Iceland Straumur Posts Profit After First Full Year of Business

Straumur Investment Bank hf, the restructured successor to Straumur Burdaras hf that received a banking license in August, made a profit in its first full year.

Net income was 203 million kronur ($1.6 million) in 2012, compared with a loss of 121 million kronur during the final four months of 2011, the Reykjavik-based lender said today. Operating income reached 1.33 billion kronur, compared with 402 million kronur in the final months of last year.

“The bank is well-funded with equity of roughly 1.3 billion kronur,” Chief Executive Officer Petur Einarsson said in a statement. Straumur delivered an 18 percent return on equity to its shareholders, he said.