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Islandsbanki Profit Jumps 56% as Interest Income Rises

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May 30 (Bloomberg) -- Islandsbanki hf, the state-created successor to failed Icelandic lender Glitnir Bank hf, said first-quarter profit rose 56 percent as interest income jumped.

Net income rose to 5.61 billion kronur ($42.8 million) from 3.59 billion kronur a year earlier, the Reykjavik-based bank said in a statement posted on its website. Net interest income rose 7.8 percent to 8.69 billion kronur.

Glitnir collapsed in October 2008 after it was unable to secure short-term funding. The Icelandic government established Islandsbanki and siphoned Glitnir’s domestic assets into the new unit. A year later, 95 percent of Islandsbanki’s shares were taken over by a resolution committee representing Glitnir’s creditors. The Icelandic government holds 5 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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