The annual general meeting (AGM) of Landsbankinn, held on 19 April 2024, agreed to pay a dividend amounting to ISK 16,535 million to shareholders.

International rating agency S&P Global Ratings today announced that it has upgraded the credit rating of Landsbankinn. The credit rating is raised by one notch, to BBB+ with stable outlook.

The Annual General Meeting of Landsbankinn hf. will be held on 19 April 2024, at 16:00, in Reykjastræti 6, 101 Reykjavík.

A meeting of the Board of Directors of Landsbankinn hf. on 19 March 2024 determined to postpone the annual general meeting of the Bank, scheduled to be held on Wednesday, 20 March 2024. Following consultation with Icelandic State Financial Investments (ISFI), it was decided to hold the AGM on 19 April 2024.

Landsbankinn and Kvika Bank have agreed to enter into exclusive negotiations for the purchase by Landsbankinn of TM tryggingar hf. (“TM”) based on a purchase offer the Bank made for all equity in TM on 15 March. The proposed acquisition is contingent on such factors as due diligence and approval by the Icelandic Competition Authority and the Financial Supervisory Authority of the Central Bank of Iceland. 

The Annual General Meeting of Landsbankinn will be held on Wednesday, 20 March 2024, at 16:00, in Reykjastræti 6, Reykjavík.

On 5 March 2024, Landsbankinn concluded the sale of green bonds in the amount of EUR 300 million. This was the Bank’s fourth issuance of euro-denominated green bonds.

On 15 February 2024, Landsbankinn announced that the Bank would offer to purchase shares from shareholders under the terms of a buyback programme during the period 19 February 2024 to 4 March 2024. During the period, Landsbankinn acquired a total of 6,423,476 own shares at a share price of 12,8595, for a total amount of ISK 82,602,689.

Helga Björk Eiríksdóttir, Chairman of the Board of Directors of Landsbankinn, a Director of the Board since 2013 and Chairman since 2016, will not stand for re-election to the Board at the Bank’s AGM on 20 March 2024. Berglind Svavarsdóttir, Vice-chairman of the Board and a Director since 2016, will also not stand for re-election and steps down at the same time.

Landsbankinn’s goals to reduce greenhouse gas emissions have been verified by the Science Based Targets initiative (SBTi). We are the first Icelandic bank to achieve this.

Landsbankinn’s Annual & Sustainability Report for 2023 has now appeared. It reviews highlights in the Bank’s operation in the past year, developments in services and operation, successful funding, sound risk governance, robust sustainability work and more.

Landsbankinn's Board of Directors has decided to exercise an authorization to purchase the Bank's own shares, which was approved at the Bank's AGM on 23 March 2023. The buyback program allows for the maximum purchase of 54 million shares, or 0.23% of issued shares.

Alongside the Bank’s annual financial statements, we are now publishing sustainability accounts for 2023, disclosing detailed information about sustainability and Landsbankinn’s operation. The accounts are verified in part or whole by auditing firm Deloitte.

Landsbankinn's after-tax profit in 2023 was ISK 33.2 billion. Return on equity (ROE) was 11.6% in 2023 after tax.

Landsbankinn has updated its Sustainable Finance Framework, initially published in early 2021. The updated Framework maintains the Bank’s scope for financing green and social projects, such as the switch to renewable energy, development of environmentally-friendly infrastructure and sustainable fisheries.

Landsbankinn is one of 100 financial undertakings to become an inaugural early adopter of recommendations from the Taskforce on Nature-related Financial Disclosures (TNFD). The companies will include nature-related financial information in their corporate reporting based on TNFD’s recommendations.

S&P Global Ratings has today revised the outlook of Landsbankinn’s credit rating from stable to positive, resulting in a credit rating of BBB/A-2 with positive outlook.

Landsbankinn’s profit in the first nine months of 2023 amounted to ISK 22.4 billion, ISK 7.9 billion thereof in the third quarter. Return on equity (ROE) in the first nine months of the year was 10.5% and 10.9% in the third quarter.

Today, Landsbankinn concluded the sale of a new green bond series in the amount of EUR 300 million, the Bank’s third green bond issuance in euros. The bonds bear a 6.375% fixed rate and were sold at terms equivalent to a 313 basis point spread above mid-swap market rates. The bonds have a 3,5-year tenor and mature in March 2027.

Landsbankinn’s profit in the first half of the year amounted to ISK 14.5 billion, ISK 6.7 billion thereof in the second quarter. Return on equity (ROE) was 10.3% in H1.

Return on equity (ROE) at Landsbankinn was 11.1% in the first three months of 2023. Net profit was ISK 7.8 billion.

The annual general meeting of Landsbankinn, held on 23 March 2023, agreed to pay a dividend amounting to ISK 8,504 million to shareholders. The AGM approved a proposal to change the Bank’s address from Austurstræti 11 to Reykjastræti 6.

Landsbankinn’s Annual & Sustainability Report for 2022 reviews highlights in the Bank’s operation last year, new solutions and changes to service, continued work on sustainable development, funding, risk management and more.

The net profit of Landsbankinn in 2022 was ISK 17.0 billion (2021: ISK 28.9 billion). After-tax return on equity for 2022 was 6.3% (2021: 10.8%).

Landsbankinn’s profit in the first nine months of 2022 amounted to ISK 11.3 billion, ISK 5.8 billion thereof in the third quarter. Return on equity (ROE) in the first nine months of the year was 5.6% and 8.5% in the third quarter. A decrease in the fair value of the Bank’s equity portfolio negatively impacts its profitability this year.

The Bank’s profit in the first half of 2022 amounted to ISK 5.6 billion, ISK 2.3 billion thereof in the second quarter. Return on equity (ROE) was 4.1%, falling short of the Bank’s 10% target mainly because of fluctuations in equities held by the Bank. 

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.