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2024-07-25 17:50:00 CEST 2024-07-25 17:50:08 CEST REGULATED INFORMATION Arion Bank hf. - Half Year financial reportArion Bank's Q2 2024 financial resultsArion Bank reports net earnings of ISK 5.5bn in Q2 2024. Investor meeting and webcast in English on 26 July at 10:30 CEST (8:30 GMT) Financial highlights for the second quarter 2024
Financial highlights for the first 6 months 2024
Benedikt Gíslason, CEO of Arion Bank One of the factors affecting return on equity in the period was a settlement which the Bank reached with the Financial Supervisory Authority of the Central Bank of Iceland towards the end of the quarter. Under this settlement, the Bank agreed to pay of fine of ISK 585 million. If it had not been for this settlement, the Bank’s ROE would have been 12.7% in the second quarter. The settlement with the FSA was made following an inspection by the FSA in the summer of 2022 of the Bank’s AML measures. The FSA’s inspection revealed shortcomings in the Bank’s practices. The Bank took these findings with the utmost seriousness and we undertook a comprehensive review of our practices. We have now significantly reinforced our money laundering defences by enhancing our systems and expanding our AML team which performs this vital role. In recent years, Arion Bank has been a leader on the domestic corporate advisory market, and during the second quarter the Bank advised on the sole stock market listing of the year so far when Kaldvík was listed on First North. Arion Bank is also advising JBT on its takeover offer for Marel. If JBT’s plans come to fruition, it will be one of the largest deals completed in Iceland in recent decades. Our focus on running a reliable business and providing outstanding financial services, with convenient digital services at the forefront, has resulted in Arion Bank having been named the bank of the year in Iceland for the last three years by The Banker magazine, a leading global finance news publication published by the Financial Times. In addition, Euromoney recently named Arion as bank of the year in Iceland for 2024 and as Iceland’s number one digital bank. These accolades mirror the results of a survey conducted by Maskína in June, which revealed that bank customers in Iceland rated the Arion app as the best banking app in Iceland for the eighth year in a row. We are grateful for this positive response to our efforts and it inspires us to do even better in the future. We aspire to be a digital leader, as clearly reflected by the diverse array of services available to customers in the Arion app. The app offers customers a simple overview of their finances, including credit card bills, savings, insurance, pensions, and securities holdings. The latest features include Arion Family, where parents can automatically view their children’s accounts and share viewing access to their own finances with their spouse, and Arion Refund which gives people who are customers of both Arion and Vörður the option of a 5% refund on their insurance premiums if they have a claims free year. Arion Bank is continuing to work on the development of two key residential and commercial building sites in the Reykjavík area. The sites are being transformed into diverse residential communities with related services. Arion Bank owns 51% of the Arnarland site, where 500 residential units and 30,000 m2 of commercial and retail property are being constructed. The Blikastaðaland site is wholly owned by the Bank and covers 100 hectares. The first phase of the project provides for the construction of 1,200 residential units and infrastructure, such as schools and play schools, on 30-35 hectares. Both these projects are being carried out in close cooperation with the local authorities and will significantly boost the supply of residential property in the next few years.” Investor meeting / webcast in English on 26 July at 10:30 CEST (8:30 GMT) The meeting will take place in English and will also be streamed live. The webcast will be accessible live on Lumiconnect and a link is also available on the Bank’s website under Investor Relations. Participants attending virtually will be able to ask questions during the meeting through a message board on the same site. Answers will be provided by presenters at the end of the webcast. Financial calendar |
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