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ISK 66 billion profit for banks

Iceland’s three largest banks Kaupthing, Íslandsbanki and Landsbanki made ISK 66 billion profits in the first nine months of the year. According to the Fréttabladid the banks have earned on average ISK 240 million per day in the nine month period. Kaupthing and Landsbanki announced their third quarter earnings on Thursday. Kauthing Bank earned ISK 34.5 billion in the first three quarters of 2005 which is more than the combined profit of the three banks for the same period last year. The assets of the three banks amount to ISK 4,700 billion which is five times more than the nations’s GDP (gross domestic produce). The banks’s shareholders equity amounts to roughly ISK 350 billion, a somewhat larger number than the entire budget of Iceland.

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