Company Analysis - Commissioned /

Arion Bank: Buyback completed; we expect a reload by year-end as core profitability improves

Arion has returned ISK18bn to shareholders so far this year via dividends and buybacks, equivalent to a 9% yield
Strong capitalisation, liquidity keep the door open for more; Arion targets returning a further ISK50bn to shareholders
Q1 results to show continued pricing, risk and cost discipline. Improved core profitability to drive c20% pa EPS growth

Rahul Shah

Head of Corporate & Thematic Research @ Tellimer Research

4 May 2021

Published byTellimer Research

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This report was commissioned by the company, sovereign or issuer that is the subject of the report. However, it was prepared by Tellimer the same way as independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated in its preparation by Tellimer as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly related to the specific recommendations or views expressed in this report.

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Arion Bank: Buyback completed; we expect a reload by year-end as core profitability improves

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Arion Bank: Buyback completed; we expect a reload by year-end as core profitability improves

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