Grønlandsbanken

Interim / Quarterly Report • Aug 20, 2025

The Bank of Greenland CVR-no. 80050410

Notification to Nasdaq OMX Copenhagen 08/2025

Interim Report First half of 2025

Contents

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

Management's Review

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 adjustments and write-downs is, as expected, affected by the declining 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 development 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 million 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 development in market interest rates, compensated by the increasing 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 collective 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 negatively, 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 supplement accommodates the risks associated with increasing inflation 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.

• 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%.

Financial Highlights for the first half of 2025

	First half	First half		First half	First half	First half
	year	year	Full year	year	year	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

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 margin 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 compared 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 difference primarily concerns non-recurring income.

Selected Highlights and Key Figures (not audited) DKK 1,000

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 increase primarily concerns IT expenses and supplementary training 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 holdings 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.

	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

Impairment of loans, etc. amounted to TDKK 14,520, compared to TDKK 11,272 for the same period in 2024. The Bank sees continued satisfactory creditworthiness in the loan portfolio. The impairment level is still modest and the impairment ratio for the period is 0.2%.

Despite uncertain macroeconomic prospects and geopolitical instability, Greenland and the BANK of Greenland's customers are not significantly challenged so far. However, the future economic 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 holiday allowance, etc. is paid, but is not paid in the subsequent quarters. Other administration costs were by and large unchanged 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 decreased 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 satisfactory 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 predominantly 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,

Uncertainty of recognition and measurement

The principal uncertainties concerning recognition and measurement 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 instruments. 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 counterparties' 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 instruments due to changes in market prices. The BANK of Greenland classifies three types of risk within the market risk area: interest 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 inappropriate 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 requirement 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 determined for the BANK of Greenland, at 30.2% of the Bank's risk-weighted assets at the end of 2023. The MREL requirement is being phased in from 2022 to 2027. The linear phasingin means that by 2025 the Bank must fulfil an MREL requirement 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.

	First half
Capital requirement	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 capital requirement is the capital which, according to the management'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 assumed 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 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 legislation 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 ratio is calculated at 24.3% and the capital ratio at 26.6%.

At the end of June 2025, the Bank's individual solvency requirement 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 reserve buffer requirement of 2.5% and the SIFI buffer requirement 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 satisfactory 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	Solvency requi	Capital require	Solvency requi
	ment	rement	ment	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 activities which the Bank aims to fulfil. It must be noted that publiclyowned enterprises account for 48% points of the sum of large exposures.

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 corporate governance

The BANK of Greenland conducts banking activities in Greenland 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 participate 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 Governance recommendations and the Danish Executive Order on Management and Control of Banks, etc. and it is the Bank's objective 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 economy in 2025.

In both the short and longer term, the increased focus on Greenland in the first half-year can affect the economic development 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 generally expected to influence the Bank's operations.

Declining interest rates increase the appetite for investment, and lending is expected to develop moderately positively towards 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 expected to be higher than in 2024. A few staff increases and the full effect of staff increases are expected in 2024. Administration expenses are also expected to increase, primarily in the IT area.

First half
The Supervisory Diamond 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%

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.

Management Statement

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 Danish 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 financial affairs, as well as a description of the significant risks and uncertainties to which the BANK of Greenland is subject.

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 Kristiansen

Tulliaq Angutimmarik Olsen Niels Peter Fleischer Rex Peter Angutinguaq Wistoft

Income Statement and Statement of Comprehensive Income

DKK 1,000

Notes		First half-year 2025	Full year 2024	First half-year 2024
	Interest income	193,265	476,909	244,737
	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
	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
	Value adjustments	4,283	28,578	3,917
	Other operating income	3,381	5,400	2,617
	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
	Write-downs on loans and receivables, etc.	14,520	18,909	11,272
	Profit before tax	84,414	245,699	120,140
	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

Balance Sheet

DKK 1,000

			31 December
Notes	Assets	30 June 2025	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

Statement of Changes in Equity

DKK 1,000

		Revaluation	Retained ear	Proposed divi	Total equity
	Share capital	reserves	nings	dend	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

Overview of Notes

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

Notes to the Interim Report

1. Accounting policies applied etc.

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 companies, etc. and the Danish disclosure requirements for the interim 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 attributed to items carried directly to equity.

On calculating the taxable income, Greenland allows tax deduction 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.

2. Significant accounting estimates

The calculation of the accounting value of certain assets and liabilities is subject to a degree of uncertainty and an estimate of how future events will affect the value of these assets and liabilities. 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 assessments, including expectations of the properties' future returns and the fixed yield ratios.

For provisions, there are significant estimates related to the determination of the future employee turnover rate, as well as determining the interest obligation for tax-free savings accounts.

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 Loan transaction fees	16,992 1,600	36,464 3,752	18,079 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

DKK 1,000		First half-year 2025	Full year 2024	First half-year 2024
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

Total amounts receivable	118,873	155,989	92,494
Receivables from credit institutions	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.

	Notes to the Interim Report

DKK 1,000		First half-year 2025	Full year 2024	First half-year 2024
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 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.	50,000	50,000	50,000
	Loan raised as Senior Non-Preferred, nominally 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.	25,000	25,000	25,000
	Loan raised as Senior Non-Preferred, nominally 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.	100,000	100,000	100,000
	Loan raised as Senior Non-Preferred, nominally 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.	100,000	100,000	0

	First half-year	Full year	First half-year
DKK 1,000	2025	2024	2024

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	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

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 Net write-downs as a consequence of changes in the	0	0	0	0
	credit risk	-40	725	734	1,419

Write-downs in total 405 802 538 1,745

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 –	-2	0	2	0
	transfer to stage 3 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

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 Resolution Fund.

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