CEO: Stable Growth at Iceland’s Glitnir Bank Skip to content

CEO: Stable Growth at Iceland’s Glitnir Bank

According to Glitnir Bank’s full-year results statement for 2007 released yesterday, the bank’s earnings totaled ISK 27.7 billion (USD 465 million, EUR 315 million) after tax with a 19.3 percent return on equity. Net income increased by 17.2 percent year-over-year.

The bank’s earnings have, however, dropped by roughly ISK 10 billion (USD 150 million, EUR 100 million) compared to 2006, reports.

“Looking at the results I am pleased to see stable growth in net interest income and fees and commission. Net fees and commission have been consistent throughout the year,” CEO of Glitnir Bank Lárus Welding said, according to a press release.

“Last months have been challenging for all financial institutions, but Glitnir is in a good position to deal with the situation, with a comfortable liquidity position of more than EUR 6 billion [USD 9 billion] of immediately available funds and a good underlying revenue base. Our loan portfolio is well diversified and of high quality,” Welding added.

“I am confident our focused strategy creates a solid platform for sustainable growth in all our lines of business,” the CEO concluded.

Other financial highlights include 52 percent of pre-tax profit in 2007 being generated outside of Iceland and total assets amounting to ISK 2,949 billion (USD 45 billion, EUR 31 billion), up from ISK 2,246 (USD 35 million, EUR 23 million).

Earnings per share for 2007 dropped, however, compared to 2006, ISK 1.86 (USD 0.03, EUR 0.02) and ISK 2.68 (USD 0.04, EUR 0.03) respectively.

In terms of operational highlights, core income has increased by 36 percent year-over-year and Glitnir has become the number two equity broker by turnover in the Nordic countries.

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