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.

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.

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Sustainability

Risk management

Sustainability accounts

Key sustainability initiatives

Personal banking

Corporate banking

Human resources and equality

From the Chief Executive Officer

Annual & Sustainability Report

Collaboration, support and instruction

Highlights of the Annual Financial Statement

Satisfied customers

Asset Management & Capital Markets

Documents accompanying the Annual & Sustainability Report

Smarter banking service

Main news from 2021

Funding

Governance and Organisation

Strategy

Governance

Financials

From the Chairman of the Board

Climate issues

The Bank performed well in 2021 and its position is strong. Profitability was 10.8% in 2021, in line with the Bank’s long-term goal of achieving around or over 10% return on equity.

We simplify life for our customers by offering first-rate digital service while emphasising personal communication and professional advice.

Since the beginning of 2021, we have actively worked on the Bank’s strategy titled Landsbankinn, an ever-smarter bank. At the core of our strategy is the ideal of mutual trust and personal approach to banking. 

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 2021.

We are enthusiastic about simplifying life for our customers. In 2021, we introduced various new solutions to allow customers to finalise transactions easily and quickly in the app and online banking. 

Our goal is to simplify life for our customers and utilise technology to offer more flexible and accessible service. At the same time, we leverage our team’s expertise and the Bank’s data to offer exceptional service as well as personal and professional advice.

We are seeing a turn for the better, though not full recovery, in the operation of many companies who were negatively affected by the pandemic. An ever-growing part of our services are accessible via the app, online banking or other self-service solutions and our customers are clear that they want this trend to continue.

Transactions in equities and funds multiplied between years, and asset management, Landsbréf’s funds and securities and FX brokerage achieved good results. Customers were very interested in our investment objectives and clearly appreciate how simple it is to trade in equities and funds independently.

We made great strides on our sustainability journey in 2021. We assessed GHG emissions from our credit portfolio, first among the domestic banks, updated our focus on the United Nations’ sustainable development goals (SDGs) and held two green bond issuances. 

We endeavour to know the environmental impact of our activities. Work on analysing our carbon footprint and impact on society is on-going.

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.

Much as in 2020, the Bank’s activities this year were coloured by the various challenges posed by Covid-19. Put simply, the challenge has been to balance health precautions for the Bank’s employees while also continuing operation and maintaining a high service level. 

We participate in various projects that encourage development and progress in the community. Grants from our Community Fund are awarded to diverse projects and, in addition, we support local initiatives independently and through partnership agreements. We publish diverse content on economic topics and are enthusiastic about financial instruction.

Landsbankinn's operating profit after taxes amounted to ISK 28.9 bn in 2021 (2020: ISK 10.5 bn). Return on equity was 10.8% in 2021 (2020: 4.3%).

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 the Bank’s entire operation. Robust and sound risk management is key to the Bank’s operation and involves analysis, assessment and management of all risk factors. 

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 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.  

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

Landsbankinn Annual & Sustainability Report 2021

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