Landsbanki announced its second quarter financial results prior to market opening on today, 29 July 2008. Highlights can be found below and attached is the Q2 2008 results presentation and a corrected version of the Q2 2008 Press Release. All presentation material, plus a replay of the webcast and a podcast of the telephone conference, will subsequently be available and archived on www.landsbanki.com/ir under reports and financials. Presentation in London 29 July Mr Sigurjón Þ. Árnason and Mr Halldór J. Kristjánsson, joint CEOs of Landsbanki, will present Landsbanki's Q2 2008 results to analysts and investors, followed by a Q&A session. Conducted in English, the presentation will be available live on www.landsbanki.com/ir, where relevant data and presentation material will be posted simultaneously. Time: 4 pm UK (3 pm GMT and 5 pm CET) Venue: Beaufort House 15 St Botolph Street, London EC3A 7QR Registration: Due to strict and time-consuming security controls please make sure to complete your registration on http://www.landsbanki.is/english/registration/q22008results Live webcast and Conference call For those who wish to join the meeting remotely, a webcast of the presentation can be accessed on www.landsbanki.com/ir. A dial-in will also be available - if you wish to participate please call +44 (0) 1452 569 103 at least 10 minutes prior to the start. Presentation in Reykjavík 29 July Mr Sigurjón Þ. Árnason and Mr Halldór J. Kristjánsson, joint CEOs of Landsbanki, will present Landsbanki's Q2 2008 results to analysts and investors, followed by a Q&A session. The presentation will be held at 8.30 am on Tuesday, 29 July, at Hilton Nordica Hotel in Reykjavík. Highlights of the Interim Financial Statements of Landsbanki Íslands hf. for the first six months of 2008 * Pre-tax profit for the first six months of 2008 amounted to ISK 31.1 billion (EUR 285m) The bank's after-tax profit was ISK 29.5bn (EUR 270m). * After-tax ROE was 35%. At the end of June 2008, the Bank's capital ratio (CAD rules) was 10.3%. * The group's core income (net interest income plus fees and commissions) was ISK 58bn (EUR 531m), an increase of close to 32% over 6M 2007. * Core income from operations outside of Iceland amounted to ISK 33.9bn (EUR 310m) during the first half of 2008, equivalent to 59% of group core income. * Trading gains and investment income amounted to ISK 19.8bn (EUR 181m), compared to the 6M 2007 figure of ISK 14.8bn. * The bank's total assets amounted to ISK 3,970bn (EUR 31.9bn) at the end of June 2008 compared with ISK 3,058bn (EUR 33.4bn) at the beginning of 2008. Total assets have decreased in EUR terms by 4.4% during H1 2008. * The bank's liquidity has continued strong, with liquid assets amounting to EUR 7.8bn at the end of June 2008. Highlights of Q2 2008: * The bank's after-tax profit in Q2 2008 was ISK 12.0bn (EUR 101m). * Net interest income in Q2 were ISK 20.9bn (EUR 176m). * Net fees and commissions were ISK 10.9bn (EUR 92m), the same figure as in Q1 2008. The bank's fees and commissions were at a record high in both these quarters. CEO Sigurjón Þ. Árnason:"Landsbanki's H1 financial results are very satisfying. This is not least significant in view of the challenging circumstances prevailing on international financial markets. The group's core income has increased by 32% over the first half of last year, and ROE for the same period was 35%. Landsbanki took a major step forward in Q2 when announcing the extension of its internet savings platform to continental Europe, with the introduction of the Icesave retail deposit programme in the Netherlands. There are now over 350,000 Icesave accounts in the UK and the Netherlands, and over 50% of Icesave UK deposits are now term deposits. Landsbanki will continue to augment the share of deposits in its funding. The operational platform of Icesave in Netherlands is designed to be both flexible and robust, facilitating its adaptation to other selected European markets in the coming months." CEO Halldór J. Kristjánsson:"The Icelandic economy is returning to balance after years of impressive growth. Developments in H1 reflect this adjustment, in particular the revaluation of the ISK and a temporary inflation spike. By taking long positions on both foreign currency and inflation, Landsbanki has limited the negative impact of currency depreciation on its equity ratio and balance sheet. Icelandic households are partly sheltered against short term effects from rising inflation, as typical mortgages carry fixed real interest rates. The fact that the lending growth of the largest Icelandic banks has been mainly abroad, or to domestic corporates with international exposure, also reduces the impact of currency depreciation. The Icelandic economy is anchored in sectors not negatively impacted by the current market downturn, such as food production and technology as well as environmentally sustainable power generation. New power intensive projects have increased Iceland's export capacity and will facilitate ongoing economic adjustment. Increased profitability of exploiting abundant energy resources encourages FDI into energy intensive industry development. Additional energy production will increase the level of GDP by around 4%, 0.8% additional GDP growth annually for a period of 5 years." For further information: Landsbanki - Tinna Molphy, Head of Investor Relations, ir@landsbanki.is and tel: +354 410 7200 / mob: +354 861 1440. Media Relations - Andrew Walton, Financial Dynamics, tel: +44 20 7269 7204 / mob: +44 7711 264 157.
Landsbanki presents Q2 2008 financial results on 29 July at 4pm UK
| Source: Landsbanki Íslands hf.
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