All main documents accompanying the Annual & Sustainability Report, such as the Annual Financial Statements, the Fact Book, the Corporate Governance Statement, the Pillar III Risk Report, the GRI Index and Appendix, can be accessed from here.

The profit of Landsbankinn in 2022 was ISK 17.0 billion after taxes, compared with ISK 28.9 billion in 2021. After-tax return on equity for 2022 was 6.3%, compared with 10.8% the previous year.

Highlights of the Annual Financial Statement

Landsbankinn’s funding rests on three main pillars: Deposits from customers, market funding and equity. The Bank’s credit rating by S&P Global Ratings is BBB/A-2 with stable outlook.

Risk is inherent in Landsbankinn’s entire activity and robust, sound risk management is key to its operation. Risk management involves identification, assessment, disclosure and control of all risks.

Documents accompanying the Annual & Sustainability Report

Risk is inherent in Landsbankinn’s entire activity and robust, sound risk management is key to its operation. Risk management involves identification, assessment, disclosure and control of all risks. 

Financials

Annual & Sustainability Report

Sustainability accounts

Governance and organisation

Strategy

Climate issues

Governance

Corporate banking

Satisfied customers

Asset Management & Capital Markets

Smarter banking service

From the Chief Executive Officer

Key sustainability initiatives

Sustainability

Personal banking

From the Chairman of the Board

Funding

Risk management

Partnership and learning

Documents accompanying the Annual Report

Human resources and equality

Main news from 2022

Legal notice

Landsbankinn’s performance in 2022 was good and the Bank achieved most of its targets. A clear strategy and focused work has led to a great influx in both retail and corporate customers, and the Bank’s market share in the retail marked has never measured higher. Topping the Icelandic Performance Satisfaction Index for the fourth year in a row among banking customers was a great recognition.

The Bank’s core operation was successful in 2022. The scope of financial service to corporates, individuals and professional investors increased and revenue grew. Demanding conditions on equity markets affected the Bank’s performance in 2022 and its profitability was beneath target. 

Landsbankinn’s strategy is entitled “Landsbankinn, an ever-smarter bank”. The title is intended to reflect the Bank’s vision of continuous development and emphasis on personal banking service in a constantly changing world. Implementation of the strategy began in 2021. The strategy was revised towards the end of 2022 as we had achieved several goals ahead of schedule.

Good governance forms the foundation for solid relations between shareholders, the Board of Directors, executives, employees, customers and other stakeholders and encourages objectivity, integrity, transparency and responsibility in the management of the Bank. We comply with recognised guidelines on corporate governance and publish an annual governance statement with the Annual & Sustainability Report.

Here are the main news items published about Landsbankinn's operations in 2022.

We want our customers to be able to tend to all their banking business anywhere and anytime. In 2022, we continued to introduce new features in the app and online banking, made Aukakrónur available on phones and launched the instantly popular Save in App. We also continued to strengthen our core systems, as progress and development must be built on solid technological foundations. 

We offer smart and flexible service that simplifies life and are there for customers when it matters.

We supported growth and development of industry by financing interesting projects and supporting the development and operation of corporates in 2022. The Bank’s loan portfolio grew considerably and several new companies joined our customer group. 

Asset Management & Capital Markets continued to attract new customers and the securities transaction solution in the app was well received, as were other new solutions introduced by the Bank along with new FX trading opportunities. Despite difficult conditions on markets, we achieved acceptable returns on fund investments.

In 2022, we hosted Landsbankinn’s first Sustainability Forum, measured GHG emissions from our credit portfolio for the second time and committed to setting science-based climate targets. Six interesting initiatives were awarded grants from Landsbankinn’s Sustainability Fund upon initial allocation and we maintained our excellent ESG risk rating from Sustainalytics. 

We put a great deal of effort into knowing the environmental impact of our operation. Our work on analysing our carbon footprint and impact on society is an on-going venture.

We comply with the GRI Standards option and the Annual & Sustainability Report also functions as a Communication of Progress report to the UN Global Compact. Landsbankinn will continue to support the Global Compact and adhere to its guidelines.

Landsbankinn employs a diverse team of individuals with a varied skill set, experience and backgrounds. Our team’s knowledge and experience supports the Bank’s operation and investment in continuing education, job development and the hire of new personnel ensures continuous development. 

We participate in various projects that encourage development and progress in society. We provide financial support for various projects through grants from our Community Fund and award scholarships. We publish an extensive selection of content on the economy and raise awareness about financial matters.

The Annual & Sustainability Report of Landsbankinn provides an insight into the Bank’s services to individuals and companies, new digital service solutions and sustainability as well as human resources and equality.  

This online Annual & Sustainability Report is published subject to reservations regarding possible errors. Should typographical errors, discrepancies or other obvious inconsistencies be discovered, Landsbankinn reserves the right to correct these and to update the online Annual & Sustainability Report accordingly in each instance.

Landsbankinn hf.
Austurstraeti 11, 155 Reykjavik
Reg. No. 471008-0280
Swift/BIC: NBIIISRE
Tel: +354 410 4000
landsbankinn@landsbankinn.is

Landsbankinn Annual & Sustainability Report 2022

Financials

Profit (ISKbn)

Return on equity

Total capital ratio

Funding

Risk management

Documents accompanying the Annual & Sustainability Report