Icelandic banks' rebounding net income

While banks in the Nordic country recorded higher net income in 2021 than in 2017, inflation and increasing house prices may prove challenging in the near term. Barbara Pianese reports.

by Barbara Pianese

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Iceland’s banks not only recovered following Covid-19, but are in a better position than they were before the pandemic.

Net income for Arion Bank, Íslandsbanki and Landsbankinn was higher at the end of 2021 compared with end-2017, after a dip in the intervening years. For example, Arion Bank, the country’s third-largest bank by Tier 1 capital, reported $219.47m in net income at the end of 2021, up 59% from $138m five years ago.

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Barbara Pianese

Barbara Pianese is the Latin America editor at The Banker. She joined from Mergermarket, where she spent four years covering mergers and acquisitions across Europe with a focus on the consumer sector. She holds an MA in International and Diplomatic Affairs from the University of Bologna having studied in Brazil and France as well.