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S&P lowers Landsbankinn’s credit rating to BBB with stable outlook

S&P Global Ratings has today announced a lowering of Landsbankinn’s long-term credit rating. The credit rating is lowered by one notch, to BBB/A-2 with stable outlook.

The downgrade is triggered by S&P’s assessment of industry risk with regard to a reduction in economic activity due to the Covid-19 pandemic. This results in that the anchor, used as a starting point in the credit rating of banks operating in Iceland, is revised down by one notch. The stable outlook of Landsbankinn’s credit rating is based on S&P’s expectation that the Bank will withstand the consequences of the economic recession by maintaining solid capital positions and comfortable funding and liquidity profiles.

In the announcement, S&P acknowledges that Landsbankinn has a higher market share and slightly better efficiency than its domestic peers. It is further noted that the Bank has a relatively advanced digitalized banking platform and is well ahead of many other European banks in its preparation for technological disruption.

Further information about credit rating

News and Notifications - 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.


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News and Notifications - 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.


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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.


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