Icelandic Kaupthing Bank earnings soar 292%

July 28, 2005 Iceland's biggest bank, Kaupthing Bank, has released it's six month results. The net earnings before taxes were ISK 24,766 million ( EUR 315 million) up 280% since same time last year when they were ISK 6,500 million (EUR 83 million).

The net earnings after taxes were ISK 13,673 million (EUR 174 million) during the second quarter of 2005, soaring up 292% since same time last year.

 'Performing well' 

Hreiðar Már Sigurðsson, CEO of Kaupthing bank, says the bank is performing well in all key market areas. Sigurðsson also talked about the future of the bank, and the recent acquisition of Singer & Fridlander: "Our acquisition of the British bank Singer & Friedlander is an important milestone for the Bank and brings us closer to attaining our goal of becoming one of the leading investment banks in northern Europe. Singer & Friedlander brings on board some 600 dedicated professionals to join the trusted team already in place across the group, and the majority of the Bank's employees are now located outside Iceland."

The bank has been increasing fast since the Icelandic government sold it in 2002 and it now has 70% of it's revenues coming from abroad.

Earnings per share were ISK 37.9 ISK during the first six months of the year, up from ISK 14.9 last year.