Annual Report 2017

Friðrik Sophusson, Chairman of the Board

Chairman’s statement

Equal rights are important to Íslandsbanki, as they are to Icelandic society as a whole. Employee diversity is an absolute prerequisite for strong business operations, and it is beyond doubt that gender equality benefits everyone


Birna Einarsdóttir, Chief Executive Officer

Chief Executive’s review

2017 was a transformative year for us at Íslandsbanki. We introduced a new organisational structure, completed the move to our new headquarters, and revamped the Bank’s core systems. We look forward to rolling out a number of innovative services in 2018, which will be beneficial for our customers and help us maintain our position as a leading service provider.


Year 2017

Declaration on responsible tourism signed
Íslandsbanki receives international information security certification
Fitch ratings upgrades Íslandsbanki to BBB/F3
Thousands of Icelanders participate in Íslandsbanki's Champions Month
10 ideas selected for Startup Tourism
Kass voted best Icelandic app at IceWeb conference
Íslandsbanki leaves former HQ at Kirkjusandur
Íslandsbanki publishes Tourism Industry Report
My Challenge advertising campaign receives ÁRA award at ÍMARK Day
Íslandsbanki advises Vodafone on aquisition of 365
Íslandsbanki donates numismatic collection to Central Bank and National Museum
Íslandsbanki and the City of Reykjavík sign agreement on residential construction at Kirkjusandur
New, renovated Laugardalur branch opened
Thirteen students receive scholarships from Íslandsbanki
Íslandsbanki changes organisational structure
Íslandsbanki publishes report on local government sector
Íslandsbanki Reykjavík Marathon held; recordbreaking ISK 118m pledged to charitable causes
One of the largest private equity deals in the Icelandic unlisted market in 2017, handled by Íslandsbanki.
Íslandsbanki Research presents macroeconomic forecast at annual Finance Forum
Íslandsbanki completes move to new headquarters in Norðurturn
Largest commercial bond issue in Iceland in 2017 handled by Íslandsbanki
S&P upgrades Íslandsbanki to BBB+/A-2
Íslandsbanki publishes housing market report
Íslandsbanki issues SEK 750m Tier 2 subordinated bond
Íslandsbanki publishes Icelandic fishing industry report
Íslandsbanki named Bank of the Year by The Banker
Two Íslandsbanki employees travel to Sierra Leone for relief work with Aurora Charity Fund
Norðurturn voted the most progressive branch in Iceland by Retail Banker
Íslandsbanki conducts tender offer to buy back EUR 150m of its outstanding July 2018 bond
Íslandsbanki leads Icelandic Customer Satisfaction Index for fifth consecutive year in 2017

2017 Highlights

Profit after tax

A net profit of ISK 13.2bn compared to ISK 20.2bn in 2016. The net profit from regular operations amounted to ISK 13.8bn compared with ISK 15.1bn in 2016.

New lending

New lending amounted to ISK 199bn, as opposed to ISK 163bn in the previous year, an increase of 22%.


For five years in a row, Íslandsbanki has been named Iceland’s #1 bank in the Icelandic Customer Satisfaction Index

Net fee & commission income

Net fee and commission income amounted to ISK 13.8bn, which is comparable to the prior year

Loans to customers (sector split 31.12.17)
Credit ratings

Íslandsbanki‘s Annual Report 2017 together with the Consolidated Financial Statements, Pillar 3 Report and Social Responsibility Report (in Icelandic), provide an extensive overview of the Bank‘s operations and business activities over the year. The reports are available in PDF format.

Annual Report Financial Statements Risk Report Social Responsibility Report

In addition, all 2017 investor material, including the press release, fact sheet, fact book and video, is available here.

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