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Islandsbanki hf. : 2015 Consolidated Annual Financial Statements

Íslandsbanki's 2015 Consolidated Annual Financial Statements


* Profit after tax was ISK 20.6bn in FY15 compared to ISK 22.7bn in FY14. The
difference is mainly due to irregular items and the appreciating Icelandic
* Return on equity was 10.8% in FY15, compared to 12.8% in FY14.
* Underlining profitability rising, earnings from regular operations were ISK
16.2bn in FY15 compared to ISK 14.8bn in FY14.
* Return on equity from regular operations on 14% CET1 was 13.2% in FY15
compared to 12.6% in FY14.
* Net interest income amounted to ISK 28.0bn in FY15 (FY14 ISK 27.1bn). The
net interest margin was 2.9% in FY15 (FY14: 3.1%).
* Net fee and commission income was ISK 13.2bn in FY15 (FY14 11.5bn), a 15%
year on year increase; thereof 6.7% was achieved in the parent company.
* Cost to income ratio was 56.2% in FY15 (FY14: 57.7%). Cost to income-ratio
excludes Bank tax and one-off cost items.
* Loans to customers grew by 5% in the year to 665.7bn. The increase is well
diversified across various lending units.
* Total assets amounted to ISK 1,046bn (Sep15: ISK 1,004bn).
* Deposits from customers increased by 2.1% in the last quarter to ISK 593bn.
* The Bank issued several successful foreign denominated bond transactions
during the period in NOK, SEK, and EUR
* Total capital ratio remains strong at 30.1% (Sep15: 29.2%) and Core Tier 1
ratio was 28.3% (Sep15: 26.9%).
* The Bank's liquidity position is strong and exceeds internal and external
* Leverage ratio was at 18.2% at the end of the period compared to 19.5% in
FY14, indicating a moderate leverage.
* Ratio of loans more than 90 days past due and impaired was 2.2% (Sep15:
2.4% and FY14 3.5%).
* S&P placed the Bank's BBB-/A-3 rating to a positive outlook in January
2016, but earlier in the year the Bank was upgraded to investment grade.
Previously, Fitch had assigned a BBB-/F2 rating in April, but Íslandsbanki
is the only Icelandic bank to have ratings from S&P and Fitch.

Birna Einarsdóttir, Chief Executive Officer at Íslandsbanki:

2015 was a successful year for Íslandsbanki, and the Bank's performance
exceeded expectations. Fee and commission income grew 14.7% year-on-year and
interest income by 3.3%. The Bank's core operations continued to strengthen,
and the profit on regular operations grew 9.1% from the prior year.
Significant changes took place in our customer service and digital channels.
About 50,000 people have downloaded the Íslandsbanki app, and the number of
active users rose 41% from the prior year. The successful launch of our new
payment intermediation app, Kass, has helped us to provide our customers with
even better service. Two of the Bank's branches merged last spring, when the
new Grandi branch was opened. This autumn, three branches will merge to form
a new, state-of-the-art branch in the North Tower of Smáralind shopping

Íslandsbanki recently received top marks in the banking market, scoring very
high on the Icelandic Customer Satisfaction Index. We are exceedingly proud
of the progress we have made and are moving forward with our vision of
providing the best banking services in Iceland.

During the year, Standard&Poor's upgraded the Bank's credit rating to
investment-grade, and at the beginning of 2016 it revised the outlook on the
rating to positive. The Bank received a BBB- rating from Fitch Ratings during
the year, making it the only Icelandic bank with investment-grade ratings
from both agencies.

It was announced in 2015 that Íslandsbanki would be part of Glitnir's
stability contribution to the Icelandic Government. The Bank is well prepared
for the sale process when its new owner decides to begin it.

Investor Presentation in Icelandic at 12.30pm

Later today at 12.30 pm Icelandic time, Birna Einarsdóttir, CEO of
Íslandsbanki, and Jón Guðni Ómarsson, CFO, will present the FY2015 financial
results to market participants, followed by a Q&A session. The meeting is
conducted in Icelandic and held at the Bank's headquarters at Kirkjusandur.

Registration to the investor meeting at Kirkjusandur.

Investor call in English at 2pm

The Bank will also host aninvestor call in Englishto present the results at 2
pm 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 Dial-in details and
presentation will be sent out two hours prior to the call.

All presentation material will subsequently be available and archived on

For information on Íslandsbanki's financial calendar and silent periods

For further information:

* Investor Relations - Tinna Molphy,, tel +354
440 3187.
* Media Relations - Edda Hermannsdottir,
and tel: +354 440 4005.

ÍSB FY2015 IR Presentation
ÍSB FY2015 Press Release
ÍSB Annual Consolidated Financial Statements 2015


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Islandsbanki hf. via Globenewswire


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