This is a correction of the positive profit announcement from 16:39 14.7.2019 GMT.
In the English version of the announcement it was mentioned that draft interim consolidated results of Kvika banki hf.’s group for the first half of 2019 indicated that Kvika’s group profit before tax during the quarter would be ISK 1,620-1,670 million.
The reason for the correction is that the results indicate that profit before tax during the first half will be ISK 1,620-1,670 million.
Kvika banki hf.: Postivie profit announcement
Draft interim consolidated results of Kvika banki hf.’s group for the first half of 2019 indicate that Kvika’s group profit before tax during the first half will be ISK 1,620-1,670 million. An updated forecast for the year 2019, which was published along with earnings release for Q1 2019 in May, estimated profit before tax to be ISK 2,700. The original forecast for 2019 estimated Kvika’s profit before tax for the year to be ISK 1,990 million.
Market conditions were favourable during the second quarter of 2019, with positive impact in many areas of Kvika’s operations. Among other things, write-down of loans was below projections and profit from the group’s asset management was in excess of projections.
Kvika will publish an updated forecast for the year 2019 as soon as it is available.