Investor Presentaiton
12
Income statement Q1 2020
•
Earnings from continued operations are
negative due to the effects of Covid-19
The 2% reduction in NII derives from smaller
loan book in line with strategy
Strong performance in net commission
income in most sectors
Turmoil in equity markets due to Covid-19
drive NFI down
Salaries decreased from Q1 2019 as the
Bank has reduced the number of FTE'S
The bank levy has been lowered from
0.376% to 0.145%
Increase in net impairment mostly due to
more negative assumptions in IFRS 9 models
Unfavorable effective income tax rate due to
negative income from equity holdings
HFS assets, mainly Valitor and TravelCo are
also affected by Covid-19
Net interest income
Net commission income
Net insurance income
Net financial (loss) income
Share of (loss) profit of associates
Other operating income
Operating income
Salaries and related expenses
Other operating expenses
Operating expenses
Bank levy
Net impairment
Earnings loss before income tax
Income tax expense
Net earnings / loss from continuing operation
Discontinued operations, net of tax
Net earnings/loss
All amounts in ISK million
Q1 2020
Q1 2019
Diff%
Q4 2019
Diff%
7,253
7,434
(2%)
7,693
(6%)
3,076
2,218
39%
2,615
18%
501
253
98%
723
(31%)
(2,000)
766
489
(24)
727
6
170
310
(45%)
200
(15%)
8,976
11,708
(3,130) (3,630)
(860)
(1,282)
(889)
(2,171)
(23%) 11,726
(14%)
(3,077) (3,232) (5%) (3,367)
(6,207) (6,862) (10%) (6,443)
(331) (906) (63%)
(2,860) (1,081) 165%
(422) 2,859 (115%)
(622)
2,237 (157%)
(1,219)
1,018
(23%)
(3,076)
2%
(9%)
(4%)
(357)
(7%)
1,203
6,129
38%
(923)
(7%)
5,206 (125%)
(27%) (7,981) (89%)
(313%)
(2,775) (22%)
*View entire presentation