Føroya Banki reports 119 million Danish kroner profit for third quarter

Føroya Banki reported a profit of 119 million Danish kroner for the third quarter, marking an increase of 14 million kroner compared to the previous year.

The operating result, after accounting for write-downs, stood at 66 million kroner. The bank reversed write-downs on loans by six million kroner, resulting in an operating profit of 72 million kroner for the quarter.

Føroya Banki anticipates a net profit after tax between 275 million and 300 million kroner for the entire year. The bank noted that overall performance has exceeded original expectations.

Additionally, Føroya Banki is projecting further interest rate cuts in the near future.