The economic impact of the Covid-19 pandemic has been momentous all around the world. Here in Iceland, the blow has been especially hard since travel restrictions imposed by most countries have had a major negative effect on the travel sector, one of Iceland’s main export industries.

At the start of 2021, we began work based on our new and ambitious strategy headlined Landsbankinn, an ever-smarter bank. Landsbankinn, an ever-smarter bank, is undergoing continuous development and utilising digital technology to provide financial services with a personal touch. 

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. 

At the core of Landsbankinn’s strategy is the ideal of mutual trust and a personal approach to banking. The Bank complies with recognised guidelines on corporate governance and its organisation aims to ensure sound and effective operation while creating opportunities for successful collaboration between departments and groups.

In 2020, we set ourselves a new strategy under the heading Landsbankinn, an ever-smarter bank. Our environment is undergoing extensive changes and the aim of the new strategy is to ensure that the Bank continues to develop, to offer customers the best service available.

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 have long emphasised sustainability, social responsibility and responsible investment, and will continue resolutely on that path. The Bank has amassed a great deal of expert knowledge in the field of sustainability and action companies can take to further the cause. Opportunities abound for the Bank.“

"Landsbankinn, an ever-smarter bank, is built on solid foundations. The Bank’s technological infrastructure is sound, its team of employees dynamic and its strategy is a clear guide to customer service that ensures mutual interests and long-term results.“

Here you can find the main news on Landsbankinn's operations in 2020

In 2020, we set ourselves a new strategy under the heading Landsbankinn, an ever-smarter bank. Our environment is undergoing extensive changes and the aim of the new strategy is to ensure that the Bank continues to develop, to offer customers the best service available. 

Governance and organisation

Sustainability

Corporate banking

Human Resources and Equality

Governance

Sustainability strategy

From the Chief Executive Officer

Personal banking

Satisfied customers

Legal notice

Strategy

Smarter banking service

Asset Management & Capital Markets

Financials

Highlights of the Annual Financial Statement

Carbon footprint

From the Chairman of the Board

Frontpage 

Funding

Risk management

Documents accompanying the Annual Report

Main news from 2020

Publication

Partnership and support

We aim to simplify life for our customers, taking the initiative to offer the services best suited to each and every one. We do this both by developing simple and accessible solutions that customers can access at any time and by utilising data to provide customers with personal and professional advice.

We are unique in that while our customers enjoy access to first-rate digital solutions that enable them to tend to almost all banking business, we also offer quality personal advice and services to customers around Iceland. 

When the business activities, plans and goals of thousands of customers were upset in the beginning of 2020, we needed to act quickly to adapt our operation and service to changed circumstances. 

Landsbankinn and Landsbréf, the Bank’s subsidiary, offer universal services in capital market transactions, corporate finance, asset management and brokerage services, both here in Iceland and abroad. Our aim is to provide first-rate and reliable service, guided by the tenets of responsible investment. 

We wish to contribute to sustainability and be a dynamic force in Icelandic society. In 2020, we enthusiastically continued our sustainability journey. We were pleased to receive excellent results in ESG risk ratings in 2020, reviewing our work on environmental, social and governance matters. 

We want to know and understand the environmental impact of our operation and have taken up much more detailed calculations of our carbon footprint. 

Job satisfaction measured high in 2020, despite the many challenges posed by Covid-19 and the fact that the majority of employees suddenly had to work from home. 

We participate in various projects that encourage development and progress in the community. We support several diverse projects with grants from the Community Fund, through direct support from branches to local ventures and mutually beneficial partnership arrangements.

We publish a great deal of varied content on economic and financial matters in the broadest sense. Publication is part of the Bank's sustainability efforts and our aim to be a dynamic presence in society.  

Landsbankinn's operating profit after taxes amounted to ISK 10.5 bn in 2020 as compared with ISK 18.2 bn in 2019. After-tax ROE was 4.3% in 2020, compared to 7.5% in 2019.

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

Effective and clear risk management was put to the test at the Bank under altered operating conditions in 2020. Clear decision-making processes and authority were decisive, contributing to long-term profitability based on solid foundations.

All main documents accompanying the Annual and ESG 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.

This online Annual and 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 and 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

Governance and organisation

Mutual trust

Landsbankinn, an ever-smarter bank

Management and governance