Kvika banki hf.: Negative earnings announcement

Kvika banki hf.: Negative earnings announcement

Written by Customer Service on . Posted in Public Companies.

Preliminary results for the Kvika banki hf. group for the second quarter of 2022 are now available and indicate that net profit before tax for the quarter will amount to ISK 450-500 million.

The earnings forecast was last updated on 12 May 2022 and amounted to ISK 2.15 – 2.4 billion in profit before tax for the quarter. Profit before taxes was therefore about ISK 1.7 – 1.9 billion lower than expected.

The reason for the deviation is caused by lower net financial income than expected due to very difficult market conditions in the quarter. Net financial income was negative of ISK 0.9 billion but was expected positive ISK 1 billion for the period. Net financial income was therefore ISK 1.9 billion lower than expected.

The group’s core operations were strong in the period. Net interest income was ISK 1.9 billion, net fee and commission income ISK 1.6 billion, net premiums and claims ISK 1 billion and operating expenses amounted to ISK 3.2 billion, which was in line with expectations.

The financial statements are still being finalized and are subject to change until they are published. Kvika will publish the results on 18 August 2022, after markets have closed. At the same time Kvika will publish updated earnings forecast for the next four quarters.

For further information please contact Ragnar Páll Dyer, CFO, tel. 540 3200 or via e-mail: ragnar.dyer@kvika.is. 

Please note that this notice is a disclosure per article 17 of MAR.


Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.