Arion banki hf (LTS:0YTA)

kr 10.95309 0 (0%) Market Cap: 17.40 Bil Enterprise Value: 47.45 Bil PE Ratio: 9.67 PB Ratio: 1.12 GF Score: 67/100

Q3 2022 Arion banki hf Earnings Call Transcript

Oct 27, 2022 / 08:30AM GMT

Release Date Price: kr11.93

Transcript

Benedikt GÃ;slason

Arion banki hf. - CEO

-

Good morning, and a very warm welcome to this presentation of our third-quarter results. My name is Benedikt GÃslason. And with me here today to present the results and our operating environment are our Chief Economist, Erna BjÃ¶rg SverrisdÃ³ttir; and our CFO, Ãlafur HÃ¶skuldsson.

To start with, a very strong quarter in terms of core income and a 10.5% ROE in the quarter, and almost 15% for the first nine months. This result is very much driven by the ongoing positive momentum in our core income, which increased by some 19% in the third quarter and almost 20% increase for the first nine months.

Now it was a challenging market -- capital markets in Iceland, which impacts our financial income in the quarter. These are financial losses on the investment portfolio of our insurance business, VÃ¶rdur, and in our own market-making activities.

And that actually impacts our effective tax rate, again, which is unusually high at 36.5%, which is due to the combination of income and especially loss on equity positions. We are also

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