The preliminary financial results for the second quarter 2021 indicate a net profit of ISK 5.4bn with annualised return on equity of 11.6%, which is above the Bank’s financial targets. The Bank’s profit for the first quarter 2021 was ISK 3.6bn with annualised return on equity of 7.7%.
The deviation from the first quarter results and the Bank’s financial targets is mainly explained by an ISK 1.1bn positive net impairment of financial assets compared to a net impairment charge of approximately ISK 0.5bn in the first quarter. Furthermore, net profit was positively impacted by a strong domestic equity market performance.
The second quarter 2021 financial accounts are still being finalised and are therefore subject to change. The financial accounts will be published on 28 July.
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With a history that dates from 1875, Íslandsbanki is an Icelandic universal bank with a strong customer focus. The Bank believes in moving Iceland forward by empowering its customers to succeed - reflecting a commitment to run a solid business that is a force for good in society. Driven by the ambition to be #1 for service, Íslandsbanki’s banking model is led by three business divisions that build and manage relationships with its customers. Íslandsbanki maintains a strong market share with the most efficient branch network in the country, supporting at the same time its customers’ move to more digital services. The Bank operates in a highly attractive market and, with its technically strong foundations and robust balance sheet, is well positioned for the opportunities that lie ahead. Íslandsbanki has a BBB/A-2 rating from S&P Global Ratings.