Icelandic Kaupthing Bank earnings soar 292%

Thursday, July 28, 2005

Iceland's biggest bank, Kaupthing Bank, has released it's six month results. The net earnings before taxes were ISK 24,766 million ( EUR 315 million) up 280% since same time last year when they were ISK 6,500 million (EUR 83 million).

The net earnings after taxes were ISK 13,673 million (EUR 174 million) during the second quarter of 2005, soaring up 292% since same time last year.

'Performing well'

Hreiðar Már Sigurðsson, CEO of Kaupthing bank, says the bank is performing well in all key market areas. Sigurðsson also talked about the future of the bank, and the recent acquisition of Singer & Fridlander: "Our acquisition of the British bank Singer & Friedlander is an important milestone for the Bank and brings us closer to attaining our goal of becoming one of the leading investment banks in northern Europe. Singer & Friedlander brings on board some 600 dedicated professionals to join the trusted team already in place across the group, and the majority of the Bank's employees are now located outside Iceland."

The bank has been increasing fast since the Icelandic government sold it in 2002 and it now has 70% of it's revenues coming from abroad.

Earnings per share were ISK 37.9 ISK during the first six months of the year, up from ISK 14.9 last year.

Sources

"Hagnaður Kaupþings banka jókst um 292% á öðrum ársfjórðungi" — Morgunblaðið, July 28, 2005
"Kaupthing Bank press release" — Kaupthing bank, July 28, 2005

Share this:

This page is archived, and is no longer publicly editable.

Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.

This page is archived, and is no longer publicly editable.

Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.

The text of this article has been released into the public domain. In the event that this is not legally possible, this article may be used for any purpose, without any condition, unless such conditions are required by law. This applies worldwide. Copyright terms on images, however, may vary, so please check individual image pages prior to duplication.
Please note that this only applies to Wikinews content created prior to September 25, 2005. All content created after that date is released under a Creative Commons license which is mentioned at the bottom of each article. This is currently the Creative Commons Attribution 2.5 License.