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At a board meeting on 4 November 2026, the Board of Directors and the CEO approved the condensed interim consolidated financial statements of Kvika banki hf. (“Kvika” or “the bank”) for the third quarter and first nine months of 2026.

Highlights of performance in the third quarter (Q3 2026):

Profit before tax from continuing operations amounts to ISK 1,754 million in Q3 2026, compared to ISK 1,969 million in Q3 2025, decreasing by ISK 215 million from previous year or 10.9%.

Post-tax profit from continuing operations amounts to ISK 1,342 million in Q3 2026, compared to ISK 1,472 million in Q3 2025, decreasing by ISK 130 million from previous year or 8.8%.

Net interest income amounts to ISK 3,052 million in Q3 2026, compared to ISK 2,953 million in Q3 2025, increasing by ISK 99 million from previous year or 3.4%.

Net interest margin was 4.0% in Q3 2026, compared to 4.0% in Q3 2025.

Net fee and commission income amounts to ISK 1,380 million in Q3 2026, compared to ISK 1,571 million in Q3 2025, decreasing by ISK 191 million from previous year or 12.2%.

Other net operating income amounts to ISK 366 million in Q3 2026, compared to ISK 338 million in Q3 2025, increasing by ISK 28 million from previous year.

Administrative expenses amount to ISK 2,807 million in Q3 2026, compared to ISK 2,740 million in Q3 2025, increasing by ISK 67 million from previous year or 2.4%.

Pre-tax return on tangible equity (RoTE) from continuing operations was 18.9% in Q3 2026, compared to 17.8% in Q3 2025.

Earnings per share from continuing operations amounted to ISK 0.31 in Q3 2026, compared to ISK 0.33 in Q3 2025.

Key balance sheet figures as at 30.09.2026:

Deposits from customers amount to ISK 200 billion, compared to ISK 173 billion at year-end 2025 and increased by 16.0% during the period.

Loans to customers amount to ISK 235 billion, compared to ISK 208 billion at year-end 2025 and increased by 13.2% during the period.

Total assets amount to ISK 370 billion, compared to ISK 343 billion at year-end 2025.

Total equity of the group amount to ISK 58 billion, compared to ISK 69 billion at year-end 2025.

The capital adequacy ratio (CAR) was 22.3%, compared to 26.8% at year-end 2025, as determined on the basis of the unaudited net earnings in the period. Kvika's capital ratio as calculated under the Financial Undertakings Act No. 161/2002 was 21.8% at the end of September 2026.

Total liquidity coverage ratio (LCR) of the group was 174%, compared to 404% at year-end 2025.

Total assets under management amount to ISK 442 billion, compared to ISK 469 billion at year-end 2025.

Highlights of performance in the first nine months (9M 2026):

Profit before tax from continuing operations amounts to ISK 5,108 million, compared to ISK 4,695 million in 9M 2025, increasing by ISK 413 million from previous year or 8.8%.

Post-tax profit from continuing operations amounts to ISK 3,619 million, compared to ISK 3,097 million in 9M 2025, increasing by ISK 522 million or 16.9% from the previous year.

Net interest income amounted to ISK 9,331 million, compared to ISK 8,831 million in 9M 2025, an increase of 5.7% from the previous year.

Net interest margin was 4.2% in 9M 2026, compared to 4.1% in 9M 2025.

Net fee and commission income amounted to ISK 4,282 million, compared to ISK 5,026 million in 9M 2025, a decrease of 14.8%.

Other net operating income was ISK 828 million, compared to ISK 581 million in the same period in 2025, increasing by ISK 247 million

Administrative expenses were ISK 8,767 million, compared to ISK 8,811 million in the same period in 2025, decreasing by ISK 44 million from previous year or 0.5%.

Pre-tax return on tangible equity (RoTE) from continuing operations was 16.4% in 9M 2026, compared to 14.9% in 9M 2025

Earnings per share from continuing operations amounted to ISK 0.84 in 9M 2026, compared to ISK 0.68 in 9M 2025.

“I am happy to see that the bank has reached the point where its operations are delivering returns in line with our targets. Return on tangible equity in the third quarter, 18.9%, was the highest since the third quarter of 2024 and follows substantial distributions to shareholders in the form of dividends and share buybacks. At the same time, we have seen strong growth in both lending and deposits, while costs have remained virtually unchanged year-on-year.

These results have been achieved despite a challenging external environment, persistent inflation, high interest rates and a significant decline in stock market turnover, which has had a considerable negative impact on the Bank’s fee income.

Substantial steps have recently been taken in the bank’s funding. Following a successful EUR issuance in the summer, unfavourable borrowings in the UK have been repaid, and this month an expensive bond series issued in the Nordics will be redeemed. Kvika also completed its inaugural covered bond issuance, which was very well received and now enables Auður to offer non-indexed fixed-rate mortgages for the first time.

We expect net interest income to continue to grow steadily, supported by improved funding terms and the continued expansion of our loan books in Iceland and the UK. We do not anticipate a

corresponding increase in costs, which should support continued improvement in the bank’s profitability in the coming quarters.

However, a bill to increase the bank tax is currently before parliament, which would further add to the special levies already imposed on financial undertakings. Kvika has submitted proposals to the Economic Affairs and Trade Committee for amendments to the bill aimed at reducing the impact of the tax on smaller financial institutions, either by limiting its application to systemically important banks or by significantly raising the tax-free threshold.

We find it hard to believe that an increase in the tax, which when introduced was never intended to apply to any institutions other than systemically important banks and has been justified on the basis of the large banks’ temporary profits from high inflation, would be applied in the same way to a small bank that has not benefited at all from high inflation.

Kvika offers consumers savings deposits and mortgages through the Auður brand at minimal interest margins and therefore has limited room to absorb higher taxation without it affecting the terms offered to customers. Such taxation would also weaken the competitive pressure that Kvika exerts on the large banks and could therefore have a far broader negative impact on consumers than on Kvika’s customers alone.

During the quarter, the appointment of Jón Birgir Jónsson as the Bank’s new CEO was announced and he will take up the role in early December. I wish Jón every success in his new role, as I say goodbye with great fondness to a workplace that I will miss greatly.”

Return on tangible equity of 18.9% in the quarter, the Bank’s highest return in two years

Financial Results for Q3 2026

Kvika Bank’s inaugural covered bond series, KVIKA CB 32, has been admitted to trading on the Nasdaq Iceland Main Market. The issuance is backed by the Bank’s residential mortgage portfolio and supports Kvika’s continued expansion in the residential mortgage market.

Kvika began offering residential mortgages under the Auður brand in summer 2025, an offering that has been very well received. The covered bond issuance introduces a new source of funding for the Bank, with Kvika also becoming the fourth covered bond issuer in the Icelandic market.

The inaugural offering attracted bids totalling ISK 10.12 billion, of which ISK 5.92 billion were accepted. The total size of the series is ISK 6.42 billion, including ISK 500 million retained for own use. The bonds carry an annual coupon of 7.74%.

Eiríkur Magnús Jensson, Chief Financial Officer of Kvika Bank:

“We are pleased with the response to our inaugural covered bond issuance. It diversifies the Bank’s funding sources and supports the continued growth of our residential mortgage business.”

The bonds are issued under Kvika’s covered bond programme, pursuant to a licence granted by the Financial Supervision of the Central Bank of Iceland. Further information on the issuance and the terms of the bonds is available in the investor relations section.

Kvika Bank issues covered bonds for the first time

The Board of Directors of Kvika banki has appointed Jón Birgir Jónsson as CEO of the Bank. Jón Birgir will assume the role on 1 December, succeeding Ármann Þorvaldsson, who announced earlier this year his intention to step down.

Jón Birgir brings extensive experience from international financial markets, having spent most of his career in London and New York with two of the world’s leading asset management firms.

From 2013 to 2025, Jón Birgir worked at Neuberger Berman in London, where he was a partner and held a senior management position. He joined the firm to strengthen its global fixed income capabilities and subsequently became increasingly involved in relationships with professional and institutional investors. Prior to that, he worked at J.P. Morgan Asset Management from 1998, both in New York and London, as a portfolio manager specialising in fixed income and global interest rate markets.

Jón Birgir holds a BSc in Mathematics from the University of Iceland and a Master’s degree in Financial Engineering from New York University. Despite spending much of his career abroad, he has maintained strong ties with the Icelandic business community, including through his role as a board member of the British-Icelandic Chamber of Commerce.

Sigurður Hannesson, Chairman of the Board of Kvika banki:

“We are very pleased to welcome Jón Birgir to Kvika’s strong team. His extensive experience in financial markets and strong international network will be valuable as we continue to develop and grow the Bank.

Kvika has grown and evolved rapidly in recent years and today has a diversified business with exciting opportunities for further growth and development, both in Iceland and in the UK, where we have successfully built a profitable operation. Jón Birgir’s extensive financial markets experience and strong international network are well aligned with the opportunities ahead for Kvika.

I would also like to thank Ármann Þorvaldsson for his important contribution to Kvika. Under his leadership, the Bank has grown significantly and developed a strong and diversified business. Ármann, together with all the talented employees who have contributed to this journey, deserves considerable credit for these achievements.”

Jón Birgir Jónsson, incoming CEO of Kvika banki:

“First and foremost, I am proud and grateful for the trust placed in me. This is an incredibly exciting opportunity, and the Bank is exceptionally well positioned for continued growth, with a strong infrastructure, a robust balance sheet and outstanding employees. Our objective is, and will remain, to provide our clients with high-quality financial services.”

Jón Birgir Jónsson appointed CEO of Kvika banki

Robust growth in net interest income alongside a reduction in operating expenses.

At a board meeting on 12 May 2026, the Board of Directors and the CEO approved the condensed interim consolidated financial statements of Kvika banki hf. for the first quarter of 2026.

Highlights of performance in the first quarter (Q1 2026):

Profit before tax from continuing operations amounts to ISK 1,809 million in Q1 2026, compared to ISK 701 million in Q1 2025, increasing by ISK 1,108 million from previous year or 158%.

Post-tax profit from continuing operations of the Kvika group amounts to ISK 1,374 million in Q1 2026, compared to ISK 186 million in Q1 2025, increasing by ISK 1,188 million from previous year.

Net interest income amounts to ISK 3,266 million in Q1 2026, compared to ISK 2,917 million in Q1 2025, increasing by ISK 349 million from previous year or 12.0%.

Net interest margin was 4.5% in Q1 2026, compared to 4.4% in Q1 2025.

Net fee and commission income amounts to ISK 1,486 million in Q1 2026, compared to ISK 1,520 million in Q1 2025, decreasing by ISK 34 million from previous year or 2.3%.

Other net operating income amounts to ISK 135 million in Q1 2026, compared to ISK 12 million in Q1 2025, increasing by ISK 123 million from previous year.

Administrative expenses amount to ISK 3,014 million Q1 2026, compared to ISK 3,090 million in Q1 2025, decreasing by ISK 76 million from previous year or 2.5%.

Pre-tax return on tangible equity (RoTE) from continuing operations was 15.7% Q1 2026, compared to 7.8% in Q1 2025.

Earnings per share from continuing operations amounted to ISK 0.31 in Q1 2026, compared to ISK 0.04 in Q1 2025.

Key balance sheet figures as at 31.3.2026:

Deposits from customers amount to ISK 190 billion, compared to ISK 173 billion at year-end 2025 and increased by 9.8% during the quarter.

Loans to customers amount to ISK 217 billion, compared to ISK 208 billion at year-end 2025 and increased by 4.3% during the quarter.

Total assets amount to ISK 360 billion, compared to ISK 343 billion at year-end 2025.

Total equity of the group amount to ISK 67 billion, compared to ISK 69 billion at year-end 2025.

The capital adequacy ratio (CAR) was 26.7%, compared to 26.8% at year-end 2025, 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 26.2% at the end of March 2026.

Total liquidity coverage ratio (LCR) of the group was 291%, compared to 404% at year-end 2025.

Total assets under management amount to ISK 450 billion, compared to ISK 469 billion at year-end 2025.

The Board of Directors of Kvika has convened a shareholders’ meeting on 4 June 2026, proposing a special dividend of ISK 2.35 per share, equivalent to just over ISK 10 billion. At the Annual General Meeting on 18 March, it was noted that the Company’s capital position would remain very strong and that the Board would consider further distributions later in the year. As the proposed merger with Arion Banki will not proceed, there is now increased capacity to return capital to shareholders.

In formulating the proposal, the Board also considered the existing authorisation to repurchase up to 10% of the Company’s share capital. Accordingly, and if conditions permit, the Board also plans to repurchase shares for up to ISK 4 billion later in the year.

“The first quarter of 2026 was strong for the Bank, with continued growth in net interest income, disciplined cost control, and solid performance across key areas of the business.

Shortly after the end of the quarter, it was announced that merger discussions between Kvika and Arion had been discontinued following the outcome of preliminary discussions with the Competition Authority. Considerable and thorough work was invested in these discussions, as the parties believed that a merger could create significant value for shareholders and customers.

Kvika continues to execute on the strategy set out nearly two years ago, delivering meaningful growth that supports value creation for shareholders and other stakeholders, while progressing well towards the targets outlined at Kvika’s Investor Day 2024.

An important next step is to optimise the Bank’s capital structure. In April, Kvika issued Additional Tier 1 (AT1) capital instruments for the first time, amounting to approximately ISK 4 billion. The issuance took place in Sweden and was very well received, with pricing at 4.25% over interbank rates, significantly better than anticipated.

The proceeds from this issuance, together with the Bank’s already strong capital position, enable the Board to propose a dividend distribution of over ISK 10 billion at the shareholders’ meeting convened for early June. In addition, the strong capital position allows the Bank to target share buybacks of up to ISK 4 billion during the year, without compromising loan book growth or financial strength.

If these initiatives are completed, Kvika will have returned over ISK 40 billion to shareholders in just two years, while at the same time achieving strong growth in its operations. This optimisation of the Bank’s capital structure is also expected to have a meaningful positive impact on return on equity going forward.

The Bank will continue to build on the strong foundations established in recent years, supported by robust operations and a clear strategic direction.”

Financial Results for Q1 2026

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.

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.

News

04. November 2026

Financial Results for Q3 2026

23. October 2026

Kvika Bank issues covered bonds for the first time

13. September 2026

Jón Birgir Jónsson appointed CEO of Kvika banki

12. May 2026

Financial Results for Q1 2026

22. January 2026

Anna Rut Ágústsdóttir appointed Deputy CEO of Kvika bank

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Kvika banki - Consolidated Financial Statements 2025

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Kvika banki hf.: Financial Results for Q2 2026