Glitnir Bank half year results for 2007:
ISK 16.5 billion (EUR 189 m) profit after tax
24.2% return on equity
Financial Highlights
• Pre-tax profit in Q2 was ISK 11.3 billion, up by 34% from Q1 2007
• 45% of pre-tax profit was generated outside Iceland
• Net interest income in Q2 was ISK 9.7 billion up by 22% from Q1 07
• Fees and commissions increased by 22% in Q2 and amounted to ISK 8.9 billion
• Earnings per share for Q2 amounted to ISK 0.66 as compared with ISK 0.46 in
Q1 07
• Total assets amounted to ISK 2,335 billion up from ISK 2,246 at the
beginning of 2007
• Assets under management increased to ISK 913 billion from to ISK 541
billion in Q1 07
• Strong capitalization with CAD ratio at 13.2%, and Tier 1 ratio at 9.4%
Operational Highlights
• Glitnir was the 3rd largest brokerage in the Nordic equity market with a
market share of 6.16% in 1H 07
• Successful alignment of the Finnish operation: consolidation and alignment
in the final stages
• Management board strengthened with experienced Nordic executives
• 500 new employees join the group in the first six months
• Strong performance in three global niche sectors, seafood/food, geothermal
energy and offshore supply
• Deposits increased by 11% to ISK 552 billion by the end of Q2
Lárus Welding, Chief Executive Officer says: “We are very pleased to report
strong financial results in the second quarter. Leading the quarter's
performance were strong profit achievement in Capital Markets, good results in
Corporate Banking, and a substantial increase in fees and commission income. In
addition, we have moved forward on our strategic initiatives, doubling assets
under management with strong underlying growth in our Investment Management
business. We are in the final stages of integrating FIM into the group and at
the same time we are progressing with the consolidation of our Norwegian
operations into one banking platform. The international management team of
Glitnir remains confident that earnings will continue to increase, adding value
for our shareholders. We have good momentum heading into the second half of the
year and our goals are to maintain sustainable growth across all our
businesses.”
For further information please contact:
Lárus Welding
CEO
Tel: +354 440 4005
Alexander K. Guðmundsson
CFO
Tel: +354 440 4656
Bjørn Richard Johansen
MD Corporate Communication
Tel: + 47 47 800 100
brj@glitnir.no
Vala Pálsdóttir
Head of Investor Relations
Tel: +354 440 4989
vp@glitnir.is
For Lárus Welding's video comment, please visit:
http://www.glitnir.is/Media/video/Q2Results-2007.wmv
