Oct 27, 2022 / 08:30AM GMT
Benedikt GÃslason - Arion banki hf. - CEO
Good morning, and a very warm welcome to this presentation of our third-quarter results. My name is Benedikt GÃslason. And with me here today to present the results and our operating environment are our Chief Economist, Erna Björg Sverrisdóttir; and our CFO, Ãlafur Höskuldsson.
To start with, a very strong quarter in terms of core income and a 10.5% ROE in the quarter, and almost 15% for the first nine months. This result is very much driven by the ongoing positive momentum in our core income, which increased by some 19% in the third quarter and almost 20% increase for the first nine months.
Now it was a challenging market -- capital markets in Iceland, which impacts our financial income in the quarter. These are financial losses on the investment portfolio of our insurance business, Vördur, and in our own market-making activities.
And that actually impacts our effective tax rate, again, which is unusually high at 36.5%, which is due to the combination of income and especially loss on equity positions. We are also
Q3 2022 Arion banki hf Earnings Call Transcript
Already have an account? Log in
Get the full story
Access to All Earning Calls and Stock Analysis | |
30-Year Financial on one screen | |
All-in-one Stock Screener with unlimited filters | |
Customizable Stock Dashboard | |
Real Time Insider Trading Transactions | |
8,000+ Institutional investors’ 13F holdings | |
Powerful Excel Add-in and Google sheets Add-on | |
All data downloadable | |
Quick customer support | |
And much more... |
![](https://static.gurufocus.com/material/money-back-guarantee.png)
30-Day 100% money back guarantee
You are not charged until the trial ends. Subscription fee may be tax deductible.
Excellent ![](https://static.gurufocus.com/trust_rating.png)
![](https://static.gurufocus.com/trust_rating.png)
4.6 out of 5
Trustpilot
![](https://static.gurufocus.com/trust.png)