income.
Total costs amounted to TDKK 69,905 in Q1, TDKK 56,276 in
Q2, and TDKK 62,822 in Q3. Staff expenses decreased in Q2,
since in Q1 holiday allowance, etc. is paid, but is not paid in the
subsequent quarters. Other administration costs also de-
creased, due to the aforementioned lower payment to BEC. In
Q3, costs matched expectations.
As a consequence, the profit before value adjustments and
write-downs decreased from Q2 to Q3. The profit amounted
to TDKK 36,988 in Q1, TDKK 58,529 in Q2 and TDKK 47,793
in Q3. Profit before tax increased to DKK 61.2 million in Q2
2026, from DKK 36.3 million in Q1 2026. In Q3, profit before
tax amounted to DKK 46.5 million.
Lending decreased by TDKK 22,687 in Q1, increased by TDKK
137,850 in Q2, and decreased by TDKK 8,180 in Q3. Overall,
this corresponds to an increase of 2% from the end of 2025.
At the start of the year, it was expected that the economic de-
velopment in Greenland would lead to moderate growth in the
Bank's lending.
Deposits increased by TDKK 560,969 in Q1 2026, but de-
creased by TDKK 572,987 in Q2 and by TDKK 190,326 in Q3.
Balance sheet and equity
During the first three quarters the Bank’s lending saw a satisfac-
tory increase of TDKK 106,983 to TDKK 5,028,743, while the
Bank’s guarantees to customers increased by TDKK 96,812
from the end of 2025 and amounted to TDKK 1,372,386 at
the end of September 2026.
In the annual reallocation the Bank acquired additional sector
equities in 2026. At 30 September 2026, equities, etc.
amounted to TDKK 188,938, compared to TDKK 170,179 at
the end of 2025.
The pensions area, comprising assets linked to pool schemes,
continued to perform well, amounting to TDKK 837,565 at
30 September 2026, compared to TDKK 780,071 at the end of
2025.
At the end of September 2026, the Bank’s deposits, which pre-
dominantly comprise on-demand deposits, amounted to TDKK
7,671,629, which is a decrease of TDKK 202,344 from the end
of 2025. The Bank continues to have a stable deposit/lending
ratio of approximately 153%.
After payment of the dividend of TDKK 144,000 for 2025
adopted by the Annual General Meeting, the Bank's equity in-
creased from TDKK 1,599,024 to TDKK 1,602,552.
Total assets thereby decreased by TDKK 51,320 to TDKK
10,923,140.
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.
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
8.000.000
8.500.000
Q3 2023 Q3 2024 Ã…r 2025 Q3 2025 Q3 2026
Deposits Lending Guarantees
Interim Report
Q3 2026
7
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. At the end of 2025, elements of the
CRR3 EU capital requirement regulations entered into force in
Greenland. The BANK of Greenland compiles the credit and
market risk according to these regulations and the operational
risk is now compiled according to the business 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 11 December 2025, a revised MREL requirement was de-
termined for the BANK of Greenland, at 31.2% including buff-
ers. The MREL requirement is being phased in during the pe-
riod from 2022 to 2027. The linear phasing-in means that by
2026 the Bank must fulfil an MREL requirement including buff-
ers of 28.7%. This means that 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 2026. As of Septem-
ber 2026, a total of DKK 450 million in Senior Non-Preferred
and DKK 145 million in subordinated debt was issued.
Going forward, the Bank also expects to issue securities ac-
cording to the Bank's requirements.
Capital requirement
Q3 2026
Year 2025
Solvency requirement
10.2% 10.9%
SIFI buffer requirement
1.5% 1.5%
Capital reserve buffer requirement
2.5% 2.5%
Countercyclical capital buffer
1.0% 0.0%
Capital requirement
15.2%
14.9%
MREL requirement (phased in linearly as
from 1 January 2022)
13.5% 10.2%
Total capital requirement
28.7%
25.1%
MREL capital ratio, cf. Note 18
34.8%
33.9%
Surplus capital cover
6.1%
8.8%
Total capital requirement at the end of
Q2 2026 / 2025
28.7% 25.1%
MREL add
-on phasing in 1/1 2026 - 2.6%
Countercyclical capital buffer 01.01.2026
- 0.5%
Countercyclical capital buffer 01.07.2026
- 0.5%
Total capital requirement
28.7%
28.7%
Surplus capital cover
6.1%
5.2%
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 balanced on an ongoing basis. 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
Q3 2026
8
of Greenland’s core capital ratio was 24.6 at the end of Sep-
tember 2026, and the capital ratio was 27.1.
The actual core capital ratio is thereby above the long-term tar-
get of 24.
In December 2024, the Minister of Industry, Business and Fi-
nancial Affairs approved the phasing-in of a contracyclical capital
buffer requirement in Greenland of 0.5% as from
1 January 2026, and an additional 0.5% as from 1 July 2026.
Risk-weighted assets increased by TDKK 84,700 to TDKK
5,804,293 at the end of September 2026. The development
matches the general balance-sheet development during the
quarter.
The result for the first nine months of 2026 has not been veri-
fied by the Bank’s auditor and is therefore not included in the
capital ratio. Including the result for the first nine months of
2026, the core capital ratio is calculated at 26.7 and the capital
ratio at 29.2.
As at the end of September 2026, the Bank's individual sol-
vency requirement was calculated at 10.2%. The BANK of
Greenland thereby has surplus capital cover before the buffer
requirements of 16.9%, or TDKK 978,464. After deductions for
the capital reserve buffer requirement of 2.5%, the SIFI buffer
requirement of 1.5% and the contracyclical buffer requirement
of 1.0%, the surplus cover is 11.9%.
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 279.0% and thereby
fulfils the LCR requirement of at least 100%.
The BANK of Greenland’s reported individual solvency requirement according to the 8+ model
Q3 2026
Full year 2025
Capital Require-
ment
Solvency Re-
quirement
Capital require-
ment
Solvency Re-
quirement
Pillar I requirement
464,343
8.0
457,567
8.0
Credit risk
84,084
1.4
88,719
1.6
Market risk
31,068
0.5
30,891
0.5
Liquidity risk
0
0.0
2,495
0.1
Operational risk
8,900
0.2
13,920
0.2
Other risk
4,718
0.1
30,498
0.5
Capital and solvency requirement
593,113
10.2
624,090
10.9
The Net Stable Funding Ratio (NSFR) is a key indicator to en-
sure that the Bank has sufficient stable long-term financing. The
Bank’s required funding is based solely on deposits. The Bank
has calculated NSFR at 30 September 2026 to be 145.6, which
is well above the requirement of 100%.
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 four benchmarks for banking activ-
ities which the Bank aims to fulfil.
The Supervisory Diamond
Q3 2026 Limit
Sum of large exposures
134.80% < 175%
Property exposure
22.00% < 25%
Growth in lending
-2.70% < 20%
Liquidity
-benchmark 279.70% > 100%
Interim Report
Q3 2026
9
It must be noted that publicly-owned enterprises account for
32% points of the sum of large exposures. The exposure to
property amounts to 22.0%. This exposure is subject to consid-
erable subordinate public financing. In addition, some of the ex-
posure is based on lease contracts with the state, the Govern-
ment 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
1200 at the end of September 2026, the price of the BANK of
Greenland’s share has increased since the end of 2025, when
the price was 880.
At the Bank’s Annual General Meeting on 25 March 2026, a
dividend payment of DKK 80 per share, or a total of DKK 144
million, to the Bank’s shareholders was adopted, and this was
paid out on 30 March 2026.
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
corporate 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
https://www.banken.gl/en/about-us/investor-relations/corporate-
governance/
Outlook for the remainder of 2026
The BANK of Greenland expects moderate economic growth
in Greenland in 2026, and moderate growth in the Bank's lend-
ing.
The Bank will be affected if inflation and cyclical trends are ex-
acerbated or amplified to any significant degree.
Total core income is now expected to increase in 2026, for
which the primary reasons are the performance in the first nine
months and interest rate increases.
Total expenses including depreciation and amortisation are ex-
pected to be at the level of or slightly higher than in 2025. No
staff increases are expected in 2026, although the full effect of
the staff increases in 2025 is expected.
In April 2026, on an equal footing with the other owners of
BEC, the Bank notified that a conditional framework agreement
had been entered into on the sale of the Bank's ownership in-
terest in BEC Financial Technologies a.m.b.a. to Nykredit. The
fulfilment of the agreement is subject to conditions and official
approval. Provided that the agreement is fulfilled, it is expected
to have a significant positive financial effect for the Bank in
2026.
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.
On this basis, an expected profit before tax of DKK 195-220
million is maintained, which is in accordance with the revised
forecast in the stock exchange announcement of 20 July 2026.
However, profit is expected at the upper end of the range.
Interim Report
Q3 2026
10
The Board of Directors and Executive Management have today
considered and approved the quarterly report for the period 1
January - 30 September 2026 for the limited liability company,
GrønlandsBANKEN, aktieselskab.
The quarterly report is presented in accordance with the Dan-
ish Financial Business Act, and the Management’s Review is pre-
pared in accordance with the Danish Financial Business Act.
The quarterly report is furthermore prepared in accordance
with additional Danish disclosure requirements for listed finan-
cial companies.
It is our opinion that the quarterly report gives a true and fair
view of the Bank's assets, liabilities and financial position at 30
September 2026, and of the result of the Bank's activities for
the first nine months of 2026.
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.
Statement by the Management
Nuuk,
4 November 2026
Executive Management
Martin Birkmose Kviesgaard
Board of Directors
Gunnar í Liða
Maliina Bitsch Abelsen
Pia Werner Alexandersen
Chairman
Vice Chairman
Gert Rinaldo Jonassen
Pilunnguaq Frederikke Johansen Kristiansen
Tulliaq Angutimmarik Olsen
Ujarak Rosing Petersen
Niels Peter Fleischer Rex
Peter Angutinguaq Wistoft
Interim Report
Q3 2026
11
Interim Report Q3 2026
12
Income Statement and Statement of Comprehensive In-
come
DKK 1,000
Notes
Q1 - Q3 2026
Full year 2025
Q1 - Q3 2025
3
Interest income
275,687
369,559
280,542
4
Interest expenses
30,186
54,250
41,085
Net interest income
245,501
315,309
239,457
Share dividend, etc.
9,789
11,971
10,045
5
Fees and commission income
72,953
102,399
70,595
Fees paid and commission expenses
319
839
201
Net interest and fee income
327,924
428,840
319,896
6
Value adjustments
6,419
19,024
13,628
Other operating income
4,389
6,340
4,840
7
Staff and administration expenses
180,082
244,385
182,007
Depreciation and impairment of tangible assets
7,275
9,621
7,037
Other operating expenses
1,646
3,270
2,309
10
Write-downs on loans and receivables, etc.
5,819
15,539
14,552
Profit before tax
143,910
181,389
132,459
8
Tax
-22
536
-11,880
Profit for the period
143,932
180,853
144,339
COMPREHENSIVE INCOME
Profit for the period
143,932
180,853
144,339
Other comprehensive income:
Value adjustment of properties
4,795
6,164
4,715
Value adjustment of defined-benefit severance/pension scheme
0
-74
0
Tax on value adjustment of properties
-1,199
-1,541
-1,178
Other comprehensive income
3,596
4,549
3,537
Comprehensive income for the period
147,528
185,402
147,876
Interim Report Q3 2026
13
Balance Sheet
DKK 1,000
Notes
ASSETS
30 September
2026.
31 December
2025
30-sep-25
Cash balance and demand deposits with central banks
2,731,436
3,017,699
1,818,638
9
Receivables from credit institutions and central banks
142,436
106,698
108,613
10
Loans and other receivables at amortised cost
5,028,743
4,921,760
5,169,005
11
Bonds at fair value
1,536,599
1,522,468
1,516,202
Shares, etc.
188,938
170,179
168,819
12
Assets connected to pool schemes
837,565
780,071
732,782
Land and buildings in total, domicile properties
331,353
327,716
328,044
-
Domicile properties 331,353
327,716
328,044
Other tangible assets
6,399
7,407
8,047
Other assets
113,968
115,390
99,631
Accruals and deferred income
5,703
5,072
5,853
Total assets
10,923,140
10,974,460
9,955,634
LIABILITIES
Liabilities to credit institutions and central banks
23,015
21,147
14,505
13
Deposits and other liabilities
7,671,629
7,873,973
6,902,282
Deposits in pool schemes
837,565
780,071
732,782
14
Issued bonds at amortised cost
447,801
348,197
398,025
Current tax liabilities
36,204
1,535
30,206
Other liabilities
74,202
76,710
86,701
Prepayments and deferred expenses
1,930
4,188
1,940
Total debt
9,092,346
9,105,821
8,166,441
Provisions for pensions and similar obligations
3,568
3,307
3,145
Provisions for deferred tax
64,030
98,831
62,572
Provisions for losses on guarantees
7,406
12,866
10,508
Other provisions
9,124
10,768
7,718
Total provisions
84,128
125,772
83,943
15
Subordinated debt
144,114
143,843
143,752
Total subordinated debt
144,114
143,843
143,752
Equity
16
Share capital
180,000
180,000
180,000
Revaluation reserves 78,665
75,069
73,983
Retained earnings
1,343,887
1,199,955
1,307,515
Proposed dividend
0
144,000
0
Total equity
1,602,552
1,599,024
1,561,498
Total liabilities
10,923,140
10,974,460
9,955,634
1
Accounting policies applied
2
Accounting estimates
17
Contingent liabilities
18
Capital conditions and solvency
Interim Report Q3 2026
14
Statement of Changes in Equity
DKK 1,000
Share capital
Revaluation
reserves
Retained
earnings
Proposed divi-
dend
Total equity
capital
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
3,537
0
0
3,537
Profit for the period
0
0 144,339
0
144,339
Equity 30 September 2025
180,000
73,983
1,307,515
0
1,561,498
Other comprehensive income
0
1,086 -74
0
1,012
Profit for the period
0
0 -107,486
144,000
36,514
Equity 31 December 2025
180,000
75,069 1,199,955
144,000
1,599,024
Equity 01 January 2026
180,000
75,069 1,199,955
144,000
1,599,024
Dividend paid
0
0 0
-144,000
-144,000
Other comprehensive income
0
3,596 0
0
3,596
Profit for the period
0
0 143,932
0
143,932
Equity 30 September 2026
180,000
78,665 1,343,887
0
1,602,552
Interim Report Q3 2026
15
Interim Report Q3 2026
16
1. Accounting policies applied etc. 17
2. Significant accounting estimates 17
3. Interest income 18
4. Interest expenses 18
5. Fee and commission income 18
6. Value adjustments 18
7. Staff and administration expenses 19
8. Tax 19
9. Amounts receivable from credit institutions and central banks 19
10. Lending 20
11. Bonds 23
12. Assets connected to pool schemes 23
13. Deposits 23
14. Issued bonds at amortised cost 24
15. Subordinated debt 25
16. Share capital 25
17. Contingent liabilities 25
18. Capital conditions and solvency 26
Overview of Notes
Interim Report Q3 2026
17
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 2025.
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 An-
nual 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 Q3 2026
18
DKK 1,000
Q1 –
Q3
2026
Full year
2025
Q1 –
Q3
2025
3. Interest income
Receivables from credit institutions and central banks
40,943
41,921
29,673
Lending and other receivables
214,226
298,640
228,189
Bonds
20,433
28,700
22,390
Foreign exchange, interest rate, equity, commodity and other contracts, as
well as derivative financial instruments
85
298
290
Total interest income
275,687
369,559
280,542
4. Interest expenses
Credit institutions and central banks
39
117
92
Deposits and other liabilities
30,147
51,195
40,993
Issued Bonds
0
1,935
0
Subordinated debt
0
1,003
0
Total interest expenses
30,186
54,250
41,085
5. Fee and commission income
Securities and securities accounts
3,325
11,492
2,088
Payment settlement
26,261
36,249
26,527
Loan transaction fees
3,008
3,677
2,309
Guarantee commission
21,188
28,098
21,463
Other fees and commission
19,171
22,883
18,208
Total fee and commission income
72,953
102,399
70,595
6. Value adjustments
Lending at fair value
-2,099
-631
0
Bonds
-6,465
7,514
5,841
Shares
6,661
4,699
3,348
Currency
6,217
6,805
4,439
Foreign exchange, interest rate, equity, commodities and other contracts, as
well as derivative financial instruments
2,105
637
0
Assets connected to pool schemes
72,119
12,562
1,701
Deposits in pool schemes
-72,119
-12,562
-1,701
Total value adjustments
6,419
19,024
13,628
Interim Report Q3 2026
19
DKK 1,000
Q1 –
Q3
2026
Full year
2025
Q1 –
Q3
2025
7. Staff and administration expenses
Staff expenses
Salaries 86,022
110,571
82,292
Other staff expenses 1,721
2,684
2,824
Pensions 11,008
14,128
10,454
Social security expenses 1,318
1,663
1,215
In total 100,069
129,046
96,785
Other administration expenses
80,013
115,339
85,222
Average number of FTEs
159.6
156.1
155.8
Of which salaries and remuneration to the Board of Directors and the Exec-
utive Management
5,094
6,444
4,926
(1 member of the
Executive Management and 9 members of the Board of
D
irectors)
The
Board of Directors does not receive variable remuneration. The Execu-
tive Management receives variable remuneration in the form of defined
-ben-
efit severance/pension scheme. Reference is made to the
Bank's remunera-
tion report:
https://www.banken.gl/en/about
-us/the-board/remuneration-committee/
Six other employees (2025: five employees) whose activities have a signifi-
cant influence on the Bank’s risk profile:
Fixed remuneration, including free car and other benefits
5,229
6,734
5,057
Variable remuneration
0
108
0
Pension
658
815
591
8. Tax
25
-% of the profit before tax 35,978
45,347
33,120
Discount for dividend tax paid
-1,484
-2,776
-2,256
Total tax on ordinary profit
34,494
42,571
30,864
Paid dividend tax
1,484
2,776
2,256
Other changes
0
189
0
Taxation value of dividend paid
-36,000
-45,000
-45,000
Tax in total
-22
536
-11,880
Deferred tax
1,199
-9,103
1,178
Taxation value of dividend paid
-36,000
0
-45,000
Tax to be paid
34,779
9,639
31,942
No company tax was paid in the period.
9. Amounts receivable from credit institutions and central banks
Receivables from credit institutions
142,436
106,698
108,613
Total amounts receivable
142,436
106,698
108,613
Interim Report Q3 2026
20
DKK 1,000
Q1 –
Q3
2026
Full year
2025
Q1 –
Q3
2025
10. Lending
Write
-downs on loans, guarantees and non-utilised credit facilities:
New write
-downs concerning new facilities during the period 10,485
14,062
11,407
Reversal of write
-downs concerning redeemed facilities -7,362
-13,582
-11,887
Net write
-downs during the period as a consequence of changes in the
credit risk
3,247
16,491
16,343
Losses without preceding write
-downs 147
65
28
Received for claims previously written off
-698
-1,497
-1,339
Recognised in the statement of income
5,819
15,539
14,552
Write
-downs on loans, guarantees and non-utilised credit facili-
ties in total
195,483
223,281
231,487
DKK 1,000
Stage 1
Stage 2
Stage 3
Total
Write-downs on loans 30.09.2026
Start of the period
9,037 69,361
127,878
206,276
New write
-downs concerning new facilities during the
year
2,742 5,298
2,218
10,258
Reversal of write
-downs concerning redeemed facilities -962 -1,867
-3,853
-6,682
Change in write
-downs at the beginning of the year –
transfer to stage 1
10,131 -8,615
-1,516
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-474 3,315
-2,841
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
-73 -1,501
1,574
0
Net write
-downs as a consequence of changes in the
credit risk
-9,711 7,927
11,681
9,897
Previously written down, now finally lost
0 0
-37,344
-37,344
Interest on written
-down facilities 0 0
3,177
3,177
Write
-downs in total 10,690 73,918
100,974
185,582
Write-downs on guarantees 30.09.2026
Start of the period
306 461
12,099
12,866
New write
-downs concerning new facilities during the
year
146 14
0
160
Reversal of write
-downs concerning redeemed facilities 0 0
-45
-45
Change in write
-downs at the beginning of the year –
transfer to stage 1
444 -69
-375
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-10 25
-15
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
-1 0
1
0
Net write
-downs as a consequence of changes in the
credit risk
-479 118
-5,214
-5,575
Write-downs in total
406
549
6,451
7,406
Interim Report Q3 2026
21
DKK 1,000
Stage 1 Stage 2
Stage 3
Total
Write-downs on non-utilised drawing rights 30.09.2026
Start of the period
650 803
2,686
4,139
New write
-downs concerning new facilities during the
year
49 16
2
67
Reversal of write
-downs concerning redeemed facilities -52 -153
-430
-635
Change in write
-downs at the beginning of the year –
transfer to stage 1
69 -66
-3
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-10 205
-195
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
-325 772
-1,523
-1,076
Write
-downs in total 381 1,577
537
2,495
Write-downs on loans 31.12.2025
Start of the period
13,779 88,282
110,634
212,695
New write
-downs concerning new facilities during the
year
2,345 5,759
5,408
13,512
Reversal of write
-downs concerning redeemed facilities -1,775 -1,776
-4,103
-7,654
Change in write
-downs at the beginning of the year –
transfer to stage 1
14,261 -14,037
-224
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-1,359 2,086
-727
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
-17 -14,638
14,655
0
Net write
-downs as a consequence of changes in the
credit risk
-18,197 3,685
21,603
7,091
Previously written down, now finally lost
0 0
-24,833
-24,833
Interest on written
-down facilities 0 0
5,465
5,465
Write
-downs in total 9,037 69,361
127,878
206,276
Write-downs on guarantees 31.12.2025
Start of the period
614 1,451
9,176
11,241
New write
-downs concerning new facilities during the
year
81 71
7
159
Reversal of write
-downs concerning redeemed facilities -6 -3
-9
-18
Change in write
-downs at the beginning of the year –
transfer to stage 1
629 -629
0
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-59 102
-43
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
0 -331
331
0
Net write
-downs as a consequence of changes in the
credit risk
-953 -200
2,637
1,484
Write
-downs in total 306 461
12,099
12,866
Interim Report Q3 2026
22
DKK 1,000
Stage 1 Stage 2
Stage 3
Total
Write-downs on non-utilised drawing rights 31.12.2025
Start of the period
405 802
538
1,745
New write
-downs concerning new facilities during the
year
306 81
4
391
Reversal of write
-downs concerning redeemed facilities -243 -648
-5,019
-5,910
Change in write
-downs at the beginning of the year –
transfer to stage 1
12 -12
0
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-6 42
-38
-2
Change in write
-downs at the beginning of the year –
transfer to stage 3
0 -363
363
0
Net write
-downs as a consequence of changes in the
credit risk
176 901
6,838
7,915
Write
-downs in total 650 803
2,686
4,139
Write-downs on loans 30.09.2025
Start of the period
13,779 88,282
110,634
212,695
New write
-downs concerning new facilities during the
year
1,655 7,113
2,380
11,148
Reversal of write
-downs concerning redeemed facilities -1,592 -1,466
-3,570
-6,628
Change in write
-downs at the beginning of the year –
transfer to stage 1
12,086 -11,563
-523
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-620 1,620
-1,000
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
-16 -14,839
14,856
1
Net write
-downs as a consequence of changes in the
credit risk
-14,605 -1,859
28,145
11,681
Previously written down, now finally lost
0 0
-14,587
-14,587
Interest on written
-down facilities 0 0
4,529
4,529
Write
-downs in total 10,687 67,288
140,864
218,839
Write-downs on guarantees 30.09.2025
Start of the period
614 1,451
9,176
11,241
New write
-downs concerning new facilities during the
year
68 169
0
237
Reversal of write
-downs concerning redeemed facilities 0 -3
-4,584
-4,587
Change in write
-downs at the beginning of the year –
transfer to stage 1
331 -181
-150
0
Change in write
-downs at the beginning of the year –
transfer to stage 2
-60 99
-39
0
Change in write
-downs at the beginning of the year –
transfer to stage 3
0 -331
331
0
Net write
-downs as a consequence of changes in the
credit risk
-616 -332
4,565
3,617
Write
-downs in total 337 872
9,299
10,508
Interim Report Q3 2026
23
DKK 1,000
Stage 1 Stage 2
Stage 3
Total
Write-downs on non-utilised drawing rights 30.09.2025
Start of the period
405 802
538
1,745
New write
-downs concerning new facilities during the
year
2 13
7
22
Reversal of write
-downs concerning redeemed facilities -94 -134
-444
-672
Change in write
-downs at the beginning of the year -
transfer to stage 1
5 -5
0
0
Change in write
-downs at the beginning of the year -
transfer to stage 2
-3 6
-3
0
Change in write
-downs at the beginning of the year -
transfer to stage 3
0 -363
363
0
Net write
-downs during the year as a consequence of
changes in the credit risk
75 593
377
1,045
Write
-downs in total 390 912
838
2,140
DKK 1,000
Q1 –
Q3
2026
Full year
2025
Q1 –
Q3
2025
11. Bonds
Mortgage
-credit bonds 1,536,599
1,522,468
1,516,202
In total
1,536,599
1,522,468
1,516,202
Of the bond portfolio, a nominal amount of TDKK 50,000 is pledged as collateral for accounts with Danmarks Nationalbank
12. Assets connected to pool schemes
Investment associations
837,468
780,013
732,635
Non
-invested funds 97
58
147
In total
837,565
780,071
732,782
13. Deposits
On demand
6,999,180
6,534,912
5,713,153
On terms of notice
360,659
1,023,398
875,793
Special deposit conditions
311,790
315.663
313,336
Total deposits
7,671,629
7,873,973
6,902,282
Interim Report Q3 2026
24
DKK 1,000
Q1 –
Q3
2026
Full year
2025
Q1 –
Q3
2025
14. Issued bonds at amortised cost
Bond issue
447,801
348,197
398,025
Total
447,801
348,197
398,025
Loan raised as Senior Non-Preferred, nominally
-
-
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 used the option
of early redemption from 27 October 2025.
Loan raised as Senior Non
-Preferred, nominally -
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 used the op-
tion of early redemption 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
100,000
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.
Loan raised as Senior Non
-Preferred, nominally 125,000
125,000
125,000
The loan was raised as Senior Non
-Preferred on 17 September 2025 and
falls due for full redemption on 17 September 2032. The Bank has the op-
tion of early redemption as from 17 September 2029.
Loan raised as Senior Non
-Preferred, nominally 125,000
-
-
The loan was raised as Senior Non
-Preferred on 8 July 2026 and falls due
for full redemption on 8 July 2033. The Bank has the option of early re-
demption as from 8 July 2030.
Interim Report Q3 2026
25
DKK 1,000
Q1 –
Q3
2026
Full year
2025
Q1 –
Q3
2025
15. Subordinated debt
Capital certificate as below
144,114
143,843
143,752
In total
144,114
143,843
143,752
Subordinated debt included in the capital base according to CRR
0
143,843
143,752
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.)
6.560%
6.200%
6.093%
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
40,000
Interest rate, floating rate (CIBOR 6 with an addition of 325bp.)
6.123%
5.407%
5.407%
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
40,000
40,000
Interest rate, floating rate (CIBOR 6 with an addition of 300bp.)
5.527%
5.200%
5.113%
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.
16. Share capital
Share capital consists of 1,800,000 shares of DKK 100.
Own Shares
Number of own shares
0
0
0
17. Contingent liabilities
Mortgage finance guarantees
851,497
780,976
820,073
Registration and remortgaging guarantees
107,743
122,993
62,393
Other guarantees
413,146
371,605
426,511
Guarantees, etc. in total
1,372,386
1,275,574
1,308,977
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 withdr
awal
fee to BEC equivalent to the preceding two and a half 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.
Interim Report Q3 2026
26
DKK 1,000
Q1 –
Q3
2026
Full year
2025
Q1 –
Q3
2025
18. Capital conditions and solvency
Credit risk
5,034,297
4,915,387
5,022,288
CVA risk
13,699
11,185
10,738
Market risk
238,756
275,480
214,712
Operational risk
517,541
517,541
814,497
Total risk exposure
5,804,293
5,719,593
6,062,235
Equity at the beginning of the period
1,599,024
1,593,622
1,593,622
Comprehensive income for the period
0
185,402
0
Proposed dividend, accounting effect
36,000
-108,000
45,000
Paid dividend
-144,000
-180,000
-180,000
Deduction for capital shares in the financial sector
-40,374
-21,711
-23,457
Deductions for prudent valuation
-1,732
-1,696
-1,688
Deductions for Non
-Performing Exposures -21,455
-21,525
-20,009
Actual core capital
1,427,463
1,446,092
1,413,468
Supplementary capital
144,114
143,843
143,752
Capital base
1,571,577
1,589,935
1,557,220
Bond issue
447,801
348,197
398,025
of which with less than 1 year to maturity
0
0
-49,993
Statutory capital base
2,019,378
1,938,132
1,905,252
Actual core capital ratio
24.6
25.3
23.3
Capital ratio
27.1
27.8
25.7
Statutory capital ratio requirements
34.8
33.9
31.4
Interim Report Q3 2026
27