Net earnings
7.8
ISK billion
Eva Cederbalk
Chairman's address
The year 2018 was an important one in the history of Arion Bank. Ever since it was established, the goal has been to rebuild the Bank after the turmoil of the financial crisis 10 years ago. The aim has been to create a good, profitable and strong bank, which provides quality services to its customers and which plays a leading role in the Icelandic financial system and business sector.
Read Chairman's addressHöskuldur H. Ólafsson
CEO's address
Arion Bank’s financial results for 2018 were below expectations. Nevertheless, we saw positive developments in core operations, such as interest income and income from insurance operations. A downturn in financial income, partly as a consequence of conditions on the bond and equity markets and a volatile airline sector, did have a negative impact on net earnings, which amounted to ISK 7.8 billion and return on equity was 3.7%.
Read CEO's address
Key figures
Operating income
46.2
ISK billion
Equity
201
ISK billion
Total assets
1,164
ISK billion
Return on equity
3.7%
CAD ratio
22.0%
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Sustainability
Arion Bank is a strongly capitalized bank which provides universal banking services to companies and individuals with the aim of creating future value for the benefit of our customers, shareholders, partners and society as a whole.
moreWe are the leading provider
of digital services
85%
increase in credit appraisals,
92% of which digital
51%
of mortgages
via digital process
125%
increase in
digital sales YOY
45%
of credit card
applications now digital
20%
increase in
vehicle loans
20,000
video meetings
with customers
20%
increase in
number of App users
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97%
of contact with customers
through digital channels
43.600
users of the EK app
Main news of the year
12. febrúar 2018
EGM resolution to amend articles of association and a proposal authorising conditional distribution of dividend
At a shareholders‘ meeting of Arion Bank which took place today 12 February 2018, it was resolved to amend the Bank‘s articles of association by inserting a temporary authority for the Bank‘s Board of Directors to repurchase shares issued by the Bank. Furthermore, the shareholders‘ meeting approved the Board‘s proposal for conditional distribution of dividend to the Bank‘s shareholders.
14. febrúar 2018
Arion Bank's financial results for 2017
Arion Bank reported net earnings of ISK 14.4 billion in 2017, compared with ISK 21.7 billion in 2016. Return on equity was 6.6%, compared with 10.5% in 2016.
23. febrúar 2018
Arion Bank acquires United Silicon's assets
An agreement has been reached between the administrator of the bankruptcy estate of United Silicon and Arion Bank, whereby the Bank will foreclose on its collateral and acquire all the company’s main assets.
01. mars 2018
Reports published by Arion Bank for 2017
Arion Bank has published its Annual Report and Pillar 3 Risk Disclosures for 2017. The reports are in digital format and are therefore only available on the Bank’s website. The Annual Financial Statement for 2017 has already been published on the Bank's website.
15. mars 2018
Annual General Meeting of Arion Bank 2018
The 2018 Annual General Meeting of Arion Bank was held today, Thursday 15 March, at the Bank's headquarters in Borgartún, Reykjavík. The agenda of the meeting contained standard AGM business and the Bank's annual financial statements were approved
11. maí 2018
Arion Bank receives international award for most disruptive innovation of the year
Arion Bank received an award yesterday from the Retail Banker magazine for the Most Disruptive Innovation of the Year. The award was given for the Bank’s digital mortgages.
31. maí 2018
Arion Bank publishes prospectus and sets price range for IPO
Arion Banki hf., a leading Icelandic universal relationship bank, has today published its prospectus and set the price range for the Bank’s IPO. For further information go to Arion Bank’s website, www.arionbanki.is/IPO.
17. júlí 2018
Standard & Poor’s confirms Arion Bank’s long term credit rating BBB+ with a stable outlook
Standard & Poor’s has confirmed Arion Bank’s long term credit rating BBB+ with a stable outlook.
02. ágúst 2018
Arion Bank's Q2 financial results
Arion Bank was listed on Nasdaq Iceland and Nasdaq Stockholm on 15 June 2018 following an initial public offering of 28.7% of shares in the Bank.
05. september 2018
John Madden leaves the Board of Directors of Arion Bank
John Madden, a managing director at Kaupthing, has today resigned from the Board of Directors of Arion Bank. The Bank is holding an extraordinary shareholders’ meeting later today and one of the items on the agenda is the election of a new board member, where Benedikt Gíslason, a former board member of Kaupthing, is the sole candidate.
05. september 2018
Results from Arion Bank shareholders’ meeting, 5 September 2018
Here are the results from the Arion Bank shareholders' meeting, which took place at the Bank's headquarters at Borgartún 19, Reykjavík, at 16:00 GMT, 5 September:
19. október 2018
Arion Bank allowed to use the equal pay symbol
Arion Bank has become the first Icelandic bank to receive permission to use the Ministry of Welfare’s equal pay symbol after the Bank was awarded certification by the standards organization BSI á Íslandi.
31. október 2018
Arion Bank's Q3 financial results
Arion Bank reported net earnings of ISK 1.1 billion for the third quarter of 2018, compared with a loss of ISK 0.1 billion for the same period of 2017. Return on equity was 2.3% for the third quarter of 2018, compared with a negative return of 0.2% for the same period in 2017.
15. nóvember 2018
Arion Bank has engaged Citigroup Global Markets Limited (“Citi”) on a potential divestment of shares in Valitor
Arion Bank has engaged Citi to advise on a potential change of ownership in Arion Bank’s subsidiary Valitor (the “Company”), which could include the divestment of all the shares or the majority of the shares in the Company.
17. desember 2018
Arion Bank receives two awards at Banking Technology Awards
Arion Bank received awards in two categories at the Banking Technology Awards which was held for the 19th time 13 December.
14. febrúar 2018
Announcement of results of share placing
Arion Bank hf. (“Arion Bank”) and Kaupthing ehf. (“Kaupthing”) announce today the results of a private placement of shares in Arion Bank owned via Kaupthing’s wholly-owned subsidiary, Kaupskil ehf.
15. febrúar 2018
Arion Bank agrees to buy back 9.5% stake in the Bank
Arion Bank hf. has agreed to a buyback of 9.5% of issued share capital in Arion Bank from Kaupskil ehf, a subsidiary of Kaupthing ehf.
26. febrúar 2018
Changes among the shareholders in Arion Bank
The transactions with shares in Arion Bank announced the week before last have been completed. Kaupskil ehf. has acquired the government’s 13% stake in Arion Bank and the government is therefore no longer a shareholder in Arion Bank.
13. mars 2018
Arion Bank successfully issues bonds in euros
On Tuesday 13 March, Arion Bank issued new 5 year senior unsecured bonds for a total of €300 million. The bond issue was oversubscribed, orders were received from over 40 investors with total demand around €375 million.
02. maí 2018
Arion Bank's 3M 2018 financial results
Arion Bank reported net earnings of ISK 1.9 billion for the first three months of 2018, compared with ISK 3.4 billion for the same period of 2017. Return on equity was 3.6%, compared with 6.3% for the first three months of 2017.
17. maí 2018
Arion Banki intends to list on Nasdaq Iceland and Nasdaq Stockholm
Arion Banki hf., a leading Icelandic universal relationship bank, today announces its intention to launch an initial public offering and listing of its shares on Nasdaq Iceland and Swedish Depository Receipts (“SDRs”) representing its shares on Nasdaq Stockholm.
15. júní 2018
Shares in Arion Bank begin trading
Shares in Arion Bank began trading on Nasdaq Iceland at 9:30 a.m. this morning. At the same time SDR (Swedish Depository Receipts) began trading on Nasdaq Stockholm.
26. júlí 2018
Arion Bank will publish its 6M 2018 financial results on Thursday 2 August
Arion Bank will publish its financial results for the first six months of 2018 on Thursday 2 August, after markets have closed.
14. ágúst 2018
Shareholder‘s meeting - Arion Bank hf. will be held September 5
A shareholders’ meeting of Arion bank hf. will be held at the bank’s headquarters at Borgartun 19, 105 Reykjavik, at 16.00 Icelandic time on 5 September 2018.
05. september 2018
New member of the Board of Directors of Arion Bank
At a shareholders’ meeting of Arion Bank held on Wednesday 5 September Benedikt Gíslason was elected as a new director to the Board of Directors.
19. október 2018
Let’s talk about pension funds
The recent meeting Let’s talk about pension funds hosted by Arion Bank and Vera Center at Kringlan created lively debate and discussion.
25. október 2018
Rúnar Magni is the new managing director of Corporate Banking at Arion Bank
Rúnar Magni Jónsson has been appointed managing director of Corporate Banking at Arion Bank. Rúnar Magni has been at the Bank and its predecessors for 15 years, mainly in Corporate Banking.
15. nóvember 2018
Arion Bank issues subordinated bonds in SEK
Arion Bank has today concluded an inaugural Tier 2 issuance totaling 500 million Swedish krona. The bonds have a 10NC5 structure which is callable in November 2023 with final maturity in November 2028.
27. nóvember 2018
Sigríður Guðmundsdóttir hired as Internal Auditor of Arion Bank
Sigríður Guðmundsdóttir has been hired by the Board of Directors of Arion Bank as the Bank’s Internal Auditor and will start work early in the new year.
12. febrúar 2018
EGM resolution to amend articles of association and a proposal authorising conditional distribution of dividend
At a shareholders‘ meeting of Arion Bank which took place today 12 February 2018, it was resolved to amend the Bank‘s articles of association by inserting a temporary authority for the Bank‘s Board of Directors to repurchase shares issued by the Bank. Furthermore, the shareholders‘ meeting approved the Board‘s proposal for conditional distribution of dividend to the Bank‘s shareholders.
14. febrúar 2018
Announcement of results of share placing
Arion Bank hf. (“Arion Bank”) and Kaupthing ehf. (“Kaupthing”) announce today the results of a private placement of shares in Arion Bank owned via Kaupthing’s wholly-owned subsidiary, Kaupskil ehf.
14. febrúar 2018
Arion Bank's financial results for 2017
Arion Bank reported net earnings of ISK 14.4 billion in 2017, compared with ISK 21.7 billion in 2016. Return on equity was 6.6%, compared with 10.5% in 2016.
15. febrúar 2018
Arion Bank agrees to buy back 9.5% stake in the Bank
Arion Bank hf. has agreed to a buyback of 9.5% of issued share capital in Arion Bank from Kaupskil ehf, a subsidiary of Kaupthing ehf.
23. febrúar 2018
Arion Bank acquires United Silicon's assets
An agreement has been reached between the administrator of the bankruptcy estate of United Silicon and Arion Bank, whereby the Bank will foreclose on its collateral and acquire all the company’s main assets.
26. febrúar 2018
Changes among the shareholders in Arion Bank
The transactions with shares in Arion Bank announced the week before last have been completed. Kaupskil ehf. has acquired the government’s 13% stake in Arion Bank and the government is therefore no longer a shareholder in Arion Bank.
01. mars 2018
Reports published by Arion Bank for 2017
Arion Bank has published its Annual Report and Pillar 3 Risk Disclosures for 2017. The reports are in digital format and are therefore only available on the Bank’s website. The Annual Financial Statement for 2017 has already been published on the Bank's website.
13. mars 2018
Arion Bank successfully issues bonds in euros
On Tuesday 13 March, Arion Bank issued new 5 year senior unsecured bonds for a total of €300 million. The bond issue was oversubscribed, orders were received from over 40 investors with total demand around €375 million.
15. mars 2018
Annual General Meeting of Arion Bank 2018
The 2018 Annual General Meeting of Arion Bank was held today, Thursday 15 March, at the Bank's headquarters in Borgartún, Reykjavík. The agenda of the meeting contained standard AGM business and the Bank's annual financial statements were approved
02. maí 2018
Arion Bank's 3M 2018 financial results
Arion Bank reported net earnings of ISK 1.9 billion for the first three months of 2018, compared with ISK 3.4 billion for the same period of 2017. Return on equity was 3.6%, compared with 6.3% for the first three months of 2017.
11. maí 2018
Arion Bank receives international award for most disruptive innovation of the year
Arion Bank received an award yesterday from the Retail Banker magazine for the Most Disruptive Innovation of the Year. The award was given for the Bank’s digital mortgages.
17. maí 2018
Arion Banki intends to list on Nasdaq Iceland and Nasdaq Stockholm
Arion Banki hf., a leading Icelandic universal relationship bank, today announces its intention to launch an initial public offering and listing of its shares on Nasdaq Iceland and Swedish Depository Receipts (“SDRs”) representing its shares on Nasdaq Stockholm.
31. maí 2018
Arion Bank publishes prospectus and sets price range for IPO
Arion Banki hf., a leading Icelandic universal relationship bank, has today published its prospectus and set the price range for the Bank’s IPO. For further information go to Arion Bank’s website, www.arionbanki.is/IPO.
15. júní 2018
Shares in Arion Bank begin trading
Shares in Arion Bank began trading on Nasdaq Iceland at 9:30 a.m. this morning. At the same time SDR (Swedish Depository Receipts) began trading on Nasdaq Stockholm.
17. júlí 2018
Standard & Poor’s confirms Arion Bank’s long term credit rating BBB+ with a stable outlook
Standard & Poor’s has confirmed Arion Bank’s long term credit rating BBB+ with a stable outlook.
26. júlí 2018
Arion Bank will publish its 6M 2018 financial results on Thursday 2 August
Arion Bank will publish its financial results for the first six months of 2018 on Thursday 2 August, after markets have closed.
02. ágúst 2018
Arion Bank's Q2 financial results
Arion Bank was listed on Nasdaq Iceland and Nasdaq Stockholm on 15 June 2018 following an initial public offering of 28.7% of shares in the Bank.
14. ágúst 2018
Shareholder‘s meeting - Arion Bank hf. will be held September 5
A shareholders’ meeting of Arion bank hf. will be held at the bank’s headquarters at Borgartun 19, 105 Reykjavik, at 16.00 Icelandic time on 5 September 2018.
05. september 2018
John Madden leaves the Board of Directors of Arion Bank
John Madden, a managing director at Kaupthing, has today resigned from the Board of Directors of Arion Bank. The Bank is holding an extraordinary shareholders’ meeting later today and one of the items on the agenda is the election of a new board member, where Benedikt Gíslason, a former board member of Kaupthing, is the sole candidate.
05. september 2018
New member of the Board of Directors of Arion Bank
At a shareholders’ meeting of Arion Bank held on Wednesday 5 September Benedikt Gíslason was elected as a new director to the Board of Directors.
05. september 2018
Results from Arion Bank shareholders’ meeting, 5 September 2018
Here are the results from the Arion Bank shareholders' meeting, which took place at the Bank's headquarters at Borgartún 19, Reykjavík, at 16:00 GMT, 5 September:
19. október 2018
Let’s talk about pension funds
The recent meeting Let’s talk about pension funds hosted by Arion Bank and Vera Center at Kringlan created lively debate and discussion.
19. október 2018
Arion Bank allowed to use the equal pay symbol
Arion Bank has become the first Icelandic bank to receive permission to use the Ministry of Welfare’s equal pay symbol after the Bank was awarded certification by the standards organization BSI á Íslandi.
25. október 2018
Rúnar Magni is the new managing director of Corporate Banking at Arion Bank
Rúnar Magni Jónsson has been appointed managing director of Corporate Banking at Arion Bank. Rúnar Magni has been at the Bank and its predecessors for 15 years, mainly in Corporate Banking.
31. október 2018
Arion Bank's Q3 financial results
Arion Bank reported net earnings of ISK 1.1 billion for the third quarter of 2018, compared with a loss of ISK 0.1 billion for the same period of 2017. Return on equity was 2.3% for the third quarter of 2018, compared with a negative return of 0.2% for the same period in 2017.
15. nóvember 2018
Arion Bank issues subordinated bonds in SEK
Arion Bank has today concluded an inaugural Tier 2 issuance totaling 500 million Swedish krona. The bonds have a 10NC5 structure which is callable in November 2023 with final maturity in November 2028.
15. nóvember 2018
Arion Bank has engaged Citigroup Global Markets Limited (“Citi”) on a potential divestment of shares in Valitor
Arion Bank has engaged Citi to advise on a potential change of ownership in Arion Bank’s subsidiary Valitor (the “Company”), which could include the divestment of all the shares or the majority of the shares in the Company.
27. nóvember 2018
Sigríður Guðmundsdóttir hired as Internal Auditor of Arion Bank
Sigríður Guðmundsdóttir has been hired by the Board of Directors of Arion Bank as the Bank’s Internal Auditor and will start work early in the new year.
17. desember 2018
Arion Bank receives two awards at Banking Technology Awards
Arion Bank received awards in two categories at the Banking Technology Awards which was held for the 19th time 13 December.