Interim report
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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.
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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
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Interim Report Q3 2026 Management’s Review 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%
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Interim Report Q3 2026 Management’s Review 3
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Interim Report Q3 2026 Management’s Review 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
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Interim Report Q3 2026 Management’s Review 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
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Interim Report Q3 2026 Management’s Review 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 År 2025 Q3 2025 Q3 2026 Deposits Lending Guarantees
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Interim Report Q3 2026 Management’s Review 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
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Interim Report Q3 2026 Management’s Review 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%
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Interim Report Q3 2026 Management’s Review 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.
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Interim Report Q3 2026 Statement by the Management 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
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Interim Report Q3 2026 Statement by the Management 11
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Interim Report Q3 2026 Income Statement and Statement of Comprehensive Income 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
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Interim Report Q3 2026 Balance Sheet 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
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Interim Report Q3 2026 Statement of Changes in Equity 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
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Interim Report Q3 2026 Statement of Changes in Equity 15
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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
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Interim Report Q3 2026 Notes to the Interim Report 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
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Interim Report Q3 2026 Notes to the Interim Report 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
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Interim Report Q3 2026 Notes to the Interim Report 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 Directors) 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
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Interim Report Q3 2026 Notes to the Interim Report 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
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Interim Report Q3 2026 Notes to the Interim Report 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
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Interim Report Q3 2026 Notes to the Interim Report 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
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Interim Report Q3 2026 Notes to the Interim Report 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
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Interim Report Q3 2026 Notes to the Interim Report 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.
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Interim Report Q3 2026 Notes to the Interim Report 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 withdrawal 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 Resolution Fund.
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Interim Report Q3 2026 Notes to the Interim Report 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
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Interim Report Q3 2026 Notes to the Interim Report 27