Kaupthing Bank
For the past three years, Kaupthing Bank has impressed The Banker’s judges with its record profit growth, which reached its highest in 2005 and tripled from the previous year.
The judges were also impressed with Kaupthing’s well-balanced sources of income, improved asset quality and solid growth. The successful integration of Danish FIH-Erhvervsbank and UK-based Singer and Friedlander has delivered the results Kaupthing sought, put the Icelandic bank in an excellent position to provide its client base throughout northern Europe with truly integrated financial services, and reinforced its leading position in the home market.
This expansion did not reflect negatively on Kaupthing’s RoE. On the contrary, the bank provided its shareholders with an impressive 34% ROE, up from the previous year’s 25.5% ratio.
“We are delighted to be named the best bank in Iceland for the third year in a row,” says Hreidar Mar Sigurdsson, chief executive. “Recognition such as this is received with great satisfaction, especially as Kaupthing Bank continues to establish itself in northern Europe as a leading corporate and investment bank. The past year has brought further confirmation of the strength of our operations and the diversity of our well-balanced sources of income. In the coming year, we will seek to further integrate our international operations with our eye on improved cross-border collaborations and a greater flow of information both internally and to market participants.”
