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.

Today, Landsbankinn concluded a sale of European Covered Bonds (Premium) in euros. The bonds are in the amount of EUR 300 million, with a 5-year tenor and have a fixed coupon of 4.25%. The bonds were sold at terms equivalent to 90 basis point spread over mid-swap market rate.

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. 

S&P Global Ratings has today announced that Landsbankinn’s covered bond rating has been raised. The rating uplift is one notch and the rating is therefore A with stable outlook.

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.

Landsbankinn's Board of Directors has decided to exercise an authorisation to purchase the Bank's own shares, which was approved at the Bank's AGM on 24 March this year. The buyback programme allows for the maximum purchase of 57 million shares, or 0.24% of issued shares. Landsbankinn has previously offered shareholders the chance to sell their shares in the Bank, most recently in November 2021.

The Report provides accessible insight into the Bank’s services and operation and details about the great strides made in sustainability in 2021.

Landsbankinn's net profit in 2021 was ISK 28.9 billion. After-tax return on equity (ROE) was 10.8% in 2021. The Bank’s long-term ROE target is 10% at a minimum.

Landsbankinn hf. has today concluded the sale of floating rate bonds with a maturity of 3 years in the amount of SEK 850m and NOK 500m. The bonds were priced at a spread of 80bp over 3-month STIBOR and 79bp over 3-month NIBOR. In addition, the bank sold bonds with a maturity of 2 years in the amount of SEK 850m at a spread of 65bp over 3-month STIBOR. The bonds are expected to be rated BBB by S&P Global Ratings.

Yesterday, Landsbankinn concluded a sale of green bonds in the amount of EUR 300 million with maturity in May 2026. The bonds have a fixed coupon of 0.75% and were sold at terms equivalent to 95 basis point spread over mid-swap market rate.

On 29 October 2021, Landsbankinn announced that the Bank would offer to purchase shares from shareholders under the terms of a buyback programme during the period 1 November 2021 to 15 November 2021. During the period, Landsbankinn acquired a total of 1,678,416 own shares at a share price of 11.6558, for the total amount of ISK 19,563,283.

Landsbankinn's Board of Directors has decided to exercise an authorisation to purchase the Bank's own shares, which was approved at the Bank's AGM on 24 March this year. The buyback programme allows for the maximum purchase of 57 million shares, or 0.24% of issued shares. Landsbankinn has previously offered shareholders the chance to sell their shares in the Bank, most recently in August 2021. Landsbankinn offers to purchase shares from shareholders during a repurchase period, extending from 1 November 2021 up to and including 15 November 2021. Shareholders interested in accepting the Bank’s offer must complete a notification form and submit it to the Bank. The notification form is available on the Bank’s website. Notifications will be processed throughout the period in the order in which they are received by the Bank until the maximum (of 57 million shares) is reached. If the maximum is reached during the repurchase period no further notifications will be processed. In accordance with the AGM's decision, Landsbankinn offers to purchase each share during the repurchase period at a share price equivalent to the proportion of equity belonging to the Bank's shareholders and the Bank's share capital, according to its most recently published financial statements prior to the commencement of the repurchase period. Based on Landsbankinn's interim results for the first nine months of 2021, the equity held by the Bank's shareholders amounts to ISK 275,343 million and outstanding shares number 23,623 million shares. In accordance with the above, Landsbankinn offers to purchase each share at a price of ISK 11.6558 during the repurchase period. Total shares in the Bank number 24,000 million. The Bank’s shareholders are 869. The National Treasury holds 23,567 million shares, or around 98.2% of issued shares. The Bank holds around 377 million own shares, or around 1.57% of issued shares. Other shareholders than the National Treasury and the Bank hold around 56 million shares, or around 0.23% of issued shares. Further information and instructions for shareholders interested in accepting the Bank’s offer are available on Landsbankinn’s website, www.landsbankinn.is/endurkaup. Further information is also provided by phone, +354 410 4040, and by email to vl@landsbankinn.is.

S&P Global Ratings has today published a report on Landsbankinn’s credit rating where an unchanged long-term credit rating was confirmed at BBB/A-2 with stable outlook.

Bergsteinn Ó. Einarsson has been hired as Managing Director of Risk Management at Landsbankinn and Sara Pálsdóttir has been hired as Managing Director of Community, a new division of the Bank which incorporates human resources, marketing, education, communication, sustainability and the Economic Research department.

Hrefna Ösp Sigfinnsdóttir, Managing Director of Asset Management & Capital Markets at Landsbankinn, has resigned her position with the Bank, where she has worked since 2010. She has already ceased employment.

Landsbankinn's Board of Directors has decided to exercise an authorisation to purchase the Bank's own shares, which was approved at the Bank's AGM on 24 March this year. The buyback programme allows for the maximum purchase of 57 million shares, or 0.24% of issued shares. Landsbankinn has previously offered shareholders the chance to sell their shares in the Bank, most recently in December 2018.

Landsbankinn's profit was ISK 14.1 billion during the first half of 2021, compared with a loss of ISK 3.3 billion for the same period in 2020. Return on equity (ROE) for the period was 10.8% on an annualised basis, compared with -2.7% during the same period of 2020.

Perla Ösp Ásgeirsdóttir, Managing Director of Risk Management at Landsbankinn, has resigned her position with the Bank and ceased employment.  

The Bank’s profit in the first three months of 2021 amounted to ISK 7.6 billion. Return on equity (ROE) was 11.7%.

The annual general meeting of Landsbankinn, held on 24 March 2021, agreed to pay a dividend amounting to ISK 4,489 million to shareholders. The dividend is equivalent to 42.7% of 2020 profits. As a result, total dividends paid by the Bank in 2013-2021 will amount to around ISK 146 bn. Three new individuals were elected to the Board of Directors at the AGM.