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.

Contacts

Investor Relations - Jóhann Ottó Wathne - ir@islandsbanki.is

Public Relations - Björn Berg Gunnarsson - pr@islandsbanki.is

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About Íslandsbanki
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.