Customers responded positively to campaigns aimed at increasing savings in investment funds and pension savings throughout the year. A strong emphasis was placed on building and strengthening relationships with customers by providing both reliable and timely information, as well as educational content, particularly for the younger generation. 

In 2024, we continued to introduce new features in Landsbankinn’s app, making the Bank’s services even more user-friendly and accessible. The Bank’s new chatbot was well received, we further strengthened our defences against cybercrime and the Bank’s technological infrastructure was enhanced, improving efficiency and flexibility in operations. 

Alongside the continuous development of online banking and Landsbankinn’s app, businesses increasingly took our self-service solutions into use. During the year, the Bank’s corporate lending grew by 13.4%, Corporate Finance had a full order book and an increasing number of businesses chose Landsbankinn’s merchant acquiring service. 

Icelandic households and businesses depend heavily on economic stability and it is equally important to maintain strong conditions for value creation domestically to promote prosperity. 

Landsbankinn’s operation was successful in 2024 and the Bank achieved all key objectives spanning customer service, financial performance and operations.  

Landsbankinn’s funding rests on three main pillars: Deposits from customers, market funding and equity. The Bank’s credit rating by S&P Global Ratings is BBB+/A-2 with positive outlook. 

The profit of Landsbankinn in 2024 was ISK 37.5 billion after taxes, compared with ISK 33.2 billion in 2023. After-tax return on equity for 2024 was 12.1%, compared with 11.6% the previous year.

Highlights of the Annual Financial Statement

The Annual & Sustainability Report of Landsbankinn provides an insight into the Bank’s services to individuals and companies, new digital service solutions and sustainability as well as human resources and equality.

Landsbankann's acquiring service has become a strong market contender with robust technological solutions and first-rate service.

The chatbot Ellí handles 60% of queries in the web chat and 88% of customers who leave feedback give Ellí the thumbs up.

We continued to add features to Landsbankinn's app, aiming to make the Bank's service ever more user friendly. Use of the app is growing and user satisfaction is high.

Landsbankinn’s operation was successful in 2024 and the Bank achieved all key objectives spanning customer service, financial performance and operations. We remain committed to providing first-rate service through our app and digital solutions, as well as through our branches across Iceland. 

The profit of Landsbankinn in 2024 was ISK 37.5 billion after taxes, compared with ISK 33.2 billion in 2023. After-tax return on equity for 2024 was 12.1%, compared with 11.6% the previous year. 

At the core of Landsbankinn’s strategy, Landsbankinn, an ever-smarter bank, is the objective to simplify life for customers by offering more accessible, secure yet personal banking services.

In 2024, we continued to introduce new features in Landsbankinn’s app, making the Bank’s services even more user-friendly and accessible.

We are leading in sustainability, an ambitious participant in public debate on economic affairs and an active publisher on varied informative topics. 

We put customer satisfaction first and aim to simplify life with accessible, secure and personal banking service. We introduced several new digital solutions, continued to improve Landsbankinn’s app and maintained our high standard of service for customers around the country. 

At the core of Landsbankinn’s strategy, Landsbankinn, an ever-smarter bank, is the objective to simplify life for customers by offering more accessible, secure yet personal banking services. The strategy also describes our dynamic ability to develop and evolve.  

We are leading in sustainability, an ambitious participant in public debate on economic affairs and an active publisher on varied informative topics. Our goal is to have a positive impact on Icelandic society and be a desirable workplace.  

Annual & Sustainability Report 2024

From the Chairman of the Board

Personal banking

Sustainability accounts 

Governance and organisation

Risk management

Community support 

Asset Management & Capital Markets

Financials

Human resources 

Funding

Climate issues

Key sustainability initiatives

Satisfied customers

Main news 2024

Corporate banking

Continuous development

Sustainability and society

From the Chief Executive Officer

Governance

Strategy

Documents accompanying the Annual Report

Legal notice

Good governance forms the foundation for solid relations between shareholders, the Board of Directors, executives, employees, customers and other stakeholders and encourages objectivity, integrity, transparency and responsibility in the management of the Bank. 

Here are the main news items published about Landsbankinn's operations in 2024.

In 2024, we hosted Landsbankinn’s Sustainability Forum for the third time, assessed greenhouse gas emissions from our credit portfolio for the fourth time and adopted science-based emission targets which were verified in February 2024. Five interesting projects received grants from Landsbankinn’s Sustainability Fund in the third round of allocations and we maintain a leading ESG risk rating in Sustainalytics’ assessment of risk from environmental, social and governance factors. 

We put a great deal of effort into knowing the environmental impact of our operation. We continue to analyse our carbon footprint and our impact on society.

Landsbankinn’s sustainability accounting for the year 2024 provides information about sustainability at the Bank. The accounts were for the first time prepared having regard for the Corporate Sustainability Reporting Directive (CSRD) and the guidelines of the European Sustainability Reporting Standards (ESRS).

Human resources are an integral part of all Landsbankinn’s undertakings and successes. The ambition and drive of the Bank’s employees form the foundation of the success-oriented corporate culture that characterises the Bank.  

We participate in various projects that encourage development and progress in society. The Bank’s policy is to have a positive impact on society and we look to supporting both sports, culture and the arts, in addition to sustainability initiative, charities and education. We publish an extensive selection of content on the economy with the aim of stimulating discussion and contributing to public knowledge.  

Risk is inherent in Landsbankinn’s entire activity and robust, sound risk management is key to the Bank’s operation. The core function of Risk Management is risk management and monitoring, analysis and reliable disclosure. Its operation is based on the development and implementation of risk models and data processing, along with risk monitoring.  

All main documents accompanying the Annual & Sustainability Report, such as the Annual Financial Statements, the Fact Book, the Corporate Governance Statement, the Pillar III Risk Report, the GRI Index and Appendix, can be accessed from here.

This online Annual & Sustainability Report is published subject to reservations regarding possible errors. Should typographical errors, discrepancies or other obvious inconsistencies be discovered, Landsbankinn reserves the right to correct these and to update the online Annual & Sustainability Report accordingly in each instance.

Landsbankinn hf.
Reykjastræti 6, 101 Reykjavik
Reg. No. 471008-0280
Swift/BIC: NBIIISRE
Tel: +354 410 4000
landsbankinn@landsbankinn.is

Landsbankinn Annual & Sustainability Report 2024

Annual & Sustainability Report 2024

Customers with Smart Savings

Deposits

Aukakrónur collected

Lending to corporates

Assets under management

Users of Landsbankinn's app

757 new merchant acquiring customers

of pension agreements in the app

Ellí answers

Ever-better app

apartments financed by us

of foreign funding is green

Profit (ISKbn)

Return on equity

Capital ratio