According to unaudited consolidated financial statements, which have been prepared on a going concern basis for the first quarter of 2010, Íslandsbanki returned a profit of ISK 3.6bn during the period, with income tax estimated at ISK 807m. The Bank's total capital ratio of 20.8% exceeds the 16% minimum set by the Icelandic Financial Supervisory Authority (FME). Return on equity was 15.3% during the period.

Condensed Consolidated Interim Financial Statements

• Profit after tax was ISK 3.6bn, estimated income tax due for the period is ISK 807m.
• Net interest income was ISK 10.5bn.
• Net fee and commission income was ISK 1.7bn.
• The core cost/income ratio for the period was 36%.
• The average number of full time employees was 1,026 during the period.
• Total assets at 31 March 2010 were ISK 699.9bn.
• Loans to customers totalled ISK 568bn and total deposits amounted to ISK 465bn at the end of the period.
• Equity as of 31 March 2010 amounted to ISK 95.7bn.
• Total capital ratio at end of the period was 20.8%. Net interest margin on total average assets was 5.9%.
• The deposit/loan ratio was 82% at the end of the quarter.
• Annualised return on equity for the period was 15.3%.

Birna Einarsdóttir, CEO:

„Íslandsbanki performed well during the first quarter of 2010 with results in line with budget.  The recent Supreme Court ruling on the illegality of certain ISK loans indexed to foreign currencies has introduced an element of uncertainty in the Bank´s operating environment.  Íslandsbanki is well prepared to deal with this situation having a solvency ratio of 20.8% -  substantially higher than the 16% minimum set by the Financial Supervisory Authority".

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