Key Financial Indicators and Balance Sheet Analysis Q1 2023
Income statement
Q1 2023
Q1 2023
Q1 2022
Diff
Q4 2022
Diff
Net interest income
11,015
9,528
16%
10,524
5%
Net profit of ISK 6.3bn resulting in ROE of 13.7%
Core income (NII, NCI and net insurance income)
increases 18.2% YoY
Strong growth in NII YOY, mainly due to increased base
rate and 14% growth in the loan book from Q1 2022
Continuing strong NCI performance across the Bank
Strong growth in insurance premiums of 11.6% but with
higher claim rate, which is seasonally high in Q1
Net financial income strong, both from equity and bond
holdings
Operating expense increased by 17% YoY, partly due
to new labor agreements, increased number of FTE's
and one-off projects in the quarter
Effective income tax rate of 26.7%
Net commission income
Net financial income
Bank levy
Net impairment
Income tax expense
Net earnings from continuing operations
Discontinued operations net of tax
4,353
3,552
23%
3,972
10%
Net insurance income
118
5
833
(86%)
839
991
(15%)
157
Share of profit of associates
(17)
203
3
Other operating income
36
235
(85%)
51
(29%)
Operating income
16,344
14,514
13%
15,540
5%
Salaries and related expense
(4,099)
(3,540)
16%
(5,373) (24%)
Other operating expenses
(3,176)
(2,661)
19%
(2,878)
10%
Operating expenses
(7,275)
(6,201)
17%
(8,251)
(12%)
(449)
(393)
14%
(496)
(9%)
(52)
(495)
(89%)
411
Net earnings before taxes
8,568
7,425
15%
7,204
19%
(2,287)
(1,703)
34%
(1,815)
26%
6,281
5,722
10%
5,389
17%
10
96
(366)
6,291
5,818
8%
5,023
25%
11
All amounts in ISK m
Net earnings
Return on equity
13.7%
12.7%
10.7%View entire presentation