18% beat on pre-tax profit
Net profit for Q1'23 came in at DKK 10m (+18%) above ABGSCe primarily driven by loan loss reversals of DKK 8m vs. our expectation of loan losses of DKK 2m in the quarter and a stronger investment portfolio income at DKK 22m (ABGSCe at DKK 9m). This offsets the DKK 4m softer-than-expected net interest income and DKK 6m lower-than-expected insurance income. Costs were largely in line with expectations which was also the case for commission income. Q1 was a strong quarter regarding lending growth in Greenland (+10.4% q-o-q) as well as Faroe Islands (+2.0% q-o-q). The CET1 ratio stood at 21.0% vs. ABGSCe at 22.8% due to an 8% higher-than-expected REA.
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