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Friday Sep 5 2008
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Iceland’s top banks rebound
First-quarter results from Iceland’s three leading banks in the past week suggest that the Icelandic banking storm of 2008 may finally be blowing itself out and that, by most internationally accepted measures, Iceland’s banks are more operationally sound and well-capitalised than their reputations might indicate. Core earnings, meaning net interest income and fee and commission income, rose across the board – up 27% at Landsbanki and 12.6% at Glitnir, while net interest income rose 31% at Kaupthing.
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Yes, and S&P cut its Icelandic banking risk assessment from group 4 to group 5 on “asset quality and funding pressure” today.
Not surprising, really - these are well-run banks, and they successfully navigated the Icelandic crisis of early 2006. Note that as usual the ratings agencies are behind the curve - Fitch just downgraded two of the banks last week. And some ‘analysts’ will continue to give negative news, trying to justify their bad calls. This will be a year of consolidation for the banks and of zero or negative growth for Iceland’s overheated economy, but both are desirable.