Net earnings
12.5
ISK bn.
Brynjólfur Bjarnason
Chairman's address
Arion Bank and its subsidiaries provide a highly diverse and comprehensive range of financial services. The Bank’s activities are inextricably linked with the lives and work of the Icelandic people and as a result the Bank shared the ups and downs and uncertainty felt through most, if not all, areas of society in 2020. Arion Bank took a resolute response to one of the fastest and deepest economic downturns in recent times and we offered our customers a raft of vital measures to help them deal with the economic impact of the COVID-19 pandemic.
Benedikt Gíslason
CEO's address
Arion Bank performed well in 2020 despite the challenging economic and social situation caused by the COVID-19 pandemic. When it was apparent that restrictions on mass gatherings and a sharp contraction in demand throughout the economy would impact the lives and work of our customers the Bank responded quickly and offered loan payment holidays. The Bank also provided special supplementary and business support loans which formed part of a raft of government measures designed to tackle the pandemic. New lending reached almost record levels, driven to some extent by the Central Bank of Iceland’s interest rate cuts.
In a nutshell
Operating income
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50.8
ISK bn.
Return on equity
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6.5%
Loans to customers
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823
ISK bn.
Assets under management
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1,131
ISK bn.
Insurance
62,000
Customers
Total assets
1,173
ISK bn.
Equity
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198
ISK bn.
CAD ratio
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27%
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Society and environment
Arion Bank’s sustainability policy bears the title Together we make good things happen and indicates that the Bank intends to act as a role model by promoting responsible and profitable business practices, which take into account the environment, the economy and the society in which we live and work.
We offer smart solutions
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86,200
active app users
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26,000,000
app logins
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73%
of sales transactions
through digital channels
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99,000
automatic loan decisions
95%
of credit assessments
performed digitally
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9,100,000
visits to arionbanki.is
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99%
of 42 million interactions with
clients through digital channels
5.700.000
online banking logins
46%
increase in mobile payments
News in 2020
12.02.2020
Arion Bank’s financial results for Q4 2019 and for the year 2019
Arion Bank reported negative net earnings of ISK 2,775 million for the fourth quarter of 2019 as impairment of assets and operational difficulties at subsidiaries held for sale negatively affected the Bank's results.
26.02.2020
Icelandic Competition Authority approves Nordic Visitor’s acquisition of Terra Nova Sól
Nordic Visitor hf. reached an agreement to acquire the tour operator Terra Nova Sól hf. on 19 December 2019. Terra Nova Sól was part of TravelCo, which was established following the collapse of Primera Air, and it was acquired Arion Bank in June 2019.
16.03.2020
Use contactless payment methods if possible
Various precautionary measures have been taken to hinder the spread of the coronavirus, COVID-19.
16.03.2020
Temporary closure of two branches of Arion Bank in Reykjavík area – branches at Bíldshöfði, Smárinn and digital branch at Hagatorg remain open
As a precaution, only three of the Bank‘s five branches in the Reykjavík area will remain open at any one time.
25.03.2020
Temporary closure of branches
The welfare of our customers and employees is of the greatest importance to us. Due to Covid-19 we will be closing our branches to visitors from tomorrow, 26 March, unless people already have appointments and only then if it is a matter of urgency.
10.05.2020
Opening hours of Arion Bank branches from 12 May onwards
The opening hours of Arion Bank branches from 12 May onwards are as follows.
13.05.2020
Registration for extended AGM of Arion Bank closes at 4:00 p.m. (GMT) today, 13 May 2020
A notice announcing the extended AGM was published on 17 April, and shareholders who wish to participate in the meeting need to submit their requests to access the meeting by 4:00 p.m. (GMT) today, 13 May 2020.
16.06.2020
Working from home becomes part of the new norm
The flexibility of Arion Bank's services has certainly been put to the test in the last couple of months. At the height of the pandemic approximately 80% of Arion Bank employees were working from home, branches had restricted opening hours and customers of all ages were doing more of their banking digitally than ever before.
17.07.2020
Arion Bank intends to refer FME´s decision to the courts
The Financial Supervisory Authority of the Central Bank of Iceland (FME) has decided to impose an administrative fine on Arion Bank of ISK 87.7 million due to the Bank´s breach of obligation to disclose insider information in a timely manner. Arion Bank intends to refer FME´s decision to the courts and demand an invalidation.
28.08.2020
Arion Bank is a model company in good governance
Arion Bank and its subsidiaries Stefnir and Valitor were among 17 companies to be recognized on Friday for good corporate governance and named "model companies in good governance”.
04.10.2020
Temporary closure of branches
The welfare of our customers and employees is of the greatest importance to us. Due to COVID-19 we will be closing our branches to visitors from tomorrow, 5 October, unless people already have appointments and only then if it is a matter of urgency.
28.10.2020
Arion Bank’s financial Q3 2020 financial results
Arion Bank reported net earnings of ISK 4,961 million from continuing operations in the third quarter and ISK 8,637 million from continuing operations during the first nine months of the year.
27.11.2020
Frumtak sells 11% of its stake in Controlant for close to $14 million
Frumtak, a venture capital and private equity fund in Iceland, with LPs who include The Business Venture Fund, several pension funds and banks, has sold 11.33% of its ownership in Controlant, an Icelandic technology company that develops real-time digital supply chain visibility solutions for highly-regulated industries, including pharmaceuticals and life sciences.
14.01.2020
New environment and climate policy at Arion Bank
Arion Bank has adopted a new environment and climate policy. The policy notes that banks have a key role to play in financing progress and that Arion Bank wishes to be a force for the good.
19.02.2020
Reports published by Arion Bank for 2019
Arion Bank has published its Annual and Sustainability Report and Pillar 3 Risk Disclosures for 2019. The reports are in digital format and are available on the Bank’s website.
13.03.2020
Arion Bank offering mortgage relief to retail customers due to Covid-19
Arion Bank is accommodating retail customers who are likely to experience difficulties in making mortgage repayments due to Covid-19.
16.03.2020
Use digital banking services
Out of concerns for safety in the current circumstances we encourage our customers to use the Bank’s digital channels such as the app and online banking.
17.03.2020
The 2020 Annual General Meeting of Arion Bank
The 2020 Annual General Meeting of Arion Bank was held today, Tuesday 17 March, at the Bank's headquarters in Borgartún, Reykjavík.
06.05.2020
Arion Bank’s financial results for Q1 2020
Covid-19 had a substantial effect on the Icelandic economy and Arion Bank during the last month of the first quarter of 2020.
11.05.2020
Arion Bank opens a Corporate Business Hub at Borgartún 18
All general corporate services at Arion Bank in the Reykjavík area will be brought together in a single location with the aim of enhancing services to our corporate customers.
25.05.2020
Úlfar Freyr Stefánsson appointed Chief Risk Officer of Arion Bank - Gísli S. Óttarsson leaves the Bank
Úlfar Freyr Stefánsson has been appointed Chief Risk Officer of Arion Bank. Úlfar is taking over from Gísli S. Óttarsson who will be leaving the Bank after having been Chief Risk Officer and a member of the Bank’s executive committee since 2009.
23.06.2020
Arion Bank Green Deposits
Customers of Arion Bank can now invest their savings in a sustainable bank account called Green Deposits. It represents a completely new type of account in Iceland. All our customers, from retail to corporate, can deposit money into an account which will only be used to fund green projects.
29.07.2020
Arion Bank's financial results for Q2 2020
Arion Bank reported net earnings of ISK 4,958 million from continuing operations in the second quarter and ISK 3,676 million from continuing operations during the first six months of the year.
28.09.2020
Arion Bank, Stefnir and Vörður sign declaration of intent on investment for a sustainable recovery
Arion Bank, its subsidiaries Stefnir and Vörður and a number of other companies in the financial sector have today signed a declaration of intent on investment for a sustainable recovery.
13.10.2020
Arion Bank achieves outstanding results in Reitun’s ESG rating
Arion Bank has achieved outstanding results in Reitun’s ESG rating, scoring 86 points out of a possible 100 and placing it in category A3.
06.11.2020
Arion Bank holds top spot in equities and bond trading
Arion Bank had the highest market share on Nasdaq Iceland in October, both in equities and bonds. according to Nasdaq Iceland.
14.01.2020
New environment and climate policy at Arion Bank
Arion Bank has adopted a new environment and climate policy. The policy notes that banks have a key role to play in financing progress and that Arion Bank wishes to be a force for the good.
19.02.2020
Reports published by Arion Bank for 2019
Arion Bank has published its Annual and Sustainability Report and Pillar 3 Risk Disclosures for 2019. The reports are in digital format and are available on the Bank’s website.
13.03.2020
Arion Bank offering mortgage relief to retail customers due to Covid-19
Arion Bank is accommodating retail customers who are likely to experience difficulties in making mortgage repayments due to Covid-19.
16.03.2020
Use digital banking services
Out of concerns for safety in the current circumstances we encourage our customers to use the Bank’s digital channels such as the app and online banking.
17.03.2020
The 2020 Annual General Meeting of Arion Bank
The 2020 Annual General Meeting of Arion Bank was held today, Tuesday 17 March, at the Bank's headquarters in Borgartún, Reykjavík.
06.05.2020
Arion Bank’s financial results for Q1 2020
Covid-19 had a substantial effect on the Icelandic economy and Arion Bank during the last month of the first quarter of 2020.
11.05.2020
Arion Bank opens a Corporate Business Hub at Borgartún 18
All general corporate services at Arion Bank in the Reykjavík area will be brought together in a single location with the aim of enhancing services to our corporate customers.
25.05.2020
Úlfar Freyr Stefánsson appointed Chief Risk Officer of Arion Bank - Gísli S. Óttarsson leaves the Bank
Úlfar Freyr Stefánsson has been appointed Chief Risk Officer of Arion Bank. Úlfar is taking over from Gísli S. Óttarsson who will be leaving the Bank after having been Chief Risk Officer and a member of the Bank’s executive committee since 2009.
23.06.2020
Arion Bank Green Deposits
Customers of Arion Bank can now invest their savings in a sustainable bank account called Green Deposits. It represents a completely new type of account in Iceland. All our customers, from retail to corporate, can deposit money into an account which will only be used to fund green projects.
29.07.2020
Arion Bank's financial results for Q2 2020
Arion Bank reported net earnings of ISK 4,958 million from continuing operations in the second quarter and ISK 3,676 million from continuing operations during the first six months of the year.
28.09.2020
Arion Bank, Stefnir and Vörður sign declaration of intent on investment for a sustainable recovery
Arion Bank, its subsidiaries Stefnir and Vörður and a number of other companies in the financial sector have today signed a declaration of intent on investment for a sustainable recovery.
13.10.2020
Arion Bank achieves outstanding results in Reitun’s ESG rating
Arion Bank has achieved outstanding results in Reitun’s ESG rating, scoring 86 points out of a possible 100 and placing it in category A3.
06.11.2020
Arion Bank holds top spot in equities and bond trading
Arion Bank had the highest market share on Nasdaq Iceland in October, both in equities and bonds. according to Nasdaq Iceland.