News

- News and Notifications

Landsbankinn pays ISK 24.8 bn in dividend in 2017

Lilja Björk Einarsdóttir CEO of Landsbankinn
Lilja Björk Einarsdóttir, CEO of Landsbankinn, at the annual general meeting of Landsbankinn 2017.

The Annual General Meeting of Landsbankinn agreed to pay ISK 24.8 bn in dividend in 2017. Dividends will be paid in two instalments, ISK 13 bn in dividend for the operating year 2016 which is equivalent to about 78% of the year's profit and a special dividend to shareholders in the amount of ISK 11.8 bn. As a result, total dividends paid by the Bank in 2013-2017 amount to ISK 107 bn.

The AGM was held in Harpa on 22 March. The agenda for the meeting was regular AGM business.

The AGM approved a motion to pay dividend to shareholders for the accounting year 2016 amounting to ISK 0.55 per share, a total amount of ISK 13 bn, to be paid at the end of March. The AGM also approved a motion to pay a special dividend amounting to ISK 0.50 per share, a total amount of ISK 11.8 bn, to be paid on 20 September 2017. Total dividends paid by Landsbankinn in 2017 will thus amount to ISK 24.8 bn.

A new dividend policy, approved by the Board of Directors earlier in March, was presented to the AGM. The policy assumes that regular dividend payments to shareholders will in general amount to 60-80% of the previous year's profit. As provided for in Landsbankinn's funding strategy, the aim is also to make special dividend payments to optimise the Bank's capital structure. In taking decisions on dividend payments it shall be ensured that the Bank is at all times in compliance with all regulatory requirements and that is maintains its strong financial standing.

The following were elected regular members of the Board of Directors:

  • Berglind Svavarsdóttir
  • Einar Thór Bjarnason
  • Helga Björk Eiríksdóttir
  • Hersir Sigurgeirsson
  • Jón Guðmann Pétursson
  • Magnús Pétursson
  • Sigríður Benediktsdóttir (new Director)

Helga Björk Eiríksdóttir was elected Chairman of the Board of Directors.

The following were elected alternates to the Board of Directors:

  • Ásta Dís Óladóttir (new alternate)
  • Samúel Guðmundsson

The AGM approved an unchanged remuneration policy for Landsbankinn. The AGM approved a motion to pay compensation of ISK 400,000 per month to Directors, ISK 700,000 per month to the Chairman of the Board and ISK 500,000 to the Vice-chairman of the Board. In addition, Directors shall receive ISK 200,000 per month for membership on Board sub-committees and the chairmen of these committees shall receive an additional ISK 25,000 per month. Alternates to the Board shall receive ISK 200,000 for each meeting of the Board or meeting with the Financial Supervisory Authority for eligibility assessment; however, monthly compensation to alternates shall never exceed monthly compensation to Directors. Alternates shall be compensated by ISK 400,000 per annum at a minimum.

The AGM agreed to authorise Landsbankinn hf. to acquire own shares for up to 10% nominal value of share capital in the Bank. The minimum and maximum amounts Landsbankinn is authorised to pay for each share shall be the book value of individual shares, i.e. equivalent to the ratio of equity held by the Bank's shareholders and share capital, as disclosed in the most recent annual or interim financial statement published before the purchase of own shares takes place. This authorisation is valid until the AGM of Landsbankinn in 2018. Allocation by Landsbankinn of own shares purchased based on this authorisation is subject to approval of a shareholders' meeting.

Further information about Landsbankinn's AGM

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.


More

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.


More

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.


More