Landsbankinn hf.: Financial results of Landsbankinn in the first half of 2024

Landsbankinn's profit in the first half of 2024 amounted to ISK 16.1 billion, ISK 9.0 billion thereof in the second quarter.Return on equity (ROE) in the period was 10.5%, compared with 10.3% for the same period the previous year.The net interest margin was 2.9% and the net interest margin of domestic households was 2% during the period.Net interest income amounted to ISK 29.1 billion and net fee and commission income was ISK 5.4 billion.Net impairments were negative by ISK 3...

Reykjavik, 18/07/2024 (informazione.it - comunicati stampa - servizi)

“Landsbankinn shows strong results in the first six months of the year, achieving all its financial targets. Profitability is in line with objectives and the cost-income ratio is almost as low as it gets. Interest income is robust and we have achieved good returns on the Bank's liquid assets.

The most notable event of the last quarter is the signing of an agreement providing for the Bank's purchase of TM. This strategic acquisition aims to broaden the service base for customers, diversify income streams and increase the Bank's value for shareholders. The purchase is pending approval by the Financial Supervisory Authority of the Central Bank of Iceland and the Icelandic Competition Authority.

Fee and commission income is slightly down following exceptionally good results in the same period last year, yet on an upward trajectory. Dynamic development and new features in the app, alongside the addition of new corporate customers result in growing revenue, both through merchant acquiring and other services. We are proud of the impressive results achieved in introducing new services in our app. We have also enhanced security by introducing a new emergency closure feature that allows customers to suspend access to both payment cards, the app and online banking with the flick of a switch, and only reversable by contacting the Bank.

We are focused on simplifying life for our customers. Our success is attested to by strong results, efficient operation and good understanding of our complex operating environment, regularly reviewed by regulators. We have added to our income streams and offer very broad banking services that most customers take advantage of daily or multiple times each day. I am happy to see how well the Bank's team responds to different challenges and changes in our operating environment. We all of us keep our focus firmly on the important point, ensuring customer satisfaction with convenient and competent service - this is the point that will ensure future success.”

Landsbankinn´s financial calendar

For further information contact:

Public Relations,  pr@landsbankinn.is

Investor Relations,  ir@landsbankinn.is

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