May 02, 2024 (MarketLine via COMTEX) --
Landsbankinn has Reported Financial Results for the First Three Months of 2024.
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.
http://www.datamonitor.com
Republication or redistribution, including by framing or similar means,
is expressly prohibited without prior written consent. Datamonitor shall
not be liable for errors or delays in the content, or for any actions
taken in reliance thereon
COMTEX_451961379/2227/2024-05-06T09:50:25
Copyright (C) 2024 Datamonitor. All rights reserved
