Brynjólfur Bjarnason

Chairman’s address

2022 was an eventful year. At the beginning of the year restrictions on gatherings were still in force in Iceland and in many places around the world. The lifting of the restrictions early in the year signalled a new period of optimism. However, this optimism proved short-lived as Russia invaded Ukraine, bringing terrible consequences for the Ukrainian people. The economic impact of the war has been far-reaching, not least in Europe but also in the global assets markets. The effect on Iceland, with its sustainable and green energy, has thus far been more limited. The Icelandic economy was in vigorous health in 2022 despite challenging conditions on the markets. The Bank remains financially robust, with a capital ratio of 24.0% and a leverage ratio of 11.8% at year-end. The Bank’s equity was ISK 188 billion at year-end, and share buybacks and dividends to shareholders amounted to ISK 32,3 billion during the year. The CET 1 ratio was 18.8% at year-end, while the Bank’s target is 17.3-18.3%. The Bank therefore remains in good financial shape and is well placed to deal with what the future brings.


Benedikt Gíslason

CEO’s address

2022 will chiefly be remembered for the Russian invasion of Ukraine, the consequences it had for the people of that country and the economic fallout in Europe. In the wake of the conflict, historically high inflation has dogged the European economy, interest rates have soared and volatility has racked the asset markets. Iceland has in many ways been spared the effects of the conflict but we are not immune to the turbulence on the securities markets, both here in Iceland and on both sides of the Atlantic. Yet while the economic environment was challenging, Arion Bank performed solidly in 2022. The Bank reported net earnings of ISK 25.4 billion in 2022 and return on equity was 13.7%, beating the Bank’s 13% target.


In a nutshell

Net earnings


Isk bn.

Operating income


Isk. bn

Return on equity


Assets under management


Isk. bn.




Loans to


Isk. bn.


The Bank’s customers, shareholders, our human resources and society as a whole are of utmost importance to us. We place a strong emphasis on good corporate governance and effective internal controls.

Arion Bank wants 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 work.


Average length of employment at Arion Bank is approximately

10 years


Total committed green finance amounts to


ISK bn.

Pay equity analysis indicates


unexplained gender pay gap

Reduction of GHG emissions from own activities


since 2015
* greenhouse gases – scope 1 and 2

Employees guaranteed up to


of salary during parental leave

The bank’s financed emissions totalled

279.4 ktCO2e 

according to calculations of lending and investment in 2021

We offer smart solutions

Digital loans

Car loans almost 100% digital

Process for applying and paying out car loans almost 100% digital. Consumer loans, overdrafts  and mortgage application process and credit assessment is 100% digital.

Best banking app

Best banking app six years in a row

The Arion app was named the best banking app for the 6th year in a row in a survey conducted by MMR. The app now has more than 100,000 active users.

Vörður tryggingar

Insurance in the Arion app

All Vörður’s main insurance policies for individuals are now available in the Arion app, both comprehensive insurance packages and individual policies.