25 March 2024
Landsbréf hf, a subsidiary of Landsbankinn, has published its annual financial statements for 2023.
Key points:
- Landsbréf's operating profit after taxes amounted to ISK 1,035 m in 2023, as compared with ISK 814 m in 2022.
- Net operating income was ISK 2,405 m in 2023, as compared with ISK 2,019 m in 2022.
- Equity at year-end 2023 was ISK 4,118 m, compared with ISK 3,783 m at year-end 2022.
- At the end of the year, assets under management totalled approximately ISK 472 bn, compared to ISK 456 bn the previous year.
- At year-end, Landsbréf had 21 positions, with 21.7 full-time equivalents.
Helgi Thór Arason, Managing Director of Landsbréf:
"The year 2023 was successful for Landsbréf and its funds, despite challenging market conditions, particularly in the domestic equity market. The year was characterised by high inflation and rising interest rates, reflecting in part the strong momentum of the Icelandic economy. These remain challenging times for economic management in Iceland, and it is crucial for those in power to take responsible steps toward continued prosperity. Recent wage agreements, declining inflation, and expectations that an interest rate reduction cycle may be beginning support my optimistic outlook for the future. At Landsbréf, we take our role of responsibly managing the nation’s savings seriously, and we are grateful for the trust that thousands of fund members have placed in us."
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