While preparing the unaudited preliminary financial results for the third quarter it has become clear that Kvika banki hf. (Kvika or the Bank) results for the quarter are higher than were expected. Estimated earnings before tax for the first nine months amount to ISK 1,530 million.
According to the Bank‘s current earnings forecast for the year, revised on 14 May alongside the publication of results for the first quarter, estimated annual earnings before tax were expected to range between ISK 1,700 – 2,300 million. It has now been decided to increase the median for earnings before tax estimate by ISK 150 million and earnings for the year before tax are now expected to range between ISK 2,000 – 2,300 million.
The revision in the earnings forecast can be mainly attributed to improved results from asset management operations, strong project pipeline of the Corporate Finance division and increase in net financial income.
Kvika will publish its financial results for the first nine months of the year in accordance with its financial calendar on 12 November 2020.