In light of the media discussion on WOW Air and its commitments towards Arion Bank, the Bank would like to disclose that the direct impact of WOW Air’s ceased operations will not have a material effect on Arion Bank’s net earnings, taking other factors in the Bank’s operations into account.
This event will result in a non-recurring cost for Arion Bank which does not directly affect the Bank’s regular income and operating expenses. The impact of this event on the tourism industry and the Icelandic economy as a whole is uncertain.
The Bank’s medium term financial targets, such as the Bank’s CET 1 target, remain unchanged.
Arion Bank will publish its Q1 financial statements on 8 May 2019.
Contacts:
Sture Stolen, head of Arion Bank’s investor relations, at IR@arionbanki.is.
Haraldur Guðni Eiðsson, head of Arion Bank’s Corporate communications, at haraldur.eidsson@arionbanki.is, tel. +354 444 7108.
Arion Banki hf. is obliged to disclose this information pursuant to EU Regulation No. 596/2014