Results of the 2023 AGM of Landsbankinn

23 March 2023 - Landsbankinn

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.

The dividend is equivalent to 50% of 2022 profits. The dividend will be paid in to instalments, firstly on 29 March 2023 and secondly on 20 September 2023. As a result, total dividend paid by the Bank in 2013-2023 total ISK 175.1 billion.

At the meeting, held in the reception hall of Austurstræti 11, Helga Björk Eiríksdóttir, Chairman of the Board of Directors, delivered the report from the Board for 2022. Lilja Björk Einarsdóttir, CEO, spoke of the Bank’s operation, strategy and activities.

The annual financial statement for the past operating year was approved, as was the proposed Remuneration Policy and remuneration to Directors of the Board. The AGM elected the Auditor General as the Bank’s auditor and the Auditor General, in accordance with an authorisation to outsource tasks, nominated PWC as auditor of the annual financial statements of the Bank for 2023.

No changes were made to the Board of Directors, neither of Directors nor Alternates, and the Board is comprised of the following persons until the next AGM:

Directors

Helga Björk Eiríksdóttir (Chairman)

Berglind Svavarsdóttir

Elín H. Jónsdóttir

Guðbrandur Sigurðsson

Guðrún Blöndal

Helgi Friðjón Arnarson

Thorvaldur Jacobsen

Alternates

Sigríður Olgeirsdóttir

Sigurður Jón Björnsson

Further information on Landsbankinn's AGM

Landsbankinn’s Annual & Sustainability Report

Financial results of Landsbankinn for the first three months of 2023

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

9 March 2023

Landsbankinn sells European Covered Bond (Premium) in euros

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.

16 Feb. 2023

Publication of Landsbankinn’s Annual & Sustainability Report

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.

2 Feb. 2023

Financial results of Landsbankinn for 2022

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%).

27 Oct. 2022

Financial results of Landsbankinn for the first nine months of 2022

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.

21 July 2022

Financial results of Landsbankinn in H1 of 2022

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.

27 May 2022

S&P raises Landsbankinn’s covered bond rating to A

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.

5 May 2022

Financial results of Landsbankinn for the first three months of 2022

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.

23 March 2022

Results of Landsbankinn’s 2022 Annual General Meeting

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.

1 March 2022

Annual general meeting of Landsbankinn 2022

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

Res­ults of the 2023 AGM of Lands­bankinn