Kaupthing Bank's results for the first half of 2006

Wednesday, 26. July 2006 07:56



Shareholders' net earnings of ISK 31.8 billion (EUR 327 million)

* Shareholders' net earnings of ISK 31.8 billion (EUR 327 million)
for first half of 2006 compared to ISK 24.8 billion (EUR 254
million) for first half of 2005. Shareholders' net earnings of
ISK 13.0 billion (EUR 134 million) for second quarter compared to
ISK 13.7 billion (EUR 140 million) for the same period in 2005.
* Annualised return on equity of 36.2% for first half of 2006.
* Earnings per share of ISK 47.9 for first half (ISK 37.9 for the
same period in 2005). Earnings per share of ISK 19.6 for second
quarter (ISK 20.9 for the same period in 2005).
* Net interest income of ISK 24.9 billion (EUR 255 million) for
first half of 2006 - increasing by 81.6% compared to the same
period in 2005.
* Net financial income of ISK 10.9 billion (EUR 112 million) for
the first half of 2006 - decreasing by 41.2% compared to the
same period in 2005.
* Operating income of ISK 66.5 billion (EUR 683 million) for first
half of 2006 - increasing by 43.3% compared to the same period in
2005.
* Total assets of ISK 3,552 billion (EUR 36.5 billion) at the end
of June, increasing by 11% at a fixed exchange rate since the
beginning of the year and by 39.8% in ISK.
* Annualised return on equity of FIH, Kaupthing Bank's subsidiary
in Denmark, was 20.9%.
* Kaupthing Bank sold its 24% shareholding in VÍS to Exista in May.


Hreidar Már Sigurdsson, CEO
"These results show that the Bank is performing well in a volatile
market environment. It's pleasing to see underlying growth in net
interest income and commission income. The Bank's remained highly
efficient with net interest income and operating lease income
covering operating expenses. The cost-to-income ratio for the first
six months of 2006 is 41% and return on equity is 36% on an annual
basis. The outlook is bright for the third quarter of 2006 and there
is every reason to expect that the Bank will meet its targets on
profitability."

Amounts stated in EUR on the first page are converted from ISK at the
end of period crossrate of 97,38.

Further information
For further information on the results please contact Hreidar Már
Sigurdsson, CEO, at +354 444 6108 or Jónas Sigurgeirsson, Chief
Communications Officer (ir@kaupthing.net), at +354 444 6112.
Information on Kaupthing Bank is also available on its website
www.kaupthing.com


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Hugin
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