Islandsbanki hf. : 2Q13 Interim consolidated financial

New Post Public Reply Private Reply Replies (0) Message Board

News Desk 2018

Aug 28, 2013 at 4:45 AM

Islandsbanki hf. : 2Q13 Interim consolidated financial statements

Highlights: * Profit after tax was ISK 6.6bn in 2Q13 (2Q12: ISK 6.0bn), and ISK 11.2bn in 1H13 (1H12: ISK11.6bn) * Return on equity was 17.4% in the quarter (2Q12: 18.6%), but was 14.8% in 1H13 (1H12: 17.9%). The YoY decrease in ROE is primarily driven by higher equity which has increased by 15% YoY, from ISK 135bn to ISK 156bn at end of June 2013. * Total taxes and levies paid to government institutions amounted to ISK 3.0bn in 2Q13, compared to ISK 2.2bn in 2Q12. * Around 35 thousand individuals and 4 thousand corporates have received write-offs, debt forgiveness or some form of debt correction since the Bank's establishment, totalling ISK 500bn to date. * Total assets were ISK 823bn (Mar13: ISK 829bn), with loans to customers down 1% to ISK 539bn (Mar13: ISK 543bn). * The net interest margin was 3.4% in 2Q13 (1Q13: 3.6%) and is decreasing in line with expectations as deep discount following the acquisition of Glitnir loan book is being amortized. * Net fee and commission income increased to ISK 2.7bn in the quarter (2Q12: ISK 2.3bn) and to 5.2 over the 1st half of the year (1H12: ISK4.4bn). This is a YoY increase of 15% which can mainly be attributed to Markets, Retail, Wealth and fee generating subsidiaries. * Net valuation changes on the loan portfolio resulted in a gain of ISK 4.7bn in the quarter (2Q12: ISK 3.6bn) and ISK 7.9bn in the first half of the year (1H12: ISK 2.1bn). * Total deposits increased to ISK 506bn (Mar13: ISK 492bn), due to normal fluctuation in deposits from customers and credit institutions. * Equity was ISK 155.5bn, up 2% from Mar13 and 15% YoY. Total capital ratio strengthened to 27.4% (Mar13: 26.2%), and Tier 1 ratio was 24.0% (Mar13: 22.9%). Please find a more detailed version of the results announcement attached below. Birna Einarsdóttir, Chief Executive Officer of Íslandsbanki: "Íslandsbanki's 2Q13 results are in line with projections. The numbers clearly show that positive synergies from mergers are being realised on both sides of the P&L. A great deal has been accomplished in terms of cost efficiency and the cost/income ratio, for the second quarter of 2013 has fallen to 41.1% and reduction in operating costs are down 7.5% in real terms. Euromoney magazine ranked Íslandsbanki as the best bank in Iceland and the British financial magazine, World Finance, also awarded VÍB, Íslandsbanki's Wealth Management division, the Investment Management Award for 2013. These two awards amply demonstrate the level of ambition and achievement that characterise work at the bank. Íslandsbanki has tapped two covered bond issues in the quarter and has now become a regular issuer of commercial paper. Arranged by Bank of America Merrill Lynch, the Bank has recently signed a USD 250m GMTN programme allowing it to issue bonds in a broad range of currencies should opportunities arise in international markets. Recalculation of foreign currency loans is on track and we estimate that 90% of transactions will have finished by end of August. The aim is that all remaining transactions, which amount to 15,000 contracts in total, will be recalculated by the end of the year. " Later today, Birna Einarsdóttir, CEO of Íslandsbanki, and Jón Guðni Ómarsson, CFO, will present the 2Q13 financial results to market participants, followed by a Q&A session. The meeting starts at 4pm and will be conducted in Icelandic. Guests must register for the event. Today, the Bank will also host a conference call in English to present the results at 2 pm Icelandic time. 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. [HUG#1725276]

Newer

Older

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Ornellaia's 2026 Harvest: Adapting to Nature's Whims

A Year Marked by Weather's Unpredictable Dance Nobody said making wine was a walk in the park, and the folks at Ornellaia know better than most how to roll with whatever nature throws their way. The 2026 harvest story is as much about unlocking the secrets of the soil as it is about navigating the quirks of the weather. Situated in Bolgheri, Italy, this year's vintage...

OCI N.V. Secures a Win in Court; EGM Proceeds as Planned

OCI Dodges a Bullet in Amsterdam Court Stepping into the courtroom drama, OCI N.V. just took home a win as the Amsterdam Court of Appeal's Enterprise Chamber gave them a clean bill of health, kicking out the inquiry request from VEB and a bunch of other shareholders. The judges weren't convinced there was anything fishy going on, so they tossed the inquiry petition and...

Gong, Agentforce, Avoma Crowned 2026 CI Champions

Diving Deep into Conversation Intelligence There's a lot to unpack when three software titans hog the spotlight, and that's exactly what's happening in the world of conversation intelligence this year. It's like we've hit the jackpot with Gong, Agentforce Sales, and Avoma carving out their turf as the 2026 Champions, according to the venerable Info-Tech Research Group....

U. of Phoenix and LACCD Launch 3+1 Degree Pathway

Opening the Floodgates for Ambitious Community College Students When it comes to climbing the educational ladder, not everyone starts at the same rung. That's a fact we've all come to terms with in one way or another. Enter the University of Phoenix and the Los Angeles Community College District with a solution to expand educational access. The 3+1 Program: A Cost-Saving...

Decoding CarBravo-Certified vs Traditional Used Cars

What’s Behind Door Number One: CarBravo Certification When you walk onto a car lot these days, it's a mixed bag: shiny badges boasting certifications or basic used car signage. For anyone who's spent time around cars, two types stick out—there’s your CarBravo-certified vehicles and your good ol' used cars. Now, Marissa McCoy and Jill Maniaci from Heidebreicht...

HelloNation Brings 'Edvertising' to NC REALTORS® Event

HelloNation's Bold Step into Real Estate Networking October 8th to the 11th is shaping up to be a pivotal few days in Wilmington, North Carolina. Here’s the scoop: HelloNation, known for its innovative 'edvertising' model, is joining the bustling crowd at the 2026 NC REALTORS® Convention. This isn’t just any get-together—it's the grandest annual jamboree for real...

Duke Energy's Cost-Protection Plan Shields Ratepayers

Shielding Customers From Data Center Costs Let's get right into the thick of it: Duke Energy's latest move is a strategic one, shrouded in industry terms but with a real impact on regular folks' wallets. The company's agreement with heavyweights like Amazon, Google, and Meta aims to protect existing customers in North Carolina from getting hit with the costs of powering...

Merit Expands in New York with Bold Acquisition Move

Merit Financial's Growth Trajectory Takes a Leap You watch the movers and shakers in this game long enough, and you start to see patterns. Merit Financial Advisors is one of those juggernauts you'd better keep an eye on. These folks just scooped up Moldenhauer & Associates—a firm that's been a staple in Orchard Park, New York—for a cool $1.1 billion worth of client...

C3EL Expands Federal Footprint with Strategic Contracts

Pushing Boundaries in Federal Contracts What a ride C3EL's had in Government Fiscal Year 2026! Let me tell you, they’ve bagged a bunch of contracts that’d make any company’s mouth water. Kicking things off, they snagged a prime cybersecurity contract from the U.S. Air Force. Considering our current cybersecurity landscape, that's like striking gold. But they...

Wally Disrupts Dental Industry with $25M Funding

A New Breath of Fresh Air for Dental Care Dental visits—a tedious, costly affair we've all dreaded. So, when Wally rolls out an overhaul in this stale landscape, it's worth taking notice. With $25 million in their pockets from Series A funding led by Maveron, Wally's swaggering in with a plan to flip the script on dental care across the nation. Redefining the Dental...