Icelandic Banks Profit ISK 370 Billion since Collapse

Since the three banks collapsed in October 2008, the Icelandic state has contributed ISK 72.8 billion to their restoration, ISK 153 to restore the economy.

The combined profits of the three large commercial banks in Iceland, Landsbanki, Arion Banki (earlier Kaupþing) and Íslandsbanki (earlier Glitnir), was ISK 80 billion (USD 600 million, EUR 530 million) last year. Since the banking collapse in 2008, they’ve earned ISK 370 billion (USD 2.8 billion, EUR 2.5 billion).

With Icelandic residents numbering almost 330,000, each resident would receive ISK 1.1 million if the profits were shared equally, reports.

The bank earning the most is Landsbanki, which is mostly owned by the Icelandic state. The bank profited ISK 28.8 billion last year and ISK 142 billion since January 2009. For 2013, the bank paid the Icelandic state ISK 20 billion in proceeds and will pay ISK 24 billion for 2014, Iceland Review reports.