Icelandic Landsbanki Íslands earnings on the increase

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Thursday, July 28, 2005

Iceland's second largest bank, Landsbanki Íslands, has released it's six month results. The pre-tax profits were ISK (Króna) 13,100 million (Euro 168 million) and net profit of ISK 11,000 million (Euro 142 million) up from ISK 6,000 million same time last year.

The bank has been expanding to foreign markets by opening a bank in London as well as buying the security firm Teather & Greenwood.

CEOGMD Sigurjón Þ. Árnason said Landsbanki’s performance in the first half of 2005 were exceptional and that the core aspects of the bank's operations, net interests and commission interest, shows how strong the bank is. Net interests rose to ISK 9,400 million from ISK 6,200 million same time last year. Commission increased as well to ISK 7,600 million from ISK 3,700 million up 140% since 2003.

Landsbanki Ísland has the largest customer base in Iceland.