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Standard&Poor's Upgrades Landsbankinn's Credit Rating to BBB/A-2 with a Positive Outlook

The international rating agency Standard & Poor's (S&P) has upgraded Landsbankinn's long- and short-term credit ratings from BBB-/A-3 to BBB/A-2 with a positive outlook.

In a news announcement by S&P Global Ratings published 25 October 2016, the agency stated that Landsbankinn's rating had been upgraded in part due material improvement in the bank's capital position, as well as the more favourable circumstances in the Icelandic economy. S&P anticipated decreasing risks related to domestic credit as Icelandic households deleverage, resulting in debt levels in line line with those of other wealthy European economies over the next two years. Capital account liberalisation is progressing satisfactorily, leading to further improvement in the country's economic resilience and in the operating environment for Icelandic banks. S&P points out that Icelandic banks now have better access to foreign credit markets and material improvements have been made in financial market regulation and supervision. Proactive measures have been taken to avoid a repeat of the excessive growth of the 2000s and to manage how cross-border capital flows affect the domestic economy.

Landsbankinn's CEO Steinþór Pálsson: “The rating upgrade from Standard & Poor's is gratifying, as it confirms the positive developments in Iceland, Landsbankinn's own strong position and the results the bank's clear strategy has delivered. In recent quarters we have clearly felt the growing confidence in the bank both domestically and abroad. This was clearly manifest in the high demand among foreign investors for the bank's EUR 500 million bond, issued for a longer maturity and on better terms than had previously been offered to Icelandic banks. The rating upgrade from BBB- to BBB with a positive outlook will place the bank in a still better position to provide exemplary banking services to its ever-growing number of customers.”

S&P reports and announcements are accessible on the Landsbankinn website

Forsíða - 30 July 2020 04:05 PM

Financial results of Landsbankinn in H1 of 2020

Landsbankinn's after-tax performance was negative by ISK 3.3 billion during the first half of 2020, compared with a profit of ISK 11.1 billion during the same period in 2019. Loan impairment amounted to ISK 13.4 billion during the period, equal to about 1.1% of the bank‘s loan portfolio, compared with an impairment of ISK 2.4 billion in the same period last year.


Forsíða - 24 July 2020 01:50 PM

Landsbankinn is the best bank in Iceland in the assessment of Euromoney

The international business and finance magazine Euromoney has chosen Landsbankinn as the best bank in Iceland, and this is the second year in a row that the bank receives this recognition.


News and Notifications - 07 May 2020 04:55 PM

Financial results of Landsbankinn for the first three months of 2020

In the first three months of 2020, Landsbankinn's after-tax results were negative by ISK 3.6 billion, compared with an ISK 6.8 billion profit for the same period in 2019. Loan impairment amounted to ISK 5.2 billion in the period, compared with impairment of ISK 1 billion in the same period last year.