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Annual Consolidated Statements 2017

Profit after tax was ISK 13.2bn in 2017, compared to ISK 20.2bn in 2016. The profit in 2016 was considerably higher due to one-off income from the sale of subsidiary Borgun’s shares in Visa Europe. Return on equity was 7.5% in 2017, compared to 10.2% in 2016.

Consolidated 2017 Annual Audited Financial Statement

Highlights in 2017 were:

Highlights in 4Q17 were:

Birna Einarsdóttir, Chief Executive Officer

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 continued to prepare the Bank for a changed international regulatory framework, technological challenges, and the prospect of new competitors in the market.

In spite of these major changes, the Bank performed strongly during the year. Our loan portfolio grew by 9.8% with ISK 199bn issued in new loans, and our profit for the year was ISK 13.2bn after tax with returns on regular operations measuring 10.3%, which is in line with set targets.

The Bank´s credit ratings were upgraded, and we took even further steps towards a more economical funding structure, with the first foreign subordinated bond issue by an Icelandic financial institution since 2008.

The Bank retained its position as Iceland’s leader in customer service during the year, leading the Icelandic Customer Satisfaction Index for fifth consecutive year, topping the rankings in most categories of service surveys carried out among individuals and companies, and was selected Bank of the Year in Iceland by The Banker.  
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 in the banking market.

Investor call in English

Today, 14 February, the Bank will host an investor call in English to present the results at 9:30 am, Icelandic time. The call will start with a short macro update on the Icelandic economy, followed by a review of the financial results and Q&A. 

Please register by replying to: Dial-in details and presentation will be sent out prior to the call. 

Financial calendar and silent periods

Information on Íslandsbanki's financial calendar and silent periods can be found here.