Arion banki hf (LTS:0YTA)

kr 10.95309 0 (0%) Market Cap: 17.50 Bil Enterprise Value: 47.84 Bil PE Ratio: 9.51 PB Ratio: 1.10 GF Score: 49/100

Q2 2024 Arion banki hf Earnings Call Transcript

Jul 26, 2024 / 08:30AM GMT

Release Date Price: kr10.95

Transcript

Benedikt Gislason

Arion banki hf - Chief Executive Officer

Good morning. We welcome you to this earnings call for the second quarter's financials of Arion. My name is Benedikt GÃslason. I'm the CEO of Arion. And with me here today to present the second quarter results is Olafur Hrafn Hoskuldsson, our CFO. Please feel free to submit your questions during this presentation, which will then be followed by a Q&A session as we've done in previous earnings calls.

It's fair to say that this was a solid quarter with good momentum in most areas of the business particularly asset management, cloud services and loans. One of the factors affecting return on equity in the period was administered defined following an inspection by the FSA in the summer of 2022 of the bank's measures to combat money laundering and terrorist financing.

The FSA inspection revealed shortcomings in the bank's practices. We took these findings with the utmost seriousness and undertook a comprehensive review of our practices, and we have now significantly reinforced our money-laundering defenses by enhancing our

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