Net earnings of ISK 46.8 billion (€533 million)
•Shareholders' net earnings increased by 43.8% to ISK 45.8 billion in 1H
• Return on equity in first half of 32.0% on an annualised basis. Earnings per
share of ISK 62.2 during the first half - compared with ISK 47.9 in same
period of 2006
• Shareholders' net earnings in Q2 up 95.5% to ISK 25.5 billion (€294.7
million)
• Operating income in Q2 increased by 66.8% to ISK 51.8 billion
• Net interest income in Q2 up by 38.0% to ISK 19.8 billion
• Net fee and commission income in Q2 grew by 65.4% to ISK 15.2 billion
• Operating expenses in Q2 rose by 28.5% to ISK 19.0 billion
• Cost/income ratio in Q2 was 36.7%
• Kaupthing Bank booked ISK 4.3 billion profit from the sale of its subsidiary
Eik fasteignafélag hf. during Q2
• Total assets of ISK 4,570.4 billion (€54.3 billion) at the end of June 2007,
increasing by 23.3% at a fixed exchange rate from the beginning of the year
and by 12.7% in ISK
Hreidar Már Sigurdsson, CEO
"Kaupthing Bank went from strength to strength during the second quarter and
all the Bank's main offices produced solid results. The vigorous growth of fee
and commission income and net interest income was a key feature of the second
quarter. The increase in deposits at the Bank is a source of particular
satisfaction, and deposits now represent 46% of loans to customers. We have put
considerable effort into building our businesses in the UK, and we have seen a
complete turnaround at Kaupthing Singer & Friedlander. The performance of all
our main business segments has exceeded our expectations. The Bank's pipeline
is robust and the outlook for the rest of the year is positive."
Further information
For further information on the results please contact Jónas Sigurgeirsson,
Chief Communications Officer on +354 444 6112 or Ólöf Hildur Pálsdóttir, Deputy
Head of Investor Relations, on +354 444 6569 (ir@kaupthing.net). Information on
Kaupthing Bank is also available on the Bank's website www.kaupthing.com
