Euromoney has chosen Íslandsbanki as the best bank in Iceland. The magazine's main reasoning is the bank's strong financial improvement during the 12 months under review.
The magazine states that the award goes deservedly to Íslandsbanki for its performance. Revenue has increased by 13% to ISK 51.1 billion ($385 million) and a 27% increase in pre-tax profits is excellent compared to other banks in Iceland. The average return on equity rose by 6.6 percentage points to 14.9%, the largest increase in the Icelandic banking market, while the bank's cost ratio fell by 6.2 points.
Euromoney also considered the bank's successful listing in the spring of 2021, when the number of Islandsbanki's shareholders rose to around 24,000. Furthermore, digital development has played a vital role in the bank's success, and the bank has replaced all of its core systems.
Today, digital sales are 75%, but the aim is for that proportion to be 90%.