Net after-tax profit ISK 9.3 billion. Return on equity (ROE) 41.6%.
Gudmundur Hauksson CEO: “The operating results for the first nine months of the year are good and SPRON’s operating income has never been higher, exceeding our expectations. SPRON’s core income is strengthening but at the same time our stock investments have suffered due to turbulence in financial markets. The Group’s profits totalled ISK 9.3 billion in the first nine months and ROE was 41.6% which is well above our goal for the year. Prospects for the year are good with the continued strengthening of the Group’s core operations.”
Highlights from the first nine months of 2007:
- SPRON reported an after-tax profit of ISK 9,279 million in the first nine months of the year
- Return on equity after-tax was 41.6% on an annualised basis
- Net interest income amounted to ISK 15,297 million in the period and has never been higher
- Net interest margin was 1.2%
- Total assets amounted to ISK 219,188 million at the end of September 2007 and increased by 18.8% from year end 2006
- Loans to customers amounted to ISK 148,583 million at the end of September and increased by 15.8% from year end 2006
- Customer deposits amounted to ISK 74,625 million and increased by 31.9% from year end 2006
- Customer deposits represent 50.2% of loans to customers at the end of the period
- SPRON’s funding position is strong and doesn´t require refinancing of larger loans in the next 2 years
- Equity at the end of September amounted to ISK 35,105 million
- The bank’s capital adequacy ratio was 11.6% at the end of the period. Tier 1 capital was 27.4%.
Highlights from the third quarter of 2007:
- SPRON reported a loss of ISK 850 million after taxes in the period due to difficult conditions in financial markets
- Net interest income amounted to ISK 746 million and has increased in comparison to recent quarters
- Net commission income totalled ISK 360 million and has never been higher in one quarter
- Deposits increased by ISK 8.0 billion or by 12.0%
- Loans to customers increased by ISK 10.3 billion in the quarter or by 7.5%
Condensed Consolidated Interim Financial Statements (pdf Doc)