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Icelandic Lender MP Banki Reports Full-Year Loss on Costs

Feb. 29 (Bloomberg) -- MP banki hf reported a 484 million kronur ($3.9 million) loss in 2011, the Icelandic lender’s first year of operations.

Operating revenue was 1.83 billion kronur while office costs were 2.12 billion, the Reykjavik-based bank said today in a statement on its website.

“The bank’s loan portfolio has grown consistently,” Sigurdur Atli Jonsson, the bank’s chief executive officer, said in the statement. “The growth is in accordance with our plans and emphasis on supporting small and medium size corporations in the resurrection of Iceland’s economy.”

MP’s capital-adequacy ratio was 19.2 percent of its risk-weighted assets at the end of December, the lender said. The country’s Financial Supervisory Authority requires banks to have a capital buffer of no less than 16 percent.

To contact the reporter on this story: Omar R. Valdimarsson in Reykjavik valdimarsson@bloomberg.net.

To contact the editor responsible for this story: Jonas Bergman at jbergman@bloomberg.net

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