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Islandsbanki Profit Dips as Operating Income Slows, Costs Climb

Feb. 20 (Bloomberg) -- Islandsbanki hf, the state-created successor to failed Icelandic lender Glitnir Bank hf, said profit declined last year as costs increased and income dipped.

Net income fell to 23.1 billion kronur ($203.3 million) from 23.4 billion kronur a year earlier, the Reykjavik-based lender said in a statement today. Net interest income declined 14 percent to about 28.4 billion kronur.

Islandsbanki increased the net valuation on loans and receivables to 16.3 billion kronur for the full year, including a provision made for latent impairments, up from 5.7 billion kronur in 2012, the bank said.

Islandsbanki was created after Glitnir, unable to secure short-term funding, collapsed in October 2008. A year later, the unit was taken over by a resolution committee representing the bank’s creditors, which now holds 95 percent of shares. The Icelandic government retains a 5 percent stake.

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

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

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