Íslandsbanki hf. Condensed Consolidated Interim Financial Statements

• Profit after tax ISK 8.1 bn, estimated income tax due for the period ISK 1.37 bn million.
• Net interest income ISK 14.5 bn and net fee and commission income ISK 3.6 bn. A large portion of NII was due to an imbalance between CPIlinked assets and liabilities. Measured inflation during the period was 3.6%.
• Net operating income 10.2 bn. This was mostly due to a net foreign exchange gain following a weakening of the ISK. This gain was offset by substantial impairment for unrealisable FX gains from FX-denominated loans made to borrowers with ISK income.
• Impairment on loans and receivables ISK 11.4 bn, largely due to the aforementioned negative effect of ISK depreciation on the payment ability of many borrowers.
• Premium to the Depositors' and Investors' guarantee fund ISK 302 million. Future obligations to the Fund are not included.
• Cost/income ratio 27.1%. Cost/income ratio once FX gains and irregulars are accounted for is 43.6%.
• Total size of balance sheet on 30 June 2009 is ISK 741 bn.
• Annualised return on equity 22.5%
• CAD ratio at end of period was 11.13%
• Loans to customers total ISK 592 bn. Total deposits amount to ISK 543 bn.
• Deposit/Loan ratio 92% at year end.
• Equity as of 30 June 2009 ISK 76 bn.
• Staff numbered 1,110 at end of period.

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