The earnings of the five largest savings banks in Iceland are primarily based on investments—currency increases of their stocks and ownership of stakes in investments companies—but not profitable banking service.
Banking services for individuals and smaller companies has until now been considered the Icelandic savings banks’ major strength, Markadurinn, a weekly Fréttabladid business supplement, reports.
The savings banks SPRON, BYR, SpKef, SPK and SPM profited ISK 22.3 billion (USD 344 million, EUR 253 million) during the first half of this year, almost four times more than during the same period last year.
