Islandsbanki hf : Publication of 2Q2022 results streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
Iceland s national flags flutter over the souvenir shop in Reykjavik, Iceland August 19, 2019.
Icelandic banking has an ominous history. The North Atlantic countryâs three largest lenders, Kaupthing, Landsbanki and Glitnir, more than doubled their assets in 2004, and again in 2005, only to fail simultaneously in 2008. Ãslandsbanki, a state-owned group constructed from the wreckage of Glitnir, is asking for rehabilitation with an initial public offering that values it at $1.2 billion. Itâs reassuringly prudent â and cheap.
Chief Executive Birna Einarsdóttir can take much of the credit for Ãslandsbankiâs restoration under government ownership, having taken charge in October 2008. The lender in which the state is selling a 35% chunk couldnât be more different to Glitnir. Its funding mix looks safer, with largely domestic customer deposits accounting for over half of its liabilities. That ratio was roughly one-quarter for Glitnir in 2007, leaving it v
Mynd: Samsett mynd - RÚV
Landsbankinn profited by 7.6 billion krónur in the first quarter of this year, Arion banki made a profit of around six billion krónur, and Íslandsbanki around 3.6 billion, the banks have announced. The results at Iceland’s big three banks were much stronger now than in the first three months of 2020 when all reported sizeable losses.
Q1 2020 saw Landsbankinn lose 3.6 billion krónur and it credits its strong recovery to the fact that the recession last year was not as severe as feared. Landsbankinn s equity stood at 261.4 billion króur at the end of March and it decided to pay 4.4 billion in dividents to shareholders. The Icelandic State owns 98 percent of Landsbankinn shares.