Íslandsbanki’s H1 results 2010

07.09.2010 - Financial Results

According to the reviewed consolidated financial statements, which have been prepared on a going concern basis for the first half of 2010, Íslandsbanki returned a profit of ISK 8.3bn during the period, with income tax estimated at ISK 2,347m. The Bank's total capital ratio of 21.5% exceeds the 16% minimum set by the Icelandic Financial Supervisory Authority (FME). Return on equity was 17.1% during the period.

  • Profit after tax was ISK 8.3bn, estimated income tax due for the period is ISK 2.3bn.
  • Net interest income was ISK 20.3bn.
  • Net fee and commission income was ISK 3.3bn.
  • The number of full time equivalent employees was 1,152 at the end of the period.
  • Total assets at 30 June 2010 were ISK 699.8bn.
  • Loans to customers totalled ISK 570bn and total deposits amounted to ISK 458bn at the end of the period.
  • Equity as of 30 June 2010 amounted to ISK 100.4bn.
  • Total capital ratio at end of the period was 21.5%.
  • Net interest margin on total average assets was 5.7%.
  • The deposit/loan ratio was 80.3% at the end of the quarter.
  • Annualised return on equity for the period was 17.1%.

Birna Einarsdóttir, CEO of Íslandsbanki:

"Íslandsbanki performed well in the first half of 2010, with results largely in line with projections. The Bank's capital ratio is very robust at 21.5%, well above the 16% minimum capital requirement of the Icelandic Financial Supervisory Authority. The results confirm that the Bank is well positioned to play an increasing role in the funding of business and industry in Iceland.

The uncertainty surrounding the question of the legality and interest terms of foreign currency loans has affected our settlement work in recent months. Íslandsbanki has completed an assessment of the possible financial effects from various outcomes relating to the foreign currency loans. Based on this assessment, the Bank has determined that even in the unlikely event that all foreign currency loans were to be declared illegal, which would mean a substantial shock to the Bank´s equity base, the Bank´s capital ratio would remain above 12%. Such a conclusion would nonetheless reduce the Bank's capacity to serve households and businesses and provide funds for investment. This would clearly undermine the Bank´s ability to support the recovery of Iceland's economy."

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