Landsbanki Q1 2008 Results

Tuesday, 06. May 2008 18:13
 
 
Landsbanki Íslands hf. - Q1 Results 2008
After-tax Profit ISK 17.4 billion
Return on Equity (ROE) 44%
 
 
Highlights of the Interim Financial Statements of Landsbanki Íslands
hf. for Q1 of 2008
 
 
 
*          Net pre-tax profit in Q1 2008 was ISK 19.7bn (EUR 193m).
The bank's after tax profit was ISK 17.4 bn (EUR 171m). 
*          After-tax ROE was 44%.  The bank's equity ratio (CAD
rules) was 11.0% at the end of March. Tier 1 capital was 8.8%.
*           The group's core income (net interest income plus fees
and commissions) was ISK 26.2bn (EUR 257m), an increase of 27% over
Q1 2007.
*          Core income from operations outside of Iceland totalled
ISK 15.1bn (EUR 148m)in Q1 2008, equivalent to 58% of  the group's
total core income.
*           Trading gains and investment income amounted to ISK
14.7bn (EUR 144m) compared to ISK 8.8bn in Q1 2007.
*          The bank's total assets amounted to ISK 3,836bn (EUR
32.1bn) at the end of March 2008 compared with ISK 3,058bn (EUR
33.4bn) at the beginning of 2008.  In EUR terms, total assets
decreased by 4% during the period. 
*          The bank's liquidity is strong, totalling EUR 8.2 billion
as of 31 March 2008.
 
 
 
 
CEO Sigurjón Þ. Árnason:
 
"Landsbanki has put in a very credible performance in Q1 2008, not
least considering the difficult situation on international financial
markets.  The Group's core earnings have increased by 27% over the
first quarter last year, and its ROE for the quarter was close to
44%. The bank is currently benefitting from measures undertaken in
2006 and 2007 to restructure its capital base. Furthermore,
Landsbanki's loan portfolio is high quality and the bank has no
structured credit exposures such as CDOs, SIVs, etc. The bank's CAD
equity ratio has remained strong and is currently 11%. These factors
reinforce Landsbanki's position under the circumstances currently
prevailing on international markets."
 
 
CEO Halldór J. Kristjánsson:
 
"With its strong financial position and light repayment profile of
long term debt maturing in 2008,  Landsbanki is well placed to
navigate the uncharted waters of world financial markets at present.
During this period, Landsbanki will moderate balance sheet activities
and seek greater cost efficiency and potential synergies through the
continued consolidation and integration of its operational platform.
Further diversification of the bank's funding profile continues to be
a priority. Icesave, the UK online savings account, is a continued
success with new products and record account openings in Q1 2008. 
More than 40% of Icesave deposits are now term deposits or in cash
ISAs accounts. Introduction of new deposit initiatives in selected
European markets in the next months will provide added anchoring to
the already strong deposit to loans rato of 66%. Furthermore,
Landsbanki has to date concluded a series of bond private placements
equivalent of EUR 1.4 billion, at prices below the 5-year CDS
market."
 
A copy of Landsbanki's interim financial statements for Q1 2008 is
available on the Bank's website www.landsbanki.com/ir
 
 
For further informatio:
Landsbanki's CEOs: Sigurjón Th. Árnason, Tel. +354 410-4009 / +354
898 0177 and Halldór J. Kristjánsson, Tel. +354 410 4015 / +354 820
6399.
 

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Author:
Hugin
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