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Iceland Straumur Posts Profit After First Full Year of Business

Feb. 21 (Bloomberg) -- 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.

For Top Nordic news: {TOP NORD <GO>} For more economic news from Iceland: {TNI ICE ECO <GO>} For news on the credit crunch: {NI CRUNCH <GO>} For an overview of write downs: {WDCI <GO>} For an Icelandic indicator calendar: {ECO IC <GO>}

To contact the reporter on this story: Omar R. Valdimarsson in Reykjavik

To contact the editor responsible for this story: Jonas Bergman at

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