Good per­form­ance by Lands­bréf in H1

Landsbréf hf, a subsidiary of Landsbankinn, has published its interim financial statements for H1 2024.

Key points:

• Landsbréf reported a net profit after tax of approximately ISK 437 million for the first half of 2024, compared to approximately ISK 483 million for the same period the previous year.  
• Net operating income amounted to ISK 1,084 million for the period, compared to ISK 1,182 million during the same period last year.
• The company’s equity at the end of the period stood at ISK 3,555 million, compared to ISK 4,118 million at the end of 2023. The company made an ISK 1,000 million dividend payment to its parent company, Landsbankinn, in May.  Landsbréf's equity ratio was 85.5% at the end of the period.

Helgi Thór Arason, Managing Director of Landsbréf:

"Landsbréf performed well during the period, and the profit reflects the company's robust performance.  Market conditions remained challenging in the first half of the year, particularly in the domestic equity market. Inflation has subsided more slowly than hoped, and interest rates have remained high. It is a shared responsibility to work towards lowering inflation to ensure a soft landing for the economy and to secure long-term stability. The performance of Landsbréf's funds varied across fund types during the period but was satisfactory when compared to key competitors. Landsbréf has continued to strengthen its position as a leading fund management company in Iceland. The company manages a diverse range of mutual funds and specialised funds and also undertakes tailored asset management projects for pension funds and other large investors.”