Kvika banki hf.
Kvika banki hf. - Forecast for 2021
A meeting of the Board of Directors of Kvika banki hf. ("Kvika" or "the bank") on 28 January 2021 approved its operating budget for 2021.
Forecast profit for 2021 of ISK 2,600-3,000 million before tax
The budget anticipates a pre-tax profit in the range of ISK 2,600 to 3,000 million.
The Bank's performance may deviate from this forecast, among other things, due to market conditions and other unforeseen events.
A merger with TM hf. and Lykill fjármögnun hf. is anticipated before the end of Q1 2021. Since the approval of supervisory authorities and shareholders of all parties has not yet been obtained the forecast does not include the anticipated financial effects of the merger. Should the merger be approved the change to the forecast will be considerable. A new forecast will be published after the merger is finalised.
Performance above guidance according to preliminary results
According to preliminary results, Kvika's profit in 2020 is expected to be around ISK 2,340 million before tax. The bank's guidance for 2020 was raised in October to an estimated pre-tax profit of ISK 2,000 to 2,300 million.
Kvika’s Board of Directors will propose to a shareholders’ meeting that no dividends be paid in 2021 for the 2020 operating year. This proposal is submitted in view of the proposed merger. The Board of Directors does intend, however, to request that the bank’s Annual General Meeting grant an authorisation for share buy-backs.
Subscribe to releases from Globenewswire
Subscribe to all the latest releases from Globenewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Globenewswire
Relay Medical Corp.3.3.2021 22:17:49 CET | Press release
Relay Acquires IoT Cybersecurity Firm Cybeats Technologies Fortifying Critical Pandemic Device Deployments
Galapagos NV3.3.2021 22:16:28 CET | Press release
Transparency notification received from The Capital Group
Eimskipafelag Islands hf.3.3.2021 22:08:28 CET | Press release
Eimskip: Annual General Meeting 25 March 2021
Royal UNIBREW A/S3.3.2021 20:19:05 CET | Press release
Share buy-back Program of DKK 250 million to be initiated
Royal UNIBREW A/S3.3.2021 20:18:55 CET | Pressemeddelelse
Aktietilbagekøbsprogram på DKK 250 mio. igangsættes
Royal UNIBREW A/S3.3.2021 20:02:34 CET | Press release
Incentive Program for the Executive Board of Royal Unibrew
Royal UNIBREW A/S3.3.2021 20:02:24 CET | Pressemeddelelse
Incitamentsprogram for direktionen i Royal Unibrew
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom