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Iceland Failed Lender Glitnir Posts $2.4 Million Profit in 2012

Feb. 27 (Bloomberg) -- Failed Icelandic lender Glitnir Bank hf said profits rose 69 percent in 2012 as it struggles to reach an agreement with the island’s central bank to begin distributions to its creditors.

Profit rose to 301 million kronur ($2.4 million) in 2012 from 178 million kronur the previous year as it reversed impairments, the Reykjavik-based lender said today.

The bank’s assets rose 5.7 percent to 934 billion kronur from 883 billion kronur in 2011. The liabilities fell to 2.4 trillion kronur from 2.7 trillion kronur, according to the statement.

“In November 2012 a request was sent to the central bank of Iceland for approval of the composition proposal,” the lender’s winding-up committee said in the statement. “Glitnir is waiting for response.”

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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