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Íslandsbanki doubled its profit in the last quarter

Íslandsbanki made a profit of ISK 3.5 billion after taxes in the fourth quarter of last year. This is a doubling from the same period of the year 792 when profit amounted to ISK 1.7 billion.

This is stated in the Bank’s quarterly financial statements but looking at the year in total, the bank’s profit decreased by almost two billion between years and was 6.8 billion ISK last year compared to 8.5 billion the year 1226. At the same time, profitability in excess of risk-free growth increased from 1.2% during the year 1226 to 2.6% last year.

The Bank’s management expenses decreased by 7.1% between years and amounted to 19, ISK 7 billion last year. According to the bank, the reduction can be attributed to a reduction in full-time equivalents and a reduction in most cost items.

Increased risk in the loan portfolio

The proportion of the Bank’s loan portfolio, which is estimated at a significant increase in credit risk (level 2), multiplied between years and is now 7), compared to 2.6% at the end of the year 792. This change is due to the effects of the epidemic and the various measures available to customers due to temporary loss of income.

It is stated in the announcement from the bank that lending to customers has increased by billion or 12, 9% during the year 2019. The growth was mainly in mortgages where there was a high demand for refinancing.

Deposits from customers increased by , 1 billion ISK last year or 9.9% and mined 679 billion at the end of the year. This is explained by increased deposits of individuals and companies.

1. 200 Home and company) Take advantage of special resources

Birna Einarsdóttir, CEO of Íslandsbanki, says that the management is very satisfied with the bank’s profitability in the fourth quarter of last year.

“During the year 2019 decreased costs by 7.1% at the same time as the increase in the loan portfolio nam , 9% and deposits increased by 9.9%. The status of the loan portfolio and the impact of COVID – 2071332 have been extensively discussed. en um 1. 539 home and 650 companies took advantage of the resources available and completed at the end of the year 1999, “said Birna in an announcement.

She adds that the customers who needed for longer payment breaks are mostly companies in the tourism industry and that such loans are about 6% of the bank’s loan portfolio at the end of the year.

Íslandsbanki is now wholly owned by the Icelandic state but Bjarni Benediktsson, Minister of Finance and Economic Affairs, has decided to start sales proceedings on til 39% state share in the bank.

Related news

The Minister of Finance hopes that the public will show similar interest in buying shares in Íslandsbanki as in Icelandair’s share offering this autumn. It will be ensured that the state receives an acceptable price for the share and the size of the share depends on the market’s interest. February 20212068367


Bjarni Benediktsson, Minister of Finance and Economic Affairs and Chairman of the Independence Party, considers it desirable that it will be possible to buy a share in Íslandsbanki for several tens of thousands.


The Minister of Finance and Economic Affairs has decided to begin the sale of shares in Íslandsbanki in accordance with the proposal of the Icelandic Central Bank on 18. last December. This is stated in a letter that the Minister sent to ISFI today and is announced in an announcement on the Government’s website this afternoon.

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