Arion Bank reports profit decline to 9.9 billion krónur in Iceland

Arion Bank reported a profit of 9.9 billion Icelandic krónur for the first half of the year, a decline compared to the 13.4 billion krónur profit reported during the same period last year. The bank’s return on equity fell from 14.5 percent to 10.2 percent, and earnings per share decreased from 9.17 krónur to 6.92 krónur.

Core revenues, which include net interest, commission, and insurance income, decreased by one percent year-on-year. Meanwhile, operating expenses rose by 9.8 percent, a figure that includes over half a billion krónur in penalties the bank had to pay as part of a settlement with the Financial Supervisory Authority.