Key Financial Indicators and Balance Sheet Analysis Q1 2023
Operating expenses
Cost-to-Core income ratio (%)
Total operating expenses
Growth in total OPEX mainly due to new
labor agreements and several projects in the
quarter
Ongoing focus on OPEX and efficiency
Cost-to-core income for the Q1 2023 was 47.0%
compared with 47.4% in Q1 2022
Core income per employee 19.7m vs 17.5m in Q1 2022
Salary expense increases between years mainly due to
new labor agreements and increased number of FTE's,
mostly in IT
ISK 120m one-off charge related to back-dated impact of
labor agreements
Going forward impact of labor agreement is approx. 60m
per quarter
Other OPEX increases from Q4, partly due to general
inflation but also several projects
One-off projects accounted for mostly within professional
services increase the cost for the quarter by approx. ISK
150m
Additionally, a fine of ISK 80m from the Icelandic
Competition Authority was expensed in March
47.4
43.1
38.4
Q1 2022 Q2 2022 Q3 2022
Other operating expenses (ISK m)
8.3
7.3
6.6
1.6
6.2
5.8
53.8
3.2
2.8
2.9
2.7
47.0
2.7
3.5
3.8
3.8
4.1
3.1
Q4 2022
Q1 2023
Q1 2022
Q2 2022
Incentive scheme
Salaries and related expenses
Q3 2022 Q4 2022 Q1 2023
■Other operating expenses
Core income per FTE
3,176
2,878
2,806
2,661
2,710
733
513
500
420
777
781
789
753
746
564
445
419
447
416
440
301
340
304
318
183
363
225
291
284
282
20.6
20.1
20.2
19.7
150
194
175
161
145
17.5
1,100
1,062
1,110
1,157
1,188
16 All amounts in ISK bn
Q1 2022
Q2 2022
Q3 2022
IT cost
Professional services
Q4 2022 Q1 2023
■ Housing cost
■Marketing cost
Q1 2022
Q2 2022 Q3 2022 Q4 2022
Core income per FTE (ISK m)
Q1 2023
■Depreciation/amortization
Other expensesView entire presentation