Draft interim consolidated results of Kvika banki hf.’s group for the first quarter of 2019 indicate that Kvika’s profit before tax during the quarter will be ISK 830-880 million. Kvika’s previously published forecast estimated profit before tax for the year 2019 to be ISK 1,990 million, excluding GAMMA Capital Management hf., which became part of Kvika's group on March 1st, 2019.
The main cause of the good results is that due to favourable market circumstances during the quarter, fee and commission income exceeded expectations.
Kvika will publish an updated forecast for the year 2019 as soon as it is available.