Islandsbanki hf. : 3Q2013 Interim Consolidated Financial

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News Desk 2018

Nov 27, 2013 at 3:45 AM

Islandsbanki hf. : 3Q2013 Interim Consolidated Financial Statements

+------------------------------------------------------------------------------+ |HIGHLIGHTS | | · Profit after tax was ISK 4.2bn in 3Q13 (3Q12: ISK 4.6bn), and ISK| |15.4bn in 9M13 (9M12: ISK16.2bn). | | · Return on equity was 10.6% in the quarter (3Q12: 13.3%), and | |13.4% in 9M13. (9M12: 16.3%). The YoY decrease in ROE is primarily driven by | |higher equity which is up 3% from Jun13 and 14% YoY. | | · Total capital ratio remains strong at 27.2% (Jun13: 27.4%), and | |Core Tier 1 ratio was 23.9% (Jun13: 24%), albeit a 3.5% increase in RWA in the| |quarter to 663bn (Jun13: 641bn). | | · Net interest income amounted to ISK 7.4bn (3Q12: ISK 7.8bn), a | |YoY decrease of 5.1%. The net interest margin was 3.5% in 3Q13 (2Q13: 3.4%) | |and is decreasing in line with expectations as deep discount following the | |acquisition of Glitnir loan book is being amortized. | | · Net valuation changes on the loan portfolio resulted in a gain of| |ISK 0.6bn in the quarter (3Q12: ISK 0.7n) and ISK 8.5bn in the first 9 months | |(9M12: ISK 2.8bn). | | · Net fee and commission income increased to ISK 2.5bn in the | |quarter (3Q12: ISK 2.3bn) and to 7.6bn in the first 9 months (9M12: ISK | |6.7bn). This is a YoY increase of 8% over the quarter and 13% over 9M which | |can mainly be attributed to Markets, Retail, Wealth and fee generating | |subsidiaries. | | · Cost to income ratio decreased to 48.5% (3Q12: 50.6%). | | · Around 35 thousand individuals and 4,100 corporates have received| |ISK 524bn in debt forgiveness of some form since the Bank's establishment. | | · Restructuring is on track, LPA ratio was 9.8% (Sep12: 17.4%), 90 | |days past due ratio is 5% (Dec12: 8%). | | · Total assets were ISK 863bn (Jun13: ISK 823bn), with loans to | |customers increasing 2% to ISK 549bn (Jun13: ISK 539bn). | | · Total deposits increased to ISK 526bn (Jun13: ISK 506bn), due to | |normal fluctuation in deposits from customers and credit institutions. | | | | Birna Einarsdóttir, Chief Executive Officer of Íslandsbanki: | | "The results for the first nine months are characterised by improved | |efficiency. Costs have decreased by ISK 732m representing a 7.5% reduction | |year-on-year when adjusted for inflation. This is the result of several cost | |initiatives, e.g. the Bank merged and consolidated three of its branches. As | |before, the Bank operates the most efficient branch network in Iceland. | | | | Íslandsbanki's 9m results are in line with projections and return on | |equity was 13.4% which is good considering the Bank's high equity ratio of | |27.2%. | | | | In a period that is normally characterised by the summer holidays, it | |was nonetheless a busy quarter for the Bank. Net fee and commission income | |increased 13% to ISK 7.6bn in the first 9 months, compared to ISK 6.7bn for | |the same period last year. | | | | The quality of the loan portfolio improved between quarters, the ratio | |of loans more than 90 days past due was 5%, and the Loan Portfolio Analysis | |ratio, an Icelandic key measure of asset quality, now down to 9.8% from 44% in| |2009." | | | |INVESTOR CALL | |Today, the Bank will host an investor call in English to present the results | |at 1 pm Icelandic time, including a short macro update. To register for the | |conference call, please e-mail: ir@islandsbanki.is. | | | |All presentation material will subsequently be available and archived on | |www.islandsbanki.is/ir. | | | |For further information: | | * Investor Relations - Tinna Molphy, tinna.molphy@islandsbanki.is and tel: | | +354 440 3187. | | * Media Relations - Dögg Hjaltalín, dogg.hjaltalin@islandsbanki.is and tel: | | +354 440 3925. | | | | | +------------------------------------------------------------------------------+ |Tags: Financial results, Interim financial results, 3Q12, 3Q2012, third | |quarter, financial calendar, investor call, | +------------------------------------------------------------------------------+ [HUG#1746069]

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