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ISB AR2013.Pdf ÍSLANDSBANKI | ANNUAL REPORT 2013 An Eventful Year December » Íslandsbanki participates Mandate to oversee the listing of oil in a syndicated loan to First international bond issue in foreign currency retailer N1 on NASDAQ OMX Iceland Norwegian company Havila of SEK 500m since establishment Shipping » Highest turnover in equities and fixed VÍB signs a distribution agreement with BlackRock, income on NASDAQ OMX Iceland the world‘s largest asset manager November New online chat with a customer service representative launched October » Íslandsbanki publishes its » New law on consumer lending took effect which forecast for the Icelandic economy stipulates increased disclosure of information Corporate Finance completes public bond offer of the real estate company Eik, the A new Íslandsbanki largest private sector bond American Express® Card issue in Iceland since 2008 launched in Iceland » Mandate to oversee the September listing of insurer Sjóvá VÍB and IS Funds establish » Íslandsbanki's annual Finance Forum Akur, a new private equity attracts around 200 guests » Three branches merged in a new location at fund with investment Höfdabakki, Íslandsbanki capacity of now operates the most ISK 7.3bn efficient branch network » Icelandic Seafood Market Report August Reykjavík Marathon, sponsored by Íslandsbanki, attracts record numbers. Over 14,000 participants, July raising ISK 72.5m for 157 charities Awarded ‘Best Investment Awarded Manager in Iceland' by ‘Best bank in Iceland‘ World Finance magazine by Euromoney June Íslandsbanki signs a USD 250m Global Medium Term Note (GMTN) programme, which enables the Bank to issue bonds in a broad May range of currencies at fixed or floating interest rates Íslandsbanki defines a new strategy for overseas business and focuses on the North Atlantic region » Íslandsbanki issues its Risk Report April for the third time North Atlantic Seafood Market Report March » New additions to the Bank's app enabling small » An opinion on Ministry of industries and innovation's transfers with only three simple clicks February bill on the fisheries management system A new pension Íslandsbanki issued short-term commercial Approximately 20,000 of savings products paper, the first such issue by an Íslandsbanki's customers received launched, Future Icelandic bank since 2008 refund of 30% of the interest Wealth VÍB payments made on mortgages and general debt over the course of 2012 » Icelandic Municipalities Report » Mandate to oversee the January bond issue of Gardabær Major upgrade of the municipality New additions to the mobile app launched with corporate online bank 2013 great success ÍSLANDSBANKI | ANNUAL REPORT 2013 Company 1 To our Stakeholders Íslandsbanki's financial ratios remain strong. Profitability is sound, with return on equity measuring 14.7% for the year. Credit growth has been accelerating over the past five years, but even though the Bank loaned approximately ISK 100bn in 2013, repayments were substantial. Diversification of funding sources was an important theme in 2013. Already the market leader in covered bond issuance, Íslandsbanki entered the international capital markets with an SEK bond issue and issued unsecured commercial paper in the domestic market. Fridrik Sophusson, Birna Einarsdóttir, Chairman of the Board Chief Executive Officer 2 Economic Review 4 The Bank 4.1 Strategy 4.2 Human Resources 4.3 Society 3.1 Retail Banking 3 Divisional Review 3.2 Corporate Banking 5.1 Board of Directors 3.3 Markets 5 Corporate Governance 5.2 Executive Board 3.4 Wealth Management 3.5 Funding and Liquidity Financials Q1 1 Financial Review Q2 2 Consolidated Financial Statements 2013 . Endorsement and Statement . Statement of Financial Position 2013 by the Board of Directors and . Statement of Changes in Equity the CEO . Statement of Cash Flows Q4 . Independent Auditor's Report . Income Statement . Notes to the Financial Statements Q3 . Statement of Comprehensive Income . Appendix unaudited Risk Report 1 Introduction 3 Capital Management 5 Market Risk 7 Operational Risk 2 Risk Management 4 Credit Risk 6 Liquidity Risk 8 Remuneration ÍSLANDSBANKI | ANNUAL REPORT 2013 This is Íslandsbanki The 2013 results clearly demonstrate the quality of our people, our vision to be #1 for service, and good momentum in our business. As a dedicated team of 1,000 employees, we offer universal banking services to individuals, corporates and institutional investors. With a 25-50% market share across all business areas, we are a leader in financial services in Iceland. Profit after tax Return on equity Equity 23.1bn 14.7% 157% Of the Bank's net profit, ISK Lower ROE is primarily The Bank's equity was 12.2bn is profit from regular driven by higher equity, ISK 167.3bn and has more operations. which rose 14.4% over the than doubled since year. establishment in 2008. App Online banking Branches 500% 92% 19 Íslandsbanki was the first There are over 99,000 active Having merged 3 branches in bank in Iceland to introduce users in Íslandsbanki's online 2013, we continue to operate an app for personal banking bank, or 92% of our customer the most efficient branch and has seen significant base, and visits to our website network in Iceland. Of our 19 growth in mobile banking are up 15% over the year. branches, 10 are in greater users since its launch in 2011. Reykjavík and 9 outside the capital area. New lending Taxes and levies Recognition 100bn 12.4bn #1 There has been steady Taxation and other levies This year, Íslandsbanki was demand for new lending since have been on the rise in the named the best bank in 2008. Of the total of ISK past years. This year saw Iceland by Euromoney, best 100bn in new loans extended the most significant increase investment manager by World in 2013, ISK 60bn were in (34% over the year), driven Finance magazine, and ranked Retail Banking and 40bn in primarily by a rise in the as “number one bank” in the Corporate Banking. temporary Bank tax. Icelandic Satisfaction Index. ÍSLANDSBANKI | ANNUAL REPORT 2013 2013 Highlights 2013 2012 2011 2010 2009 PROFITABILITY ROE (after tax), % 14.7% 17.2% 1.5% 28.5% 30.4% ROE from regular operations (after tax), % 7.8% 12.2% 12.1% 17.7% 29.9% Net interest margin (of total assets), % 3.4% 4.1% 4.5% 5.0% 4.6% Cost to income ratio, % 58.5% 53.8% 50.0% 44.4% 36.0% Profit after tax, ISKbn 23.1 23.4 1.9 29.4 24.0 Earnings from regular operations, ISKbn 12.2 16.6 15.2 18.3 23.6 CAPITAL Total equity, ISKbn 167.3 147.7 123.7 121.5 92.1 Tier 1 capital ratio, % 25.1% 22.0% 19.1% 22.6% 15.6% Total capital ratio, % 28.4% 25.5% 22.6% 26.6% 19.8% BALANCE Total assets, ISKbn 866.0 823.4 795.9 683.2 717.3 SHEET Risk weighted assets ISKbn 659.8 664.7 629.4 534.4 589.8 Total loans, ISKbn 598.8 611.9 608.0 546.0 577.0 Total deposits, ISKbn 519.0 509.4 525.8 423.4 478.8 Total deposit / loan ratio, % 86.7% 83.3% 86.5% 77.5% 83.0% INCOME STATEMENT ISKm 2013 2012 2011 2010 2009 Net interest income 28,430 32,940 31,225 34,874 31,984 Net fee and commission income 10,433 9,459 5,966 7,380 7,061 Net financial income 4,612 1,517 2,649 (910) 286 Net foreign exchange (loss) gain (2,423) 2,737 937 (963) 2,621 Other net operating income 1,545 996 933 1,186 2,760 Total operating income 42,597 47,649 41,710 41,567 44,712 Salaries and related expenses (13,361) (13,080) (10,531) (9,207) (8,036) Other operating expenses (12,190) (11,509) (9,339) (8,659) (7,404) Administrative expenses (25,551) (24,589) (19,870) (17,866) (15,440) Impairment of goodwill 0 (425) (17,873) 0 0 Contribution to the Depositors' and Investors' Guarantee Fund (1,016) (1,055) (965) (607) (673) Bank tax (2,321) (858) (682) (221) 0 Total operating expenses (28,888) (26,927) (39,390) (18,694) (16,113) Profit before impairment charges & net valuation changes 13,709 20,722 2,320 22,873 28,599 Loan impairment charges and net valuation changes 16,299 5,710 (1,220) 13,993 324 Profit before tax 30,008 26,432 1,100 36,866 28,923 Income tax (7,866) (6,253) (75) (7,214) (4,678) Profit (loss) from discont. operations, net of income tax 927 3,239 841 (283) (263) Profit after tax 23,069 23,418 1,866 29,369 23,982 Earnings from regular operations 12,169 16,552 15,196 18,267 23,604 ÍSLANDSBANKI | ANNUAL REPORT 2013 ROE (%) Profit after tax (ISKbn) 30.4% 28.5% 29.4 24.0 23.4 23.1 17.2% 14.7% of ISK 17.9bn of ISK 17.9bn Byr goodwill write-off Byr goodwill write-off Byr goodwill write-off 1.5% 1.9 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Net interest margin (%) Total assets (ISKbn) 866.0 5.0% 823.4 4.6% 795.9 4.5% 717.3 4.1% 683.2 3.4% 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Total deposit / loan ratio (%) Cost / income ratio (%) 58.5% 86.5% 86.7% 53.8% 83.0% 83.3% 50.0% 77.5% 44.4% 36.0% 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 ÍSLANDSBANKI | ANNUAL REPORT 2013 Net operating income split (ISKbn) Other NFC NII 47.6 44.7 2013 was a good year for 41.6 41.7 42.6 11% Íslandsbanki.
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