Banks profit by 47 billion in first quarter Skip to content

Banks profit by 47 billion in first quarter

Icelandic banks Glitnir, Kaupthing, Landbanki and Straumur-Burdarás profited by ISK 47 billion (USD 734 million, EUR 841 million) in the first three months of this year. Last year, their total profit in the same period in 2006 was ISK 60.5 billion (USD 945 million, EUR 696 million).

Investment company Exista profited by ISK 57.2 billion (USD 893 million, EUR 659 million) in the first quarter of 2007, which is more than the total profits of the banks. Kaupthing was the only bank to increase profits between the first quarter of 2006 and 2007, Fréttabladid reports.

The banks’ total assets at the end of March 2007 were estimated at ISK 9,200 billion (USD 144 billion, EUR 106 billion), which equals eight times Iceland’s 2006 GDP.

Click here to read more about Exista.

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