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Retail Banking Contents Highlights of the year . 3 Financial highlights. 6 Chairman’s statement . 8 Chief Executive’s review . 10 Shareholder information . 12 Review of Group operations . 16 Performance . 17 Balance sheet . 21 Review of business areas: Retail Banking . 28 Corporate Banking . 30 Merchant Banking . 32 Capital Markets . 34 Asset Management . 37 Assed-based Financing . 40 Insurance Division – Sjóvá-Almennar . 42 Awards and Recognition. 45 Risk Management . 48 Credit risk . 48 Financial risk . 50 Treasury & Risk Management . 52 Operating risk . 53 Human resources . 54 Information technology . 56 Corporate social responsibility . 57 Annual accounts . 61 Signatures . 62 Auditors’ report. 63 Profit and loss account . 64 Balance sheet . 66 Statement of cash flows. 68 Accounting principles and notes . 70 Sjóvá-Almennar – Annual accounts . 94 Profit and loss account . 95 Balance sheet . 96 Corporate governance . 98 Highlights of the year 2003 Best performance ever for Íslandsbanki Return on equity 30% Total assets increased by 42% Cost/income ratio 50% for banking activities Earnings per share ISK 0.63 The Board of Directors moves that shareholders be paid a dividend of ISK 0.23 per share ISB acquired Sjóvá-Almennar Insurance, which is now a subsidiary of the Bank New branch opened in Luxembourg and the London office received a branch licence At year-end, some 19% of outstanding loans were to customers outside of Iceland Moody’s raised ISB’s credit rating to A1 3 1905 1935 1961 Fiskveiðasjóður Iðnlánasjóður Verzlunarbanki Íslands Fisheries Investment Fund Industrial Loan Fund Iceland Bank of Commerce The Icelandic Fisheries Investment Fund was During the Depression years 1930-1940, Commerce expanded as the established in 1905 to encourage the the Industrial Loan Fund was set up to 20th century progressed and in development of the fishing industry. It provide support for manufacturing in 1961 Icelandic merchants took provided loans for purchase of fishing Iceland. It provided loans for purchase of the initiative of establishing vessels and gear and supported a variety of machinery and equipment, as well as Verzlunarbanki Íslands, Iceland actions to further progress of the industry. operating loans. Bank of Commerce. 1904 1904 1930 1953 Útvegsbanki Íslands Iðnaðarbanki Íslands Íslandsbanki Fisheries Bank of Iceland Industrial Bank of Iceland The original Íslandsbanki opened The Fisheries Bank of Iceland was The Industrial Bank opened in in 1904, the first year of Icelandic established in April 1930, taking 1953 with the objective of Home Rule, as the first Icelandic over the assets and liabilities of promoting manufacturing and bank in the form of a limited- the original Íslandsbanki, which small-scale industry in Iceland. liability company. The bank laid had recently closed. It was to the foundation for expanding provide special support for fisheries and boosted Icelandic fisheries, manufacturing and industry and enterprise. commerce. The first advertisement by the original Íslandsbanki in 1904: Íslands banki has opened for business. Hours of service are from 10 am to 3 pm and from 6:30 to 7:30 pm weekdays. Appointments may be requested with the Board of Directors during opening hours. Reykjavík, 7 June 1904. The Bank’s Board of Directors A Century of Financial History 1971 1998 Alþýðubanki FBA Union Bank The Icelandic Investment Bank Íslandsbanki Icelandic workers acquired their own bank in FBA, the Icelandic Investment Bank began Íslandsbanki leads the way in financial 1971 with the opening of the Union Bank, where operations in 1998, taking over the activities of the market innovation, most recently with its Icelandic trade unions were majority owners. Fisheries Investment Fund, Industrial Loan Fund acquisition of the insurance company The objectives of the bank included increasing and Industrial Development Fund. The objective Sjóvá-Almennar in order to increase employment security for wage earners and in establishing FBA was to strengthen the financial services offered to customers. promoting industrial development. market and reduce state ownership. 1970 1990 2000 2004 Iðnþróunarsjóður Industrial Development Fund Íslandsbanki Íslandsbanki FBA In 1970, governments in the The creation of the largest In 2000 Íslandsbanki merged with Nordic countries agreed to privately owned bank in Iceland FBA to form the most powerful establish an industrial in 1990 marked a turning point enterprise on the Icelandic development fund for Iceland in financial life. Íslandsbanki financial market and a leading to facilitate the country’s hf. was created through the business actor. adaptation to new market merger of Bank of Commerce, conditions after becoming an Fisheries Bank, Industrial Bank EFTA member. and Union Bank. Íslandsbanki builds on a solid heritage, with roots extending back to 1904, when the original Íslandsbanki opened. Other banks and funds would follow, to serve the needs of households and specific industrial sectors, accelerating industrial development and bringing better living standards. Financial highlights Amounts in millions of ISK Profit and Loss Account 2003 2002 2001 20001) Net operating income 11,039 9,708 10,049 7,344 Other operating income 9,578 4,366 2,872 3,295 Net operating income 20,617 14,074 12,921 10,639 Salaries and related expenses 5,422 4,302 3,752 3,486 Other expenses 3,651 2,879 2,875 2,905 Depreciation 712 542 474 436 Other operating expenses 9,785 7,723 7,101 6,827 Claims, net of reinsurance -1,540 – – – Provision for losses on the loan portfolio -2,864 -2,184 -2,113 -1,227 Appraisal change on investment securities – – – -1,657 Profit before taxes 6,428 4,167 3,707 928 Taxes -593 -760 -567 -266 Profit 5,835 3,407 3,140 662 Balance Sheet Average total assets 365,395 323,764 323,287 267,452 Total assets 443,943 312,367 348,211 296,917 Equity 29,423 20,964 20,287 16,917 Share capital 10,080 9,400 9,700 9,895 Key ratios Return on equity 2) 30.1% 18.2% 24.5% 6.8% Return on equity before taxes 2) 33.1% 22.3% 28.0% 8.3% CAD ratio 11.4% 12.7% 12.2% 9.7% Tier I 8.0% 10.1% 9.0% 7.5% Solvency ratio 3.6 Cost/income – banking 50.0% 54.8% 55.0% 64.2% Cost/income – insurance 31.9% Provision for losses as % of loans and guarantees 0.9% 0.8% 0.8% 0.5% Loss ratio 82.5% Average number of employees 948 907 940 959 Employees at year-end 1,085 870 886 922 Percentages of average total assets Interest margin 3.0% 3.0% 3.1% 2.7% Other income 2.6% 1.3% 0.9% 1.2% Expenses 2.7% 2.4% 2.2% 2.6% Provision for losses on the loan portfolio 0.8% 0.7% 0.7% 0.5% Profit 1.6% 1.1% 1.0% 0.2% 1) The merger between Íslandsbanki and FBA took place in June 2000. 2) Return on shareholders’ equity adjusted for dividend and changes in shares outstanding. 6 Financial highlights Profit Return on equity ISK m 35% 6,428 33.1 6,000 5,835 30% 30.1 28.0 5,000 25% 4,167 24.5 4,000 3,707 20% 22.3 3,407 3,140 18.2 3,000 15% 2,000 10% 928 8.3 1,000 662 5% 6.8 0 0% 2000 2001 2002 2003 2000 2001 2002 2003 Profit before taxes Net profit Return on equity before taxes Return on equity Total assets at year-end Percentages of average total assets ISK m 3.5% 443,943 3.0% 400,000 348,211 2.5% 312,367 296,917 300,000 2.0% 200,000 1.5% 1.0% 100,000 0.5% 0 16,917 20,287 20,964 29,423 0.0% 2000 2001 2002 2003 2000 2001 2002 2003 Equity Interest margin Other income Expenses Provision for losses on the loan portfolio Profit Capital adequacy ratio (CAD) Capital allocation 14% 12.7% 12.2% 12% 11.4% 2.6% Other 3.2% Retail Banking 10% 9.7% 17% 3.4% 24% Treasury & 2.2% 8% Risk Management 5% Insurance 9% 6% Division 7.5% 10.1% 9.0% 7% 29% 4% 8.0% Asset-based Corporate Financing 9% Banking 2% Merchant Banking 0% 2000 2001 2002 2003 Tier I Tier II 7 Chairman’s statement In the course of only a At times like this, the principal threat to industry is that of few years, numerous misguided economic policy. Due to the approaching danger changes to the infra- of overheating in the economy, created by the construction structure of the of power plants and aluminium smelters, there is a need for Icelandic economy have restraint in public spending, both by the national govern- taken place in rapid suc- ment and local authorities. Developments of the scale now cession. The entire busi- getting underway can have a crowding-out effect, and ness environment has deprive the country of part of the advantages that flourish- undergone a major ing domestic companies competing with foreign enterprises overhaul, which has can bring the nation in the coming years. Unfortunately, the unleashed the power of economic trends of the past year reflect a certain skepticism individual innovation towards the economic management, as revealed for and initiative to the instance in the króna exchange rate development. Under benefit of the entire nation. By globalising and de-regulating such circumstances, the performance trends in various sec- society, Iceland has opened up for itself a great number of tors of industry have differed widely. While those companies new opportunities, which it has then taken advantage of for serving the domestic market have grown and expanded, further development and value creation. With open minds companies exporting abroad, or which must compete with and an entrepreneurial spirit, Icelanders have created a place imports, have had to grapple with the high exchange rate, for themselves among the nations of the world with the which has damaged their profitability and competitive highest per capita income.
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