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Banks post record results

Íslandsbanki posted a record second quarter profit of ISK 7.5 billion ISK yesterday, up from ISK 2.5 billion in 2004. After-tax profit for the first six months of 2005 was ISK 10.56 billion compared to ISK 7.36 billion in 2004.

Bjarni Ármannsson, CEO of Íslandsbanki said in a statement released by Íslandsbanki, “This past quarter was the best in Íslandsbanki’s history. The six months results reflect great changes in the bank’s activities.The Group’s assets almost doubled with the acquisition of BNbank, while Sjóvá’s operations are no longer included in the consolidated accounts. Overseas operations now account for a substantial part of total revenue, while the sale of two-thirds of Sjóvá opens up opportunities for further growth. Fees and commissions have risen in line with the expansion of activities. But what these results really show is the strong underlying basis, as can be seen from the fact that all profit centres report good profit levels. The task before us is to continue our progress in all areas, building on the competitive strength we have established.”

Straumur Investment Bank also announced second quarter results yesterday, posting a ISK 7.6 billion profit for the first six months of the year, up 141% year-over-year.

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