Banks earned DKK 75m through negative deposit rates last year

01.05.2022 - 10:33
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Banks earned DKK 75m through negative deposit rates last year
Negative interest charges are becoming an increasing source of revenue for Faroese banks
 

Faroese banks earned DKK 75,2 million from negative rates on customer deposits in 2021, according to a report compiled by the central bank.

This total is broken down into BankNordik: DKK 36m, Betri banki: DKK 29m, Norðoya Sparikassi: DKK 7.6m and Suðuroya Sparikassi: DKK 1.9m.

The four banks had combined profits of DKK 427 million after tax last year. According to the central bank report, negative interest charges represent an increasing source of revenue for the banks.

In 2020, the four banks earned a total of DKK 52.9 million from negative rates on customer deposits.

 

Read the Faroese version of this article here.

More Faroese News in English.

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