Faroese bank reports 56 million krona profit in first quarter

The Faroese national bank Føroya Banki recorded a post-tax profit of 56 million krona in the first quarter of the year, according to a report by Faroese broadcaster Kringvarp Føroya. Bank management expressed satisfaction with the result, describing the overall outlook as “good in general.”

Bank CEO Turið F. Arge noted in a statement that inflation is expected to rise due to geopolitical instability. Interest rates may also increase twice this year, she added.

The bank forecasts a full-year net profit of between 195 and 235 million krona.