Störf í boði hjá Kviku banka

Starfsreglur og stjórnarhættir

Sjálfbærni

Vextir og verðskrá

Séreignasparnaður

Organization chart

Corporate Governance

Skipurit

Reglur og skilmálar

Subsidiaries

Ávöxtunarleiðir séreignarsparnaðar

Jafnréttisstefna

Jólagjöf Kviku 2025

Commercial bank

Um Kviku

Ársreikningar dótturfélaga Kviku

About Kvika

Meðferð kvartana

PSD2 and test environment

Fjárfestingarbanki

FrumkvöðlaAuður

Media

Viðskiptabanki

Mannauður

Mannauðsstefna

Tilnefningarnefnd

Undirnefndir stjórnar og endurskoðun

Hlutafjárútboð Íslandsbanka

PSD2 og prófunarumhverfi

Sustainability

Erlend greiðslufyrirmæli

Commercial Banking

Standard Settlement Instructions

Dótturfélög

Upplýsingagjöf tengd sjálfbærni á sviði fjármálaþjónustu (SFDR)

Fjölmiðlar

General Terms and Policies

Fjárfestadagur Kviku

Aur - Netöryggi

Kynning á uppgjöri

Netgíró - Netöryggi

Kvika - Netöryggi

Stjórn og stjórnarhættir

Kvika verðbréf

Investment Banking & Capital Markets

Áreiðanleikakönnun lögaðila

Skiptiþjónusta

Test

Kynning á uppgjöri 2023

Skilmálar og persónuverndarstefna

Áreiðanleikakönnun einstaklinga

Reports

Sjálfbærnióskir

Kreditkort Kviku

Remote work policy

Kynning á uppgjöri 2022

Skýrslur og úttektir

Apple Pay

Google Pay

Söguleg gögn TM og Lykils

Skilmálar Kvika Verðbréf

Kvika's Cookie Policy Terms and Conditions

Upplýsingar vegna FATCA

Upplýsingaöryggisstefna

Skilmálar Kviku um notkun á vefkökum

Slice Showcase

Fjarvinnustefna

Skilmálar: Kvika verðbréf

Áreiðanleikakönnun söluaðila Netgíró og Aur

Stefna Kviku

Könnun

Gjaldeyrir

Tilhlýðileikamat

Fyrirtækjaráðgjöf

Fyrirvari um tölvupost

Bankasvið

Markaðir

Sterk auðkenning

Tölvupóstur

Shareholder meetings

Community

Fjárfestingar og viðskiptahættir

Kvika's Strategy

Human Resources

Investments and business practices

Samfélagið

Kvika Bank’s Green Financing Framework

Kvika bank has appointed Anna Rut Ágústsdóttir as the Bank’s Deputy CEO. Anna Rut will assume this role alongside her current position as Managing Director of the Bank’s Operations and Development division, thereby supporting continued leadership and the execution of the Bank’s strategic initiatives. 

Anna Rut has worked within the Kvika Group since the Bank’s establishment in 2015 and with its predecessor since 2007. She has extensive experience of the Bank’s operations and has held a wide range of roles within the Group. Before assuming the role of Managing Director of Operations and Development in 2022, she served as Head of Finance and Operations at Kvika Asset Management. Prior to that, she held several key positions, including Director at the CEO’s Office and Head of Business Management at Kvika, and spent several years working in risk and portfolio management. Anna Rut holds a BSc degree in Business Administration and an MCF degree in Corporate Finance from Reykjavik University and has completed the Icelandic Securities Trading examination.

Kvika bank has appointed Anna Rut Ágústsdóttir as the Bank’s Deputy CEO.

Anna Rut Ágústsdóttir appointed Deputy CEO of Kvika bank

Highlights of performance in the second quarter (Q3 2025)

Profit before tax amounted to ISK 1,969 million, compared to ISK 1,813 million in Q3 2024, an increase of ISK 156 million or 8.6%.

Post-tax profit from continuing operations of the Kvika group amounted to ISK 1,472 million in Q3 2025, compared to ISK 1,398 million in Q3 2024, an increase of ISK 74 million or 5.3%.

Net interest income amounted to ISK 2,953 million in Q3 2025, compared to ISK 2,429 million in Q3 2024, an increase of ISK 524 million or 21.6%.

Net interest margin was 4.0% in Q3 2025, compared to 3.7% in Q3 2024.

Net fee and commission income was ISK 1,571 million in Q3 2025, compared to ISK 1,552 million in Q3 2024, an increase of ISK 19 million or 1.2%.

Other net operating income amounted to ISK 338 million in Q3 2025, compared to ISK 474 million in Q3 2024, a decrease of ISK 136 million.

Administrative expenses amounted to ISK 2,740 million in Q3 2025, compared to ISK 2,344 million in Q3 2024, an increase of ISK 396 million or 16.9%.

Pre-tax return on tangible equity (RoTE) of continuing operations was 17.8%.

Earnings per share amounted to ISK 0.33 in Q3 2025, compared to ISK 0.30 from continuing operations in Q3 2025

Deposits from customers amounted to ISK 178 billion at the end of Q3 2025, compared to ISK 163 billion at year-end 2024 and increased by 9.2% in the period.

Loans to customers amounted to ISK 196 billion at the end of Q3 2025, compared to ISK 150 billion at year-end 2024 and increased by 30.7% in the period.

Total assets amounted to ISK 353 billion at the end of Q3 2025, compared to ISK 355 billion at year-end 2024.

Total equity of the group amounted to ISK 68 billion at the end of the period, compared to ISK 90 billion at year-end 2024.

The capital adequacy ratio (CAR) was 23.0% at the end of Q3 2025, compared to 22.8% at year-end 2024, as determined on the basis of the unaudited net earnings in the quarter. Kvika's capital ratio as calculated under the Financial Undertakings Act No. 161/2002 was 22.5% at the end of September 2025.

Total liquidity coverage ratio (LCR) of the group was 659% at the end of Q3 2025, compared to 360% at year-end 2024.

Total assets under management amounted to ISK 459 billion, compared to ISK 456 billion at year-end 2024

Highlights of the 9M 2025 Interim Financial Statements:

Profit before tax from continuing operations amounted to ISK 4,695 million in 9M 2025, compared to ISK 4,217 million in 9M 2024, an increase of 11.3%. Profit before tax from continuing operations adjusted for non-recurring items in Q1 amounted to ISK 5,583 million, an increase of 32.4%.

Post-tax profit from continuing operations of the Kvika group amounted to ISK 3,097 million in 9M 2025, compared to ISK 3,162 million in 9M 2024, a decrease of ISK 65 million or 1.2%, not adjusted for non-recurring items in Q1.

Net interest income amounted to ISK 8,831 million, compared to ISK 7,183 million in 9M 2024, an increase of 23.0% from the previous year.

Net interest margin was 4.1% in 9M 2025, compared to 3.9% in 9M 2024.

Net fee and commission income amounted to ISK 5,026 million, compared to ISK 4,536 million in 9M 2024, an increase of 10.8%.

Other net operating income was ISK 581 million, compared to ISK 800 million in the same period in 2024, a decrease of 27.4%.

Administrative expenses were ISK 8,811 million, compared to ISK 7,744 million in the same period in 2024, an increase of 13.8%.

Pre-tax return on tangible equity (RoTE) from continuing operations was 14.9% in 9M 2025. Pre-tax return on tangible equity (RoTE) from continuing operations adjusted for non-recurring items in Q1 was 17.7%

Earnings per share from continuing operations for the period amounted to ISK 0.68 in 9M 2025, compared to ISK 0.67 in 9M 2024.

Post-tax profit of assets classified as held for sale consisted solely of the operations of the subsidiary TM Insurance which was classified as an asset held for sale from 1 January until 28 February 2025 when the company was sold. The profit is summarized in the income statement and amounted to ISK 1,901 million for the period compared to ISK 1,541 in 9M 2024.

“Kvika’s performance in the third quarter reflects the continued strength of the bank’s core operations. Operating profit remained stable between quarters, supported by loan book growth, a strong interest margin, and diversified income streams. The bank’s liquidity position also remains very strong and the capital ratio high, establishing further room for growth.

Loan book growth, underpinned by a strong net interest margin, has been a key driver of results this year. We are now well on track to meet our full-year lending targets and have successfully developed the bank’s loan portfolio in line with our strategy, focusing on a well-diversified and secured lending base.

Challenging conditions in Iceland’s securities markets have negatively affected the bank’s fee income generation, particularly in Asset Management and Capital Markets, while Corporate Finance

has performed well. Kvika’s operations in the UK continue to deliver strong results in both lending and investment activities and had a record profit in the third quarter of ISK 563 million.

Inflation and a high-interest rate environment have proven more persistent than anticipated, though there are clear signs that domestic economic activity is slowing. Despite this, households and businesses generally remain in a strong position to withstand temporary headwinds, with moderate debt levels, some savings, and continued low default rates.

Although recent events, such as the suspension of operations at the aluminium smelter in Grundartangi and uncertainty following the Supreme Court’s ruling on variable-rate loans, are expected to affect short-term economic activity, we do not believe this will have a material impact on Kvika’s operations. Our liquidity and capital positions remain exceptionally strong, lending growth is on target, and our net interest margin has remained stable. Furthermore, we benefit from a degree of built-in risk diversification, as part of our loan portfolio is not directly linked to Icelandic market conditions.

The merger process with Arion Bank is progressing well, with due diligence work nearing completion and preliminary discussions with the Icelandic Competition Authority now formally underway. We expect the process to take some time, but while it continues, we remain focused on our day-to-day operations and on creating long-term value for our shareholders and customers.”

At a board meeting on 5 November 2025, the Board of Directors and the CEO approved the interim consolidated financial statements of the Kvika banki hf. for the third quarter and first nine months of 2025.

Financial Results for Q3 2025

Highlights of performance in the second quarter (Q2 2025)

Post-tax profit from continuing operations of the Kvika group amounted to ISK 1,439 million in Q2 2025, compared to ISK 777 million in Q2 2024, an increase of ISK 662 million or 85.2%.

Profit before tax amounted to ISK 2,025 million, compared to ISK 1,189 million in Q2 2024, an increase of ISK 836 million or 70.3%.

Net interest income amounted to ISK 2,962 million in Q2 2025, compared to ISK 2,428 million in Q2 2024, an increase of ISK 534 million or 22.0%.

Net interest margin was 4.0% in Q2 2025, compared to 3.8% in Q2 2024.

Net fee and commission income was ISK 1,935 million in Q2 2025, compared to ISK 1,351 million in Q2 2024, an increase of ISK 584 million or 43.2%.

Other net operating income amounted to ISK 231 million in Q2 2025, compared to ISK 217 million in Q2 2024, an increase of ISK 14 million or 6.5%.

Administrative expenses amounted to ISK 2,981 million in Q2 2025, compared to ISK 2,733 million in Q2 2024, an increase of ISK 248 million or 9.1%.

Pre-tax return on tangible equity (RoTE) of continuing operations was 18.5%.

Earnings per share amounted to ISK 0.31 in Q2 2025, compared to ISK 0.27 in Q2 2024.

Deposits from customers amounted to ISK 180 billion at the end of Q2 2025, compared to ISK 163 billion at year-end 2024 and increased by 10.3% in the period.

Loans to customers amounted to ISK 172 billion at the end of Q2 2025, compared to ISK 150 billion at year-end 2024 and increased by 14.7% in the period.

Total assets amounted to ISK 361 billion at the end of Q2 2025, compared to ISK 355 billion at year-end 2024.

Total equity of the group amounted to ISK 66 billion at the end of the period, compared to ISK 90 billion at year-end 2024.

The capital adequacy ratio (CAR) was 23.3% at the end of Q2 2025, compared to 22.8% at year-end 2024.

Total liquidity coverage ratio (LCR) of the group was 910% at the end of Q2 2025, compared to 360% at year-end 2024.

Total assets under management amounted to ISK 453 billion, compared to ISK 456 billion at year-end 2024

Highlights of the 6M 2025 Interim Financial Statements:

Post-tax profit from continuing operations of the Kvika group amounted to ISK 1,625 million in 6M 2025, compared to ISK 1,764 million in 6M 2024, a decrease of ISK 139 million or 7.9%, not adjusted for non-recurring items in Q1.

Profit before tax from continuing operations amounted to ISK 2,726 million in 6M 2025, compared to ISK 2,404 million in 6M 2024, an increase of 13.4%. Profit before tax from continuing operations adjusted for non-recurring items in Q1 amounted to ISK 3,615 million, an increase of 50.3%.

Net interest income amounted to ISK 5,879 million, compared to ISK 4,754 million in 6M 2024, an increase of 23.7% from the previous year.

Net interest margin was 4.1% in 6M 2025, compared to 3.8% in 6M 2024.

Net fee and commission income amounted to ISK 3,455 million, compared to ISK 2,984 million in 6M 2024, an increase of 15.8%.

Other net operating income was ISK 243 million, compared to ISK 326 million in the same period in 2024, a decrease of 25.5%.

Administrative expenses were ISK 6,071 million, compared to ISK 5,399 million in the same period in 2024, an increase of 12.4%.

Pre-tax return on tangible equity (RoTE) from continuing operations was 13.3% in 6M 2025. Pre-tax return on tangible equity (RoTE) from continuing operations adjusted for non-recurring items in Q1 was 17.7%

Earnings per share for the period amounted to ISK 0.77 in 6M 2025, compared to ISK 0.49 in 6M 2024.

Post-tax profit of assets classified as held for sale consisted solely of the operations of the subsidiary TM Insurance which was classified as an asset held for sale from 1 January until 28 February 2025 when the company was sold. The profit is summarized in the income statement and amounted to ISK 1,901 million for the period compared to ISK 576 in 6M 2024.

“Kvika concludes a dynamic second quarter in a very strong position. The bank delivered its highest quarterly operating profit to date, with profit before tax from banking operations exceeding ISK 2 billion for the first time. This result reflects the strength of our core operations and the initial steps taken in our strategic focus on banking and increased lending following the sale of TM.

We achieved several important milestones during the period. Kvika Corporate Finance led the highly successful sale of the government’s stake in Íslandsbanki, the bank completed its first EUR bond issuance, and a new ISK 8 billion institutional credit fund was launched within Kvika Asset Management. Kvika also introduced a new mortgage product under the Auður heima brand, which was met with strong demand and represents a meaningful addition to the Group’s product offering.

At the end of May, we received two proposals to begin merger discussions, one from Arion Banki and one from Íslandsbanki. Kvika’s board concluded that neither offer fully reflected the bank’s value and initiated a structured process to solicit improved proposals and benchmark them against our standalone plan. The outcome of that process was that Arion’s proposal was deemed most

favourable to shareholders and that a merged bank would be well positioned to create long-term value for all stakeholders.

The merger process is expected to take at least 9–12 months. We are currently focused on due diligence and preparing pre-notification discussions with the Icelandic Competition Authority, with the goal of confirming the feasibility of the transaction and identifying any potential obstacles early in the process. In the meantime, we remain fully committed to our day-to-day operations and continue to build on the strong momentum we’ve established.”

At a board meeting on 13 August 2025, the Board of Directors and the CEO approved the interim financial statements of the Kvika banki hf. for the second quarter and first six months of 2025.

Financial Results for Q2 2025

Highlights of performance in the first quarter (Q1 2025)

Post-tax profit of the group amounted to ISK 2,086 million in Q1 2025, compared to ISK 1,083 million in Q1 2024, an increase of ISK 1,003 million or 92.6% from previous year.

Pre-tax profit from continuing operations, adjusted for non-recurring items, amounted to ISK 1,590 million in Q1 2025, compared to ISK 1,215 million in Q1 2024, and increases by ISK 375 million or 31% from previous year. Unadjusted pre-tax profit for the quarter was ISK 701 million.

Net interest income amounted to ISK 2,917 million in Q1 2025, compared to ISK 2,326 million in Q1 2024, an increase of ISK 590 million or 25.4% from previous year.

Net interest margin was 4.4% in Q1 2025, compared to 3.8% in Q1 2024. Year-on-year increase is largely due to strong liquidity, improved funding terms, and a growing loan book.

Net fee and commission income was ISK 1,520 million in Q1 2025, compared to ISK 1,633 million in Q1 2024, a decrease of ISK 113 million or 6.9% from previous year.

Other net operating income amounted to ISK 12 million in Q1 2025, compared to ISK 110 million in Q1 2024, a decrease of ISK 98 million or 89.1% from previous year.

Administrative expenses amounted to ISK 3,090 million in Q1 2025, compared to ISK 2,666 million in Q1 2024, an increase of ISK 424 million or 15.9% from previous year. Adjusted for one-off items, operating expenses were ISK 2,865 million in Q1 2025.

Pre-tax return on tangible equity (RoTE), adjusted for one-off items, was 17.7%. Unadjusted pre-tax RoTE per the income statement was 7.8%.

Earnings per share were ISK 0.45 in Q1 2025, compared to ISK 0.23 in Q1 2024.

Post-tax profit from assets held for sale consists of profit from the sale of TM tryggingar hf. and related income and expenses.

Key balance sheet figures as at 31.3.2025:

Deposits from customers amount to ISK 168 billion, compared to ISK 163 billion at year-end 2024, an increase of 2.8% during the quarter.

Loans to customers amount to ISK 161 billion, compared to ISK 150 billion at year-end 2024, an increase of 6.9% during the quarter.

Total assets amount to ISK 343 billion, compared to ISK 355 billion at year-end 2024, a decrease of 3.4% during the quarter.

Total equity of the group was ISK 68 billion, compared to ISK 90 billion at year-end 2024, materially reduced following the sale of TM. On the reporting date, shareholder approval for a special dividend, not yet paid out, had been granted. The dividend is recorded as unpaid dividend under other liabilities.

The capital adequacy ratio (CAR) was 23.9%, compared to 22.8% at year-end 2024, as determined on the basis of the unaudited net earnings in the quarter. Kvika's capital ratio as calculated under the Financial Undertakings Act No. 161/2002 was 23.0% at the end of March 2025.

Total liquidity coverage ratio (LCR) of the group was 279%, compared to 360% at year-end 2024.

Total assets under management were ISK 441 billion, compared to ISK 456 billion at year-end 2024.

“The bank delivered strong performance in the first quarter, when adjusted for non-recurring items. Net interest income increased by 25%, while overall cost growth was more moderate, with wage expenses increasing by just under 5%. However, other expenses rose year-on-year, partly driven by non-recurring costs related to the sale of TM.

The sale of the insurance company TM to Landsbankinn was successfully completed during the quarter. A large part of the sale proceeds, totaling over ISK 32 billion, was returned to shareholders through dividends and share buybacks. A considerable portion, however, remains as equity in the bank, providing a solid foundation for growth in the coming years.

The acquisition of the remaining management stake in Ortus Secured Finance was also finalized, making the bank the sole owner of the company. This acquisition allows for further integration of the UK operations, cost reductions, refinancing of inefficient debt, and lays the groundwork for continued growth in the UK.

Non-recurring items related to these transactions had a significant impact on the bank’s operating results in the quarter. Excluding these, the profit from the bank’s core operations before tax was very good.

Net interest income increased substantially year-on-year, rising by over 25%. This growth was driven by an expanding loan portfolio, reduced funding costs, and a temporarily elevated liquidity position following the sale of TM, which was reduced after the dividend payout in April. The portion of the sale proceeds retained by the bank will continue to generate returns, and interest income is expected to remain strong going forward.

Fee and investment income reflected challenging conditions in the securities markets, leading to a slight year-on-year contraction. Concurrently, efforts to contain cost increases, excluding non-recurring items, have been successful, and the number of employees remain unchanged from the previous quarter.

Kvika is now in an enviable position to advance and expand in line with its business plan. Following the sale of TM, the bank enjoys a very strong capital and liquidity position, and steady interest income has replaced the more volatile insurance-related income. The bank’s infrastructure, which has been adapted to TM’s departure from the group, is both robust and scalable, providing a solid foundation for continued growth in Iceland and the UK.”

At a board meeting on 7 May 2025, the Board of Directors and the CEO approved the condensed interim consolidated financial statements of Kvika bank for the first quarter of 2025.

Financial Results for Q1 2025

The Competition Authority has announced that a settlement has been reached with Landsbankinn regarding the acquisition of 100% of TM tryggingar’s share capital from Kvika bank.

As a result, the conditions in the purchase agreement related to the approval of the Financial Supervisory Authority of the Central Bank of Iceland and the Competition Authority have been lifted.

The transfer of the insurance company to Landsbankinn is scheduled for February 28, at which time Landsbankinn will pay Kvika bank the agreed purchase price. 

As stated in Kvika bank’s announcement on May 30, 2024, the agreed purchase price is ISK 28.6 billion, based on TM’s balance sheet at the beginning of 2024.

The final purchase price will be adjusted to reflect changes in TM’s tangible equity from the beginning of 2024 until the closing date. 

Following the receipt of the purchase price, Kvika bank’s board intends to propose a special dividend to its shareholders at the Annual General Meeting on March 26.

This proposal will be published alongside other board proposals for the AGM no later than March 5. 

Landsbankinn's acquisition of TM approved

Gudmundur Thordarson has been appointed to the new position Managing Director of Business Development at Kvika. Gudmundur will lead the Kvika group's customer relations as well as coordinate the marketing efforts of the bank's revenue divisions. He will also develop new products and services in collaboration with other areas of the bank. Gudmundur will leave the bank's board and take a seat on the executive board.

Gudmundur graduated with a Cand. Oecon degree in business administration from the University of Iceland in 1997. He has also completed a degree in stockbroking and asset management in the UK.  Gudmundur has been a member of Kvika's board since 2017 and has been vice-chairman of the board since 2018. From 2000 to 2003, Gudmundur worked as an expert in the development and corporate consulting department of Íslandsbanki hf. From 2003 to 2007, Gudmundur worked as a manager of the corporate division at Straumur investment bank hf. In recent years, Gudmundur has worked on his own investments as well as performing various board positions.

Gudmundur will lead the Kvika group's customer relations as well as coordinate the marketing efforts of the bank's revenue divisions. He will also develop new products and services in collaboration with other areas of the bank.

22. January 2026

Anna Rut Ágústsdóttir appointed Deputy CEO of Kvika bank

Invalid Date

Kvika banki - Consolidated Financial Statements 2025