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News

At a board meeting on 11 May 2023, the Board of Directors and the CEO approved the interim financial statements of the Kvika banki hf. (“Kvika”) group for the period 1 January to 31 March 2023. 

Highlights of the Interim Financial Statements for the First Three Months of 2023

Pre-tax profit amounted to ISK 1,412 million

Pre-tax return on tangible equity was 13.1%

Earnings per share for the period were ISK 0.24 

The group’s equity amounted to ISK 80 billion

Dividend payment of ISK 1.9 billion approved by AGM in March

The solvency ratio of the financial conglomerate was 1.34 and its capital adequacy ratio (CAR) for operations excluding insurance was 23.6%

Total liquidity coverage ratio (LCR) was 327%

Assets under management were ISK 466 billion

Kvika’s pre-tax profit amounted to ISK 1,412 million in Q1 2023, in line with expectations despite net investment income considerably under expectations. Return on tangible equity before taxes (RoTE) was 13.1% in the period.

Net interest income amounted to ISK 2,255 million, increasing by 44% compared to the same period the year before, mainly due to loan book growth and rising interest rates which increase the group’s interest income from fixed income securities. Net impairment was positive by ISK 41 million compared to impairment of ISK 38 million in Q1 2022. Net financial income amounted to ISK 218 million, compared to ISK 808 million in the first three months of 2022. Net fee and commission income amounted to ISK 1,588 million, a 3% decrease from Q1 2022. Operating expenses amount to ISK 3,841 million in Q1 2023, compared to ISK 3,165 million in Q1 2022. The increase is mainly attributable to inflationary effects and increased labor cost, on the one hand due to collective bargaining and retroactive wage increases and on the other hand due to an increase in full-time employees at the group, which has invested in the development of infrastructure to accommodate future growth.  

Strong Core Insurance Operations 
TM performed well in the period and had a combined ratio of 99.7% in Q1 2023, compared to 101.0% in the same period in 2022

Strong Balance Sheet and High Liquidity Position 

Total assets increased by 4% or ISK 13 billion in Q1 2023 and amounted to ISK 313 billion at the end of March. Loans to customers grew by almost ISK 3 billion in the period and amounted to ISK 110 billion at the end of March. Balances with banks and the Central Bank of Iceland, together with government-guaranteed securities, amounted to ISK 98 billion and total liquid assets were ISK 120 billion, increasing by ISK 3 billion in the period. The group’s total liquidity coverage ratio (LCR), excluding insurance operations, amounted to 327% at the end of Q1, well above the 100% minimum requirement.

The group’s total equity amounted to ISK 80 billion at the end of the period, compared to ISK 81 billion at the end of 2022, as total equity decreases from year-end mainly due to a dividend payment decision. The solvency ratio of the financial conglomerate was 1.34 at the end of Q1 and the group's risk-weighted capital adequacy ratio (CAR), excluding the effect of TM, amounted to 23.6%. Kvika’s capital requirement, including capital buffers, is 17.9%. These figures do not include the unreviewed profit for the quarter.

Kvika’s earnings outlook for the next four quarters assumes a pre-tax profit of ISK 9.4 billion which equates to 21.9% return on tangible equity. Further assumptions can be found in the attached investor presentation. 

"Kvika’s operations returned solid results in the quarter despite challenging market conditions. The company’s results are in line with expectations and special emphasis has been made on further developing the group’s infrastructure 

Insurance operations delivered good results in a generally claims-heavy period, premium growth was in line with the economy and the combined ratio of TM amounted to 99.7% in the first quarter.
Net interest income increased by 44% from the first quarter of last year, mainly attributable to considerable loan growth and increased interest income from the company's fixed income securities. Net fee and commission income decreased slightly between periods due, among other things, to lower performance-related fees in asset management. Further, uncertainty in the financial markets continues to affect net investment income. 

The foundations of the company are strong. In the first quarter of the year, we continued to focus on developing a strong infrastructure to support future growth through our new and exciting product and service offerings. We are working on numerous projects that support our strategy of increasing competition, simplifying customers' finances and thus transforming financial services in Iceland.

Straumur, a new subsidiary of Kvika, recently carried out the first transactions for its customers, and the development of the Aur update, which will offer progressive innovations in banking and insurance services, is going well. The company's deposit base also increased by 6% from the beginning of the year, which can be attributed to the continued success of digital deposit platform Auður, which has maintained its leadership role and continues to offer customers good interest rates on deposit accounts.

Merger negotiations with Íslandsbanki are ongoing and progressing well. As we have previously reported, we believe that the merger can bring significant benefits. The project is extensive and there are many steps in this type of process, but as announced last week, the financial advisors will deliver their analysis in the second quarter, and following that, the companies will make decisions about the next steps in the process.”

Kvika - Condensed Interim Consolidated Financial Statements 31.03.23

Financial Results for Q1 2023 and Earnings Outlook for the Next Four Quarters

Merger discussions between Íslandsbanki hf. and Kvika banki hf. are proceeding. As has been reported previously, discussions began in February, following approval by the board of directors of both companies. The companies’ boards believe that the merger can bring significant benefits to shareholders and customers of both. 

The project is large in scale, and both parties have appointed foreign financial advisors and domestic legal advisors. The companies and advisors are currently assessing the synergies to be gained from the merger, as well as assessing the position of the merged company in the market. During Q2 the financial advisors will submit their analysis on the proposed merger, following which the companies will make decisions on the next steps in the process. 

The premises for the discussions and its execution have been reported to the Competition Authority, and the parties aim to make the most of pre-notification discussions with the Competition Authority in accordance with recent rules to this effect, alongside other workstreams in the discussions.

Announcement from Íslandsbanki and Kvika on the status of merger discussions

Refined Brands, the digital ethical fashion group founded in 2021, has successfully completed three new acquisitions in the ethical fashion space in recent months, furthering Refined Brands' commitment to creating a positive impact on people and the planet through sustainable and responsible business practices. The acquisitions follow Refined Brands' first acquisition in 2021 of Celtic and Co, the sustainable fibres brand.

Kvika acted as Refined Brands’ advisor on all transactions, providing comprehensive M&A advice throughout the acquisition process as well as raising new equity, leveraging its proven track record of successful execution, and growing experience in the digital fashion space. Two of Kvika’s subsidiaries cooperated to support the successful completion of the transactions, playing a crucial role in executing Refined Brands' growth strategy.

The first acquisition completed in September 2022 is of Turtle Doves, the recycled cashmere accessories brand founded in 2009 by Kate and Graham Holbrook. Turtle Doves uses post-consumer textile waste to create upcycled garments and accessories, with its flagship products being its cashmere fingerless gloves and wrist warmers, all manufactured locally in Shropshire. As part of the transaction, Graham Holbrook will remain as MD to continue its growth.

The second acquisition completed in October 2022 is of Kettlewell Colours, the wardrobe essentials brand for women who love to wear color, founded in 2004 by Melissa and John Nicholson. Based in Somerset, Kettlewell Colours offers an extensive range of premium wardrobe pieces and accessories in over 300 color shades, across multiple product categories to customers globally. With a fair-trade philosophy, Kettlewell predominantly works with small, family-run factories in Portugal, Turkey, and the UK that share their environmental values. Melissa will continue to lead the business post-transaction.

The third acquisition is of Frugi, the UK's leading ethical and organic children's clothing brand based in Cornwall and established in 2004. Refined Brands acquired Frugi via administration in November 2022 and relocated its operations and assets to Celtic & Co's headquarters in Indian Queens, saving a significant number of local jobs.

Refined Brands' recent acquisitions of Turtle Doves, Kettlewell Colours and Frugi will play a crucial role in bringing its pioneering portfolio of brands to an ever-growing global audience of ethically conscious consumers, using proprietary data and cutting-edge digital marketing.

Gunnar Sigurdsson, Managing Director of Kvika Securities:

"We have been involved with Refined Brands’ journey since day one and are proud to have advised the group on its latest transformational acquisitions. The ethical fashion market is growing rapidly along with increased consumer awareness and Refined Brands is at the leading edge of this trend. We are impressed by Refined Brands' commitment to sustainability and social responsibility, and we are confident that these acquisitions will help them create a better future for fashion."

James Williams, Group MD of Refined Brands, said: 

"These acquisitions further our commitment to creating a positive impact on people and the planet. Combined, our brands make up the leading portfolio of digitally native, British ethical fashion brands with a razor-sharp focus on natural and sustainable fabrics. With Kvika’s invaluable support, we are thrilled to have completed the transactions and to welcome these brands to the Refined Brands family."

Refined Brands is a holding company committed to partnering with founders to grow companies that align with its values of sustainability, social responsibility, and innovation using cutting-edge data-driven digital marketing. Following its recent acquisitions, it is now home to a group of four ethically sourced, natural, and sustainable focused British clothing businesses.

Refined Brands, the digital ethical fashion group founded in 2021, has successfully completed three new acquisitions in the ethical fashion space in recent months, furthering Refined Brands' commitment to creating a positive impact on people and the planet through sustainable and responsible business practices.

Kvika Advises Refined Brands on Transformative Acquisitions in Online Ethical Fashion Space

At a board meeting on 15 February 2023, the Board of Directors and the CEO approved the consolidated financial statements of Kvika banki hf.  for the year 2022.

Highlights of the 2022 Consolidated Financial Statements

Pre-tax profit amounted to ISK 5,621 million 

Earnings per share for the year were ISK 1.02

The group’s equity amounted to ISK 81 billion

The solvency ratio of the financial conglomerate was 1.36 and its capital adequacy ratio (CAR) for operations excluding insurance was 23.5% at year-end 2022

Total liquidity coverage ratio (LCR) was 320%

Assets under management were ISK 462 billion

Kvika’s Board of Directors proposes a dividend payment of ISK 0.4 per share or ISK 1,912 million to shareholders for the operating year 2022

Kvika’s Sustainability Report for the year 2022 is published parallel to the publishing of the Consolidated Financial Statements

A presentation for shareholders and market participants will be held at 16:15 on Wednesday, 15 February in Kvika’s headquarters on the 9th floor at Katrínartún 2, 105 Reykjavík. The presentation will be conducted in Icelandic and a live stream can be accessed on the following website:

https://kvika.is/kynning-a-uppgjori-2022/

Attached is the investor presentation. Additionally, a recording with English subtitles will be made available on Kvika’s website.

Earnings Excluding Net Financial Income in line with Expectations

Kvika’s pre-tax profit amounted to ISK 5,621 million for the year 2022 and ISK 1,613 million for the fourth quarter. Return on tangible equity before taxes (RoTE) was 13.1% for the year 2022 and 15.3% for the fourth quarter.

Net interest income amounted to ISK 7,675 million, increasing by 65% compared to the year before. The increase in net interest income is primarily driven by the increased size of the loan portfolio, the acquisition of Ortus Secured Finance and altered composition of liquid assets. Net impairment amounted to ISK 532 million during the period, compared to positive ISK 139 million in the year 2021. Net financial income amounted to ISK 0.3 million during challenging circumstances in capital markets. Net fee and commission income amounted to ISK 6,408 million, a decrease of 6% from the prior year. Operating expenses amounted to ISK 13,076 million for the year, in line with expectations. 

TM’s Combined Ratio in line with Target but Challenging Conditions in Capital Markets

The combined ratio of TM was 95.3% for the year 2022, compared with 88.7% in the prior year, and the combined ratio in Q4 2022 amounted to 93.6%. TM's investment income amounted to ISK 426 million for the year 2022, making the return on the asset portfolio 1.2% over the year compared to 17.7% return in the prior year. TM's investment income in Q4 2022 amounted to ISK 972 million making the return on the asset portfolio 3.0% compared to 3.7% in Q4 2021.

Strong Balance Sheet and Solid Liquidity Position

Total assets increased by 23% or ISK 57 billion during the year 2022 and amounted to ISK 303 billion at the end of December. Loans to customers grew by almost ISK 36 billion over the year and amounted to 107 billion at the end of the year. The increase is partly attributable to the acquisition of Ortus Secured Finance Ltd. as well as organic growth. Balances with banks and the Central Bank of Iceland, together with government-guaranteed securities, amounted to ISK 95 billion and total liquid assets were ISK 116 billion, increasing by ISK 17 billion over the year 2022. The group’s total liquidity coverage ratio (LCR) amounted to 320% at year-end 2022, well above the 100% minimum requirement.

The group’s total equity amounted to ISK 81 billion at the end of the year, compared to ISK 78 billion at the end of 2021. Kvika’s Board of Directors will propose to the Annual General Meeting on 30 March 2023 that a dividend of ISK 0.4 per share or ISK 1,912 million, taking into account treasury shares held by the group, will be paid for the year 2022. The dividend payment amounts to about 40% of Kvika’s profit after tax in 2022. Taking this proposed dividend payment into consideration the solvency ratio of the financial conglomerate was 1.36 at the end of the year 2022 and the group's risk-weighted capital adequacy ratio (CAR), excluding the effect of TM, amounted to 23.5%. Kvika’s capital requirement, including capital buffers, is 17.9%. 

Kvika’s earnings outlook for the next four quarters assumes a pre-tax profit of ISK 9.4 billion which equates to 21.6% return on tangible equity. Further assumptions can be found in the attached investor presentation. 

“I am happy with the financial results. Our focus on diversified income streams continues to prove its value as the group's strong core operations deliver solid returns for the group despite low investment income during the year.

Kvika is in a strong position, and I am pleased to disclose that together with the publication of the financial results, we are introducing an expansion of the bank's services. Our strategy in recent years has been to see opportunities in increasing competition in the Icelandic financial market. We want to do that by offering services that others do not, as exampled by our online savings account platform Auður, which began offering significantly higher interest rates than competitors. We will continue on the same path and are now preparing to expand our product offering in the Aur app, which currently has over 100 thousand users.

Two weeks ago, Kvika contacted the board of directors of Íslandsbanki hf. and requested to initiate discussions about a merger of the two companies. I am happy that the board of Íslandsbanki is ready to explore this possibility with us, and formal negotiations are about to begin. If the boards come to an agreement, and shareholders and regulators approve, I see multiple opportunities in the merger. I believe that it will be possible to continue to increase competition, e.g. with Aur and other financial technology solutions as well as utilising financial strength to continue innovation. I also have expectations that the merger will make the company an even more interesting investment option, which can, among other things, lead to more cost-effective financing, which creates an opportunity to succeed in competition.” 

Kvika - Consolidated Financial Statements 31.12.2022

At a board meeting on 15 February 2023, the Board of Directors and the CEO approved the consolidated financial statements of Kvika banki hf. for the year 2022.

Kvika banki hf.: Financial Results for the year 2022 and Earnings Outlook for the Next Four Quarters

The Icelandic analysis and assessment company Reitun has published its latest ESG assessment for Kvika, giving the bank a score of 86/100 and an A3 rating, which is an excellent rating under Reitun´s assessment. Kvika scores well above average in all ESG categories, when compared to the 35 domestic issuers who have undergone an ESG risk assessment by Reitun. The average is 72/100 and a rating of B2.

Reitun’s ESG assessment involves an analysis of how well Kvika manages sustainability risks in its operations and measures the group’s performance under the environmental and social factors as well as under governance (ESG). The assessment indicates that Kvika´s increased score in the environmental factor is mainly thanks to the fact that available data on environmental accounting now goes back three years – while the group is generally considered to be performing well in environmental matters. As regards social aspects, the changes and challenges resulting from Kvika’s merger with TM and Lykill in 2021 were handled well and, despite the challenges posed by consolidating the group’s operations in one place, staff handled the changes well, the group achieved good results in the annual workplace analyses conducted in 2021 and 2022, and job satisfaction is high. With regards to the  governance factor in 2022 Kvika completed work on a detailed sustainability strategy and a new sustainability policy for the group, which furthermorem focuses on six of the UNDG. The new strategy was worked out across all of the group´s units and subsidiaries.

Marinó Örn Tryggvason, CEO of Kvika: ‘The group has recently been placing greater focus on sustainability issues. For instance, this year we have been conducting detailed strategy work, culminating in the approval of a new sustainability policy. This policy shapes Kvika’s ESG priorities for the coming years – we strive to play a responsible role in society and support sustainable development. Kvika has now received an excellent rating in Reitun’s ESG risk assessment, which is very pleasant and a great motivation for us to continue to improve in this field and manage sustainability risks.’

Reitun’s summary of their ESG risk assessment for Kvika, published in December 2022, can be found here.

The Icelandic analysis and assessment company Reitun has published its latest ESG assessment for Kvika, giving the bank a score of 86/100 and an A3 rating, which is an excellent rating under Reitun´s assessment.

Kvika receives an ESG rating from Reitun with excellent results

This morning the board of directors of Kvika banki approved the CEO’s proposal to change the bank’s organizational chart. The objective of the changes is to better prepare the company for continued operational success and to adjust its structure to a growing company which continues to lead increased competition and innovation in the financial market. The changes are also in line with the goals and emphasis set forth in strategic planning introduced in November 2021.

Kvika banki is growing rapidly and now operates under several brands. The main brands, apart from Kvika, are TM, Kvika asset management, Lykill, Auður, Netgíró, Aur and Ortus Secured Finance. Additionally, preparations for the operations of a new subsidiary in the field of payment facilitation are under way.

Since the merger of Kvika banki, TM and Lykill the group’s management team and employees have worked hard on achieving the financial goals set out during the merger. In the opinion of the management team the financial goals of the merger have been reached in a shorter period of time than anticipated.

Sigurður Viðarsson, CEO of TM, will take on the role of deputy CEO of Kvika banki from Ármann Þorvaldsson, which will focus on further development of Kvika’s operations in the UK. Ármann will continue his role as a board member in the bank’s subsidiaries in the UK and also take on specific assignments for Kvika. Gunnar Sigurðsson, CEO of Kvika Securities, will take a seat as a new member in the Kvika group management board.

Eiríkur Magnús Jensson has been appointed as CFO of Kvika banki. Eiríkur has worked for Arion banki and its predecessors since 1998, mainly in connection with the bank’s funding. In recent years Eiríkur has been head of treasury of Arion banki.

Part of the Commercial Banking division, along with the Investment Banking division, will form a new revenue division, Corporate Banking and Capital Markets. The new revenue division will emphasize Kvika’s unique position when it comes to servicing corporations and investors, and make it easier for the company to use its increased financial strength to better serve its customers. It is estimated that the new division will operate from 1 January 2023.

Following this change Kvika banki will operate two revenue divisions, on one hand Commercial Banking and on the other Corporate Banking and Capital Markets. Additionally, three revenue divisions are operated through Kvika’s subsidiaries: TM, Kvika asset management and Kvika Securities in the UK.

The managing director of Corporate Banking and Capital Markets will be Bjarni Eyvinds Þrastarson, the current managing director of Investment Banking. The division will operate four departments: securities- and FX brokerage, corporate finance, and corporate loans. Magnús Guðmundsson, current deputy managing director of Commercial Banking, will be deputy managing director of the new division and head of corporate loans. Vilhjálmur Vilhjálmsson will continue as head of FX brokerage. Erlendur Davíðsson has been appointed as new head of corporate finance. Erlendur has substantial experience in financial markets reaching back to 2005. In the past years he has worked independently as a corporate finance advisor and before that among other things as fund manager and head of equity funds with Kvika asset management as well as a corporate finance advisor at Arion banki.

Ragnar Páll Dyer has requested to resign as Kvika banki’s CFO. Ragnar will continue to hold his position as board member of the boards of both TM and Kvika Securities in London.

Baldur Stefánsson, managing director of corporate finance at Kvika banki, will resign his position in the coming weeks and intends to start his own business. A letter of intent has been signed to the effect that Kvika will be involved in the operation.

“Kvika has changed significantly in recent years. When I started working for the company employees were fewer than 90. They are now 350. Additionally, dozens of contractors work for the bank on developing innovations that will be introduced in the coming months. One of Kvika’s goals is to increase competition in financial markets and therefore we are constantly developing new products to increase variety and customer choices in the market.

The merger of Kvika and TM has exceeded expectations and financial goals were reached earlier than expected. It is natural that the groups growth and the experience from the merger calls for changes of the organizational structure that was decided leading up to the merger. I am very happy with the changes in place and believe that they will prepare us even better for continuing success.

I believe that by changing and sharpening the distribution of operations across revenue divisions we will achieve better results. A new Corporate Banking and Capital Markets division will be able to use the bank’s financial strength to better serve corporations and market participants than before. The Commercial Banking division will continue to focus on fintech solutions and continue development of various innovations that will increase competition in banking and payment services considerably.

Kvika is very fortunate to be joined by Eiríkur Magnús, one of the country’s strongest and most experienced specialist when it comes funding of banks. There are significant opportunities to improve the company’s terms of funding which further strengthens Kvika’s position in competition with other financial institutions. I also expect much of Erlendur, he is an experienced specialist and takes over a well established corporate finance department.

I would like to thank Ármann for his work for the company. Ármann and I both started working for Kvika in 2017, Ármann as CEO and I as deputy CEO. Two years later we changed chairs. It has been a great privilege to work with Ármann and I believe that the company would not be where it is today without him. Ármann’s experience is valuable and he has taught me a great deal. I am very happy that Ármann will still play an important role for the group and look forward to continue working with him in a new capacity.

Ragnar has worked for Kvika for a long time and taken an active role in the development of the company, first as CEO of Júpíter (now Kvika asset management) and following that as CFO. He has been CFO since I took on the role of CEO and has from that time been my closest colleague. Ragnar is a strong employee, manager and a friend. I am thankful for Ragnar’s great work and happy that he will continue to hold position as board member within the group.

Baldur is one of the first employees that I took part in hiring to the company. Baldur has been successful in building up the bank’s corporate finance department and during his time it has been a part of and closed multiple projects. For me one project during our time together stands out, when Baldur and I worked together advising the management of Icelandair on the refinancing of the company after the Covid-19 pandemic hit.

Sigurður and I have enjoyed a particularly good partnership since the merger of Kvika and TM and I look forward to working with him even more closely. He is an experienced manager and has reached great success in his work. I know that his experience and skills will be important for further development of the company.”

“After 15 successful and happy years with TM I look forward to new challenges at Kvika banki. Following the merger of TM and Kvika an increasing part of my work has been committed to matters of the group and therefore this is a logical step for both me and the company. I say goodbye to my great colleagues of many years at TM, but luckily, I won’t be going far.”  

The objective of the changes is to better prepare the company for continued operational success and to adjust its structure to a growing company which continues to lead increased competition and innovation in the financial market.

Changes to organizational chart and management team

At a board meeting on 18 August 2022, the Board of Directors and the CEO approved the interim financial statements of Kvika banki hf. (“Kvika”) for the period 1 January to 30 June 2022. 

Highlights of 6M 2022 Interim Financial Statements

Pre-tax profit amounted to ISK 2,167 million 

Pre-tax return on weighted tangible equity was 10.0%

Earnings per share for the period were ISK 0.35

Total assets amounted to ISK 287 billion

The group’s equity amounted to ISK 79 billion

The solvency ratio of the financial conglomerate was 1.28 and its capital adequacy ratio (CAR) for operations excluding insurance was 24.4% at the end of the period

Kvika’s pre-tax profit for the first six months of 2022 amounted to ISK 2,167 million. The return on weighted tangible equity before taxes was 10.0% for the period.

News

12. May 2023

Financial Results for Q1 2023 and Earnings Outlook for the Next Four Quarters

03. May 2023

Announcement from Íslandsbanki and Kvika on the status of merger discussions

13. April 2023

Kvika Advises Refined Brands on Transformative Acquisitions in Online Ethical Fashion Space

15. February 2023

Kvika banki hf.: Financial Results for the year 2022 and Earnings Outlook for the Next Four Quarters