Kvika banki hf.: Preliminary financial results for Q2 2021 – net earnings before tax estimated to be ISK 3,550 – 3,650 million

The preliminary results for the second quarter of 2021 indicate that net earnings before tax will amount to ISK 3,550 – 3,650 million.

TM’s combined ratio at a historical low and return on financial assets above expectations

TM’s combined ratio was approximately 80.8% during the second quarter and 91.5% during the first half of 2021. The return on financial assets was 3.6% during the second quarter. TM’s net earnings before tax during the second quarter were approximately ISK 1,870 million.

Solid growth in net fee and commission income and net interest income during the second quarter

Net fee and commission income increased by roughly 20% between quarters and amounted to ISK 2,046 million during the second quarter, while net interest income amounted to ISK 1,156 million.

Net investment income during the quarter amounted to ISK 2,003 million, of which TM contributed ISK 1,142 million.

The financial statements are still being finalised and the review performed by the auditors has not been completed. The financial results are therefore subject to change until they are published. The financial statements will be published on 26 August 2021.