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Annual Report 2004 `Rssk Rsla ˝SB 2004 Ensk.Qxd 8.3.2005 12:54 Page 2 Annual report 2004 `rssk rsla ˝SB 2004 ensk.qxd 8.3.2005 12:54 Page 2 Contents Highlights of the year 2004 . 3 Our Health School . 55 100 years of financial history . 4 Sjóvá . 58 Financial highlights . 6 Risk management and Treasury . 64 Key figures in Euros . 8 Basel II . 64 Chairman’s statement . 10 Credit risk . 65 67 Chief Executive’s review . 12 Financial risk . Financial structure . 68 Shareholder information . 14 Operating risk . 70 Organisation and Managing directors . 17 Performance of Treasury and Risk department . 70 Board of Directors and CEO . 18 International financial reporting standards . 71 Corporate governance . 20 Íslandsbanki’s intellectual capital . 73 Review of group operations . 24 Annual accounts . 79 Performance . 25 Signatures . 80 Balance Sheet . 29 Auditor’s signatures . 81 Corporate social responsibility . 33 Profit and loss account . 82 2004 36 Awards and recognitions in . Balance sheet . 84 37 Commercial banking . Statement and cash flows . 86 Retail banking . 38 Accounting principles and notes . 88 Corporate banking . 40 Sjóvá-Almennar tryggingar hf. annual accounts . 110 42 Asset-based financing – Glitnir . Profit and loss account . 111 44 Asset management . Balance sheet . 112 Capital markets . 47 Consolidated Annual Accounts – Investment banking . 50 Summary in Euros . 114 Highlights of the year 2004* Earnings after taxes were ISK 11.4 bn (EUR 137.0 million) Return on Equity 40% Total Asset increased by 52.1% Total Lending increased by 49.3% The cost/income ratio was 48.6% for banking operations and 33.6% for insurance operations Net interest Income increased by 30.8% Earnings per share was ISK 1.13 The Board of Directors moved to pay shareholders a dividend of ISK 0.35 per share ISB bought KredittBanken in Norway for ISK 3.5 bn (EUR 41.9 million) ISB launched a ISK 33.6 bn (EUR 402.3 million) offer for all the shares in BNbank. The approval of the Norwegian Ministry of Finance is awaited. Lending to non-Icelandic entities grew to 29.6% of total Book Equity stood at ISK 50.3 bn (EUR 602.5 million) at year-end * Currency rates as of 31 December 2004 3 100 years of financial history 2004 marked the 100th anniversary of the foundation of the old Íslandsbanki. In the course of the year, Íslandsbanki celebrated 100 years of its financial history with the historian Eggert Þór Bernharðs- son as master of ceremonies. The celebration programme was in several parts. The Bank’s 2004 calendar was dedicated to its history and historical illustrations were included in the Annual Report for 2003. On 7 June, the inaugural day of the original bank, an extensive historical exhibition was opened in all the branches of the Bank accompanied by the issue of a commemorative magazine. Around mid-November, the documentary film Íslands bankar (Iceland’s Banks) was premiered and on 1 December, the celebration day of Ice- landic sovereignty, a new book, Rætur Íslandsbanka (Roots of Íslands- banki) was published. Finally, at the turn of the year, an introductory booklet was issued, dedicated to the history of the Bank. Prime Minister Davíð Oddsson formally opened Íslandsbanki’s historical exhibition on 7 June. Bjarni Ármannsson, CEO, and Eggert Þór Bernharðsson, Visitors in the Central Reykjavík branch enjoyed refreshments on historian. the opening of the historical exhibition. On the opening day of the Bank’s historical exhibition, actors Bankers look to the past. Höskuldur Ólafsson, former director toured the Reykjavík branches and entertained customers and of the Commercial Bank of Iceland, Einar Sveinsson, Chairman visitors with readings and musical performances. of the Board and Helgi Magnússon, Member of the Board. 4 100 years of financial history A sixties office was set up in the hall of Íslandsbanki’s headquarters (left). The Smáralind shopping mall featured office furniture installed in the Fisheries Bank of Iceland in Siglufjörður shortly after World War II. Bjarni Ármannsson is shown trying out the chair. Elín Sighvatsdóttir presented Foreign Minister Halldór Ásgrímsson with The Kópavogur School Orchestra performed at the the first copy of the book Rætur Íslandsbanka, published on 1 December. opening of the historical exhibition in Smáralind. The documentary film Iceland’s Banks was premiered Páll Sigþór Pálsson, actor, delivers a few passages of light “banking n Háskólabíó on 19 November. talk” in the National Gallery of Iceland on the 100th Anniversary of Icelandic sovereignty. 5 Financial highlights Amounts in millions of ISK Profit and loss account 2004 2003 2002 2001 Net interest income 14,439 11,039 9,708 10,049 Insurance premiums, net of reinsurance 7,708 1,906 – – Income from shares and other holdings 148 770 196 -204 Fees and commissions 6,359 4,672 4,299 4,481 Commission expenses -1,412 -920 -819 -890 Trading, net 7,726 2,905 65 -706 Sundry operating income 3,492 229 625 191 Other operating income 24,021 9,562 4,366 2,872 Net operating income 38,460 20,601 14,074 12,921 Salaries and related expenses 8,299 5,422 4,302 3,752 Other expenses 5,304 3,651 2,879 2,875 Depreciation 1,209 696 542 474 Other operating expenses 14,812 9,769 7,723 7,101 Appraisal change on investment securities -6,822 -1,540 – – Provision for losses on the loan portfolio -3,137 -2,864 -2,184 -2,113 Profit before taxes 13,689 6,428 4,167 3,707 Taxes -2,244 -593 -760 -567 Profit 11,445 5,835 3,407 3,140 Balance sheet Average total assets 529,096 365,395 323,764 323,287 Total assets 675,333 443,943 312,367 348,211 Equity 50,313 29,423 20,964 20,287 Share capital 11,200 10,080 9,400 9,700 Key ratios Return on equity 1) 40.0% 30.1% 18.2% 24.5% Return on equity before taxes 1) 47.9% 33.1% 22.3% 28.0% CAD ratio 12.4% 11.4% 12.7% 12.2% Tier I 9.4% 8.0% 10.1% 9.0% Solvency ratio 3.9 3.6 Cost/income – banking 48.6% 50.0% 54.8% 55.0% Cost/income – insurance 33.6% 31.9% Provision for losses as % of loans and guarantees 0.7% 0.9% 0.8% 0.8% Loss ratio 88.6% 82.5% Average number of employees 1,126 948 907 940 Employees at year-end 1,141 1,085 870 886 Percentages of average total assets Interest margin 2.7% 3.0% 3.0% 3.1% Other income 4.5% 2.6% 1.3% 0.9% Expenses 2.8% 2.7% 2.4% 2.2% Provision for losses on the loan portfolio 0.6% 0.8% 0.7% 0.7% Profit 2.2% 1.6% 1.1% 1.0% 1) Return on shareholder’s equity adjusted for dividend and share buy-back 6 Financial highlights Profit Return on equity ISK m 50% 47.9 13,689 45% 14,000 40% 12,000 11,445 40.0 35% 10,00 30% 33.1 30.1 8,000 25% 28.0 6,428 24.5 6,000 5,835 20% 22.3 4,167 15% 18.2 3,707 4,000 3,140 3,407 10% 2,000 5% 0 0% 2001 2002 2003 2004 2001 2002 2003 2004 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 4.5% 675,333 600,000 4.0% 3.5% 500,000 443,943 3.0% 400,000 348,211 2.5% 312,367 300,000 2.0% 1.5% 200,000 1.0% 100,000 0.5% 50,313 0 20,287 20,964 29,423 0.0% 2001 2002 2003 2004 2001 2002 2003 2004 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% 12.4% 12% 11.4% 2.6% Other Commercial 3.2% 3.0% 10% Banking 3.4% 23% Capital 40% 8% Markets 1% Treasury & 3% 6% Risk Mngt 10.1% 9.0% 9.4% 15% 4% 8.0% Investment Banking 18% 2% Sjóvá 0% 2001 2002 2003 2004 Tier I Tier II 7 Key figures in Euros Currency rates as of 31 December 2004 Consolidated Profit And Loss Account for the Year 2004 EUR thousands 2004 2003 Financial income 398,671 289,115 Financial expenses ( 225,769) ( 156,927) Net Interest Income 172,902 132,188 Insurance premiums, net of reinsurance 92,300 22,824 Income from shares and other holdings 1,772 9,220 Fees and commissions 76,147 55,945 Commission expenses ( 16,908) ( 11,017) Trading, net 92,516 34,786 Sundry operating income 41,815 2,742 Other Operating Income 287,642 114,500 Net Operating Income 460,544 246,688 Salaries and related expenses 99,377 64,926 Other operating expenses 65,513 43,719 Depreciation 14,477 8,334 Other Operating Expenses 177,367 116,979 Insurance claims, net of reinsurance ( 81,691) ( 18,441) Provision for losses on the loan portfolio ( 37,564) ( 34,295) Pre-tax Profits 163,922 76,973 Income tax ( 26,871) ( 7,101) Net Profit for the Year 137,051 69,872 Profit Total assets at year-end EUR m EUR m 164 160 9.000 8,689 140 137 8.000 120 7.000 6.000 5,668 100 77 5.000 4,413 80 70 3,991 4.000 60 50 44 41 3.000 40 38 2.000 20 1.000 602 0 0 243 251 352 2001 2002 2003 2004 2001 2002 2003 2004 Profit before taxes Profit Equity 8 Key figures in Euros Loans and leasing agreements by maturity Net operating income at year-end EUR m EUR m 450 2001 2003 62.5% 2002 2004 400 2.0 350 300 1.5 250 46.5% 200 1.0 150 22.2% 31.0% 37.5% 100 53.5% 69.0% 0.5 50 77.8% 0 20012002 2003 2004 0 On demand Up to Over 3 months Over 1 year and Over 5 years Net interest income Other operating income 3 months and up to 1 year up to 5 years pg 3 months and up to 1 year up to 5 years Performance of business units 2004 Commercial Investment Capital Risk EUR thousands Banking Banking MarketsManagement Sjóvá Other Total Net interest income 120,393 32,140 7,472 6,754 15,974 -9,831 172,902 Other operating income 35,469 4,239 32,906 34,834 159,322 20,872 287,642 Net operating income 155,862 36,379 40,378 41,588 175,296 11,041 460,544 Other operating expenses -91,857 -13,998 -12,789 -3,760 -39,097 -15,866 -177,367 Claims, net of reinsurance 0 0 0 0 -81,691 0 -81,691 Provisions for loan losses -27,482 -5,975 12 0 -2,634 -1,485 -37,564 Profit before taxes 36,523 16,406 27,601 37,828 51,874 -6,310
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