Glitnir reports its financial statements in accordance with International Financial Reporting Standards (IFRS) as of 1 January 2005. The Bank is publishing its First Quarter Results according to IFRS. Figures for the quarters of 2004 have been restated in accordance with the new standards. Other figures are in accordance with Generally Accepted Accounting Principles (GAAP). All amounts are in millions of Icelandic krónur (ISK).
Profit and Loss Account
| Income and Expenses | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 |
| |
|
|
|
|
|
|
| Net interest income |
39,082 |
37,084 |
22,351 |
12,776 |
11,039 |
9,708 |
| Other operating income |
46,013 |
35,517 |
14,060 |
15,749 |
9,562 |
4,366 |
| Net operating income | 85,095 | 72,601 | 36,411 | 28,525 | 20,601 | 14,074 |
| Salaries and related expenses |
27,896 |
15,747 |
8,848 |
8,553 |
5,422 |
4,302 |
| Depreciation of fixed assets |
1,969 |
662 |
481 |
571 |
696 |
542 |
| Other operating expenses |
19,273 |
10,892 |
6,401 |
5,233 |
3,651 |
2,879 |
| Administrative expenses | 48,144 | 27,301 | 15,731 | 14,357 | 9,769 | 7,723 |
| Impairment losses |
-5,516 |
-4,759 |
-2,205 |
-3,137 |
-2,864 |
-2,184 |
| Share of profit of associates |
-54 |
1,470 |
1,263 |
146 |
0 |
- |
| Net gains on non-current assets held for sale |
2,523 |
4,245 |
3,323 |
2,916 |
0 |
- |
| Profit before income tax | 33,903 | 46,256 | 23,365 | 14,093 | 6,428 | 4,167 |
| Income tax expense |
-6,253 |
-8,025 |
-4,175 |
-2,135 |
-593 |
-760 |
| Profit | 27,650 | 38,230 | 18,886 | 11,958 | 5,835 | 3,407 |
Balance Sheet
| Assets, Liabilities and Equity | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 |
| |
|
|
|
|
|
|
| Average total assets |
2,478,326 |
1,845,648 |
1,162,177 |
529,097 |
365,395 |
323,764 |
| Total assets at end of period |
2,847,827 |
2,246,339 |
1,472,250 |
671,480 |
443,943 |
312,367 |
| Equity |
161,932 |
146,118 |
84,750 |
38,474 |
29,423 |
20,964 |
| Share capital |
14,475 |
14,265 |
13,112 |
11,081 |
10,080 |
9,400 |
Key Ratios
| Key Ratios | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 |
| |
|
|
|
|
|
|
| Return on equity1 |
19.3% |
39.4% |
30.3% |
43.8% |
30.1% |
18.2% |
| Return on equity before taxes1 |
23.7% |
47.7% |
37.0% |
51.7% |
33.1% |
22.3% |
| CAD ratio |
11.2% |
15.0% |
12.6% |
12.4% |
11.4% |
12.7% |
| Tier I |
8.1% |
10.8% |
9.9% |
9.4% |
8.0% |
10.1% |
| Cost/income - banking |
56.5% |
37.6% |
37.9% |
48.6% |
50.0% |
54.8% |
| Provision for losses as % of loans and guarentees |
0.2% |
0.3% |
0.2% |
0.7% |
0.9% |
0.8% |
| Average number of employees |
1,977 |
1,392 |
1,216 |
1,126 |
948 |
907 |
| Employees at year-end |
2,248 |
1,518 |
1,153 |
1,141 |
1,085 |
870 |
| Percentages of average total assets |
|
|
|
|
|
| Interest margin |
1.6% |
2.0% |
2.0% |
2.4% |
3.0% |
3.0% |
| Expenses |
1.9% |
1.5% |
1.4% |
2.7% |
2.7% |
2.4% |
| Provision for losses on the loan portfolio |
0.2% |
0.3% |
0.2% |
0.6% |
0.8% |
0.7% |
| Profit |
1.1% |
2.1% |
1.6% |
2.2% |
1.6% |
1.1% |
Notes:
- Return on shareholders' equity adjusted for dividend and changes in shares outstanding.
