Landsbankinn’s net profit in the first three months of 2022 was ISK 3.2 billion. Return on equity (ROE) was 4.7%. Net fee and commission income increased by 28.5% YoY, mainly from growing activity in asset management and capital markets. Net interest income grew by 19%, mainly driven by a larger balance sheet and better returns on liquid assets. Market share in the retail market measured 39% at the end of the quarter, slightly higher than in the same quarter last year. The cost/income ratio was 54.9% and costs remain stable. Operating expenses as a ratio of average total assets were 1.4%. Growth in mortgage lending has declined while lending to corporates increased by ISK 20.7 billion, not having regard for exchange rate impact. Around 90% of new housing mortgages in the first quarter were non-indexed and 58% of the mortgages carry fixed rates, in most cases for a 3-year period. Landsbankinn became a Visa principal member, increasing operational efficiency and making it easier for the Bank to offer new services linked to payment cards, among other things. Mortgage papers were registered electronically for the first time in February, with Landsbankinn becoming the first Icelandic bank to offer this service. The transaction volume in Landsbréf’s mutual funds has grown by 30% between years.

The Annual General Meeting of Landsbankinn, held on 23 March 2022, agreed to pay a dividend amounting to ISK 14,409 million to shareholders. The dividend is equivalent to 50% of 2021 profits. The AGM also approved a special dividend in the amount of ISK 6,141 million. In total, the Bank pays ISK 20,550 million in dividends to its owners this year. Dividend payments from the Bank in 2013-2022 total ISK 166.7 billion.

The Annual General Meeting of Landsbankinn hf. will be held remotely on 23 March 2022, at 16:00.

On 4 February 2022, Landsbankinn announced that the Bank would offer to purchase shares from shareholders under the terms of a buyback programme during the period 7 February 2022 to 21 February 2022. During the period, Landsbankinn acquired a total of 156,396 own shares at a share price of 11.9658, for the total amount of ISK 1,871,403.