Arion Bank reported net earnings of ISK 17.4 billion for the first six months of 2014, compared with ISK 5.9 billion for the same period in 2013. Return on equity was 23.4%, compared with 8.9% in the same period of 2013. Total assets amounted to ISK 949.0 billion, compared with ISK 938.9 billion at the end of 2013.
The Bank’s capital ratio at the end of the period was 25.6%, compared with 23.6% at the end of 2013.
Highlights of the interim financial statement:
Höskuldur H. Ólafsson, CEO of Arion Bank:
“Arion Bank’s financial results for the first six months of 2014 are excellent and in line with our expectations. Core operations remain stable and the Bank continues to build on its financial strength. We have made a focused effort to increase the contribution of commission to overall income and we are pleased to see results in this respect in the latest figures. The Bank’s sale of the majority of its shareholding in HB Grandi hf. had a positive impact on the financial results. The sale of HB Grandi and the company's flotation on the Main List of NASDAQ OMX Iceland was not only a significant step for us but it was also important for the Icelandic stock market to have a robust fisheries company join its ranks. These strong results have further reinforced the Bank’s capital ratio, which now stands at 25.6%, comfortably above the requirements made of the Bank. The Bank also paid its shareholders a dividend during the first half of the year.
We are especially pleased to have been involved in two major investment projects in Iceland in recent months, namely projects for United Silicon and Silicor Materials. The United Silicon project is in the execution phase while Silicor is still in the development phase. Both are hugely exciting projects and they will add to the diversity of the Icelandic business sector by generating new jobs and foreign exchange revenue in the future. Each requires significant investment in Iceland, a lack of which in recent years has held back the Icelandic economy. We are therefore delighted that Arion Bank can use its strength to support these investment projects.”
Conference call in English:
Arion Bank will be hosting a conference call in English tomorrow, Thursday 28 August at 13:00 GMT (15:00 CET), where Stefán Pétursson, CFO, will present the financial results.
Those who would like to participate in the conference call can send an e-mail to email@example.com and will then receive instructions with dial in details.
For further information please contact Haraldur Gudni Eidsson, head of Arion Bank's Corporate Communications, at firstname.lastname@example.org, or tel. +354 856 7108.
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