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Landsbankinn hf.: Correction: Financial results of Landsbankinn for the first three months of 2024 - Published 2024-05-02 14:25:23 CEST


Correction: Information about the CBI's new reserve requirement has been updated in the CEO´s quote.

  • Landsbankinn's net profit in the first three months of 2024 was ISK 7.2 billion.
  • Return on equity (ROE) in the period was 9.3%, compared with 11.1% for the same period the previous year.
  • The net interest margin was 2.9%. The net interest margin of domestic households was 2% and remains stable.
  • Net interest income amounted to ISK 14.4 billion and net fee and commission income was ISK 2.7 billion.
  • Net impairments were negative by ISK 2.7 billion and include an ISK 2.0 billion collective allowance against uncertainty related to natural disaster on the Reykjanes peninsula.
  • The cost/income ratio was 33.6%, compared with 33.3% in the first quarter of 2023.
  • The total capital ratio was 24.9% at the end of the period. The total capital requirement of the Financial Supervisory Authority of the Central Bank of Iceland is 20.7%.
  • In March, Landsbankinn finalised the sale of green bonds in the amount of EUR 300 million, with subscriptions coming in at more than six times the size of the issuance.
  • Also in March, the Bank issued two Tier 2 bonds, one non-indexed series in the amount of ISK 3 billion and one inflation-linked series in the amount of ISK 12 billion.
  • The Bank’s AGM, held on 19 April 2024, agreed to pay a dividend to shareholders in the amount of ISK 16.5 billion, or ISK 0.70 per share, for the operating year 2023. The dividend is equivalent to around 50% of the Group’s 2023 profit. As a result, total dividend paid by Landsbankinn in 2013-2024 will amount to ISK 191.7 billion.
  • In January, for the fifth year in a row, customers in the banking market are most satisfied with Landsbankinn’s services, according to the Icelandic Performance Satisfaction Index 2023.
  • In early April, S&P Global Ratings upgraded the Bank’s credit rating to BBB+/A-2 with stable outlook.

Lilja Björk Einarsdóttir, CEO of Landsbankinn:

“It is quite a milestone that Landsbankinn’s balance sheet has now exceeded ISK 2,000 billion, doubling in size from its initial balance sheet in 2008. The balance sheet has grown surely and steadily, and in the first quarter of this year, the increase amounts to just under ISK 72 billion. A growing balance sheet enables us to provide even better support for Icelandic industry and society. Strong lending activity is a core function of the Bank’s operation. There has been moderate growth in housing mortgages and more refinancing activity. Corporate lending grew steadily to reach an increase of ISK 30 billion in the quarter.

The Bank’s funding was exceptionally successful in the quarter. We issued subordinated bonds in the amount of ISK 15 billion and EUR 300 million green bonds at favourable terms. In April, we received the enjoyable news that international rating firm S&P Global Ratings had raised the Bank’s credit rating a notch.

Profitability has dwindled slightly but remains close to our long-term target. The main reason for lower profitability is the increased allowance the Bank made in the quarter against seismic and volcanic activity in the Grindavík area. It is important that the Bank has the financial strength to respond to the effect of this natural disaster and that it continues to be able to support its Grindavík customers. We expect profitability to grow again as the year progresses and to hover above the Bank’s target. It is worth noting that the recently raised reserve requirement of the Central Bank of Iceland (CBI) means that Landsbankinn will sit with ISK 35 billion on a non-interest-bearing account with the CBI, a 50% increase from the previous requirement. The cost increase for the Bank comes to ISK 1 billion per year.

The Bank’s results reflect solid and robust operations. We continue to develop exciting and efficient new solutions for customers. Among new solutions in the first quarter is the option to refinance housing mortgages through self-service in Landsbankinn’s app. This has never been possible before in Iceland and the solution is innovative even by international standards. It will certainly simplify life for customers. We introduced our chatbot Ellí in the quarter with immediate success - she currently finalises around half of all customer queries in the web chat on Customers have been very happy with the chatbot service. It has also been gratifying to see that customers regularly use the chat function to leave reviews of the Bank’s service and their interaction with employees. By continuing to develop new solutions, we provide even better service to Landsbankinn’s customers, who are the most satisfied in the banking market.”

Landsbankinn's financial calendar

  • Q2 2024 results 18 July 2024
  • Q3 2024 results 23 October 2024
  • Annual results 2024 30 January 2025 

For further information contact:

Public Relations,

Investor Relations,


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