Public offering of shares in Iceland Seafood International

Kvika records 9m profit of ISK 1,032m

Thursday 20. október 2016

According to the unaudited interim financial statements of the parent company, presented at a Board meeting today, Kvika banki hf. recorded an after-tax profit of ISK 1,032 million for the first nine months of 2016.

The six-month results were in line with projections, at ISK 373 million. Third-quarter profits were well in excess of projections, however, totalling ISK 659 million. The outlook for the year as a whole is therefore considerably more positive than previous estimates had assumed.

The favourable deviation in the Bank's 9m earnings is due principally to a strong performance by the Corporate Finance department, as well as to increased foreign exchange brokerage activity and a rise in investment income. 

At the end of September, Kvika's capital totalled just under ISK 6.2 billion. The consolidated capital ratio was 20.5% in Q3, up from 18.0% at the end of June. 

Kvika has a subordinated bond, KVB 15 01, listed on the Nasdaq Iceland exchange. The bond bears a ten-year maturity and is classified as Tier 2 capital. Kvika also has bills listed on the exchange in two series: KVB 16 1221 and KVB 17 0323. 

It should be noted that assumptions and conditions may change and that the Bank's operating performance could therefore deviate from the current outlook.