Kvika banki hf. reports strong financial results for Q3 2024, with significant profit increases.

From GlobeNewswire: 2024-11-06 10:35:00

Kvika banki hf. approved their interim financial statements for Q3 and the first 9 months of 2024. Highlights include a profit before tax of ISK 1,813 million in Q3, an increase of ISK 1,579 million from 2023. TM insurance, held for sale, reported a post-tax profit of ISK 965 million in Q3.

In the first 9 months of 2024, Kvika reported a profit before tax of ISK 4,217 million, compared to ISK 2,646 million in 9M 2023. Net interest income increased by 26% from the previous year. Post-tax profit for the group was ISK 4,703 million, a significant increase from 9M 2023.

CEO Ármann Þorvaldsson expressed satisfaction with the bank’s Q3 results, citing a substantial turnaround in operations. Net interest income grew nearly ISK 600 million year-over-year, with a strong performance in unlisted investments. Operating expenses decreased by nearly ISK 300 million compared to the previous year.

Kvika’s Capital Markets Day will be held on November 7th, where strategic priorities post-TM sale will be discussed. The event will be in Icelandic, with a live stream available. The company’s management will provide an overview of the key highlights from the Q3 financial results. An English-subtitled recording will be available on Kvika’s website.



Read more at GlobeNewswire:: Financial Results for Q3 2024