About Landsbankinn

Landsbankinn hf. was established on 7 October 2008, with roots going back to 1886 through its predecessor, Landsbanki Íslands hf. (now LBI hf.). Landsbankinn is Iceland’s largest bank. The Bank provides individuals, corporations and investors with sound, universal financial services based on long-term business partnerships.

Landsbankinn provides traditional lending and deposit services plus market transactions, fund management through subsidiary Landsbréf, corporate finance, private banking and asset management services. Landsbankinn has been headquartered at Austurstræti 11 and surrounding buildings since its establishment. In 2017, the Board of Directors of Landsbankinn decided to construct housing for the Bank's operation at Austurbakki 2, Austurhöfn in Reykjavík. The Bank does not operate outside of Iceland.

At year-end 2019, the National Treasury of Iceland held 98.2% of shares in Landsbankinn. Landsbankinn owns 1.56% of own shares. Other shareholders, current and former employees of Landsbankinn and former guarantee capital owners of the savings banks Sparisjóður Vestmannaeyja and Sparisjóður Norðurlands (other than the state), hold 0.24%.

Gallup surveys show that Landsbankinn held a 37.2% share in the retail market in 2019. Landsbankinn has held the highest share of the retail market six years running. Gallup surveys show that confidence and satisfaction with the Bank’s services has increased in the same period.

Market share - Retail market

The Bank, including subsidiaries, had 943 employees in 893 full-time equivalent positions at the end of 2019, 60% female an 40% male. The gender balance is unchanged between years.

All Landsbankinn employees in banking jobs are members of the Confederation of Icelandic Bank and Finance Employees (SSF) and work in accordance with the collective bargaining agreement of the Confederation of Icelandic Employers (SA) and the Confederation of Icelandic Bank and Finance Employees (SSF).

About Landsbankinn 31.12.2018  31.12.2019 Change  
Retail customers of Landsbankinn 126.746
129.943 2.5%
Corporate customers 13.670
14.584 6.7%
Branches and outlets at year-end 2019 37 37 0%
Full-time equiv. positions at year-end 2019 919
875 -2.8%

Key ratios (ISK bn) 31.12.2017  31.12.2018 31.12.2019 
Net operating income 53,512
After-tax profit
After-tax ROE
Capital adequacy ratio (CAR)
26.7% 24.9% 25.8%
Interest margin on assets and liabilities 2.5%
Cost-income ratio
Total assets
Ratio of customer lending to deposits
Employee gender balance
Number of employees by modality of employment  Permanent employment
Trial employment
Temporary employment
Male 366 3 11 380
Female 525 15 23 563
Total 891 18 34 943

Landsbankinn a model of good governance

The governance structure of Landsbankinn forms the foundation for solid relations between shareholders, the Board of Directors, executives, employees and other stakeholders and encourages objectivity, integrity, transparency and responsibility in the management of the Bank. Landsbankinn adheres to recognised guidelines on corporate governance and regularly reviews the Bank’s compliance with such guidelines.

In April 2019, the Centre of Corporate Governance renewed its recognition of Landsbankinn as a model of corporate governance. The award is organised by the Iceland Chamber of Commerce, Nasdaq OMX Iceland, the Confederation of Icelandic Employers and the CCG at the University of Iceland. The award is based on a review of the Bank’s governance practices, carried out by Deloitte ehf.

Read the Corporate Governance Statement