27. April 2017

Kvika's After-tax Profit ISK 397 million in Q1 2017

According to its unaudited group results for the first three months of 2017 presented to the Board of Directors today, Kvika's after-tax profit amounted to ISK 397 million. The result is markedly better than anticipated in the bank's forecasts.

Its performance in the first three months of 2017 substantially surpasses that of the same period of 2016, when profits amounted to ISK 176 million, reflecting its highly successful activities in this quarter. Assets under management as of the end of March 2017 amounted to ISK 131 billion (bn), an increase of ISK 10 bn since the beginning of this year. The outlook for the bank's activities for the rest of 2017 is very good.

As of the end of March, Kvika's equity amounted to almost ISK 7.5 bn and the bank's total assets were ISK 100 bn. The group's capital ratio as of the end of March 2017 was 19.9%, in accordance with the above performance.

Kvika has a series of subordinated notes, KVB 15 01, listed on NASDAQ Iceland. The notes have a ten-year term and are included in Tier II capital. Kvika also has listed bill series KVB 17 0622 and KVB 17 0921.