Islandsbanki hf. : 9M15 Condensed Consolidated Interim Financial Statements

12.11.2015 - IR Releases


9M 2015

  • Profit after tax was ISK 16.7bn in 9M15 compared to ISK 18.2bn in 9M14. The difference is mainly due to irregular items. 
  • Earnings from regular operations was ISK 11.9bn in 9M15 compared to ISK 11.4bn in 9M14.
  • Return on equity from regular operations on 14% CET1 was 13.0% in 9M15 compared to 13.1% in 9M14. 
  • Net interest income amounted to ISK 21.0bn in 9M15 (9M14 ISK 20.6bn). The net interest margin was 2.9% in 9M15 (9M14: 3.1%). 
  • Net fee and commission income was ISK 9.9bn in 9M15 (9M14 8.5bn), a 16.6% YoY increase. 
  • Cost to income ratio was 56.3% in 9M15 (9M14: 56.1%). Cost to income ratio excludes Bank tax and one-off cost items. 
  • Loans to customers grew by 4% YoY in line with GDP growth, and 1% during the quarter. The increase is well diversified across various lending divisions.
  • Total assets amounted to ISK 1,004bn (Jun15: ISK 976bn). 
  • Deposits from customers increased by 10% YoY to ISK 581bn.
  • Two successful foreign denominated bond transactions during the quarter, a EUR 100m and tap SEK 50m.
  • Total capital ratio remains high at 29.2% (Jun15 28.3%) and Core Tier 1 ratio was 26.9% (Jun15: 25.8%).
  • The Bank's liquidity position is strong and exceeds internal and external requirements.
  • Leverage ratio was at 18.3% at the end of the period, indicating modest leverage.
  • Ratio of loans more than 90 days past due and impaired was 2.4% (Jun15: 2.7%).
  • S&P and Fitch upgraded the Bank to investment grade (stable outlook) during the year, which was affirmed in November. Íslandsbanki is the only Icelandic bank to have an investment grade rating from S&P and Fitch.

3Q 2015

  • Profit after tax was ISK 5.9bn in 3Q15 (3Q14: ISK 3.5bn). 
  • Return on regular operations on 14% CET1 was 11.2% in the quarter (3Q14: 14.4%)
  • Net interest income amounted to ISK 7.5bn in 3Q15 (3Q14: ISK 7.1bn) 
  • Net fee and commission income was ISK 3.5bn in 3Q15 (3Q14: ISK 2.8), a 23.2% increase. 
  • Loans to customers increased by ISK 6.6bn during the quarter or 1% to ISK 660bn.
  • Deposits from customers increased by ISK 14bn during the quarter or 2.5% to ISK 581bn.

Birna Einarsdóttir, Chief Executive Officer at Íslandsbanki:

"Íslandsbanki's operating performance for the first nine months of the year was very strong. We see continued diversity in the Bank's sources of income, with commission and fee income up 17% year-on-year. At the same time, lending growth has been relatively modest. At the end of September, the Central Bank of Iceland increased minimum reserve requirements, thus reducing banks' lending capacity; however, we hope that this will be only a temporary measure. Credit rating agency Standard and Poor's assigned the Bank investment-grae ratings of BBB-/A-3 in July and recently affirmed the ratings following the announcement of measures in connection with capital account liberalisation.

The Bank also held a number of very well-attended meetings on finance and economic affairs. We have noted a keen interest in our educational outreach efforts, particularly to include young people's interest in meetings on investments and savings."

The Bank will host an investor call in English to present the results at 2 pm Icelandic time. The call will start with a short macro update on the Icelandic economy, followed by a review of the financial results and Q&A. Please register by replying to Dial-in details and presentation will be sent out two hours prior to the call. 

All presentation material will subsequently be available and archived on

Jón Guðni Ómarsson talks about the Q3 Financial Results


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