2007 - Correction - Published 2008-01-31 15:50:28 CET

Corrections to the financial statements for 2007:

Following notes have been changed from previously presented financial
statements: 

Corrections to the financial statements for 2007

The following notes have been changed from previously presented financial
statements: 

Note 3.12 d
The last sentence of the note was deleted: 
"The Bank's amortisable intangible assets consist of software, whose estimated
useful life is 4 years." 
 
Note 2.3b
The word semi-annually was changed into quarterly in following sentence: 
“For this purpose the Bank's management reviews its loan portfolios to assess
impairment on a quarterly basis.” 

Note 14
Total numbers for bonds was changed from 1,799 to 3,567 and total number of
Borrowings, deposits and related derivatives was changed from negative by 1,901
to positive by 1,901. The total number remains the same. 

Note 19
Salaries for 4 former Board members are now stated separately instead of one
total sum. 

Note75
Numbers for various sectors in the table "categorised by industry sectors" have
been changed. 

Note 81 
Table for on-balance-sheet financial items: numbers for equity was missing and
it is now shown separately, therefore the total number for financial
liabilities was changed and the currency gap was also changed accordingly. 



Glitnir Bank Full-Year Results for 2007

ISK 27.7 billion (EUR 315 m) profit after tax - 19.3% Return on equity


Financial Highlights

*  Net income increased by 17.2% year-on-year

*  Pre-tax profit in Q4 was ISK 3.8 billion compared ISK 10.4 billion in Q3

*  Net interest income in Q4 was ISK 11.9 billion, up by 54.6% from Q4 06

*  Fees and commissions increased by 7.8% in Q4 and amounted to ISK 10.6 billion

*  52% of pre-tax profit was generated outside of Iceland in 2007

*  Earnings per share for 2007 amounted to ISK 1.86, as compared to ISK 2.68 in
   2006 

*  Total assets amounted to ISK 2,949 billion, up from ISK 2,246 at the
   beginning of 2007 

*  Assets under management decreased by 6.7% QonQ, by the sale of Glitnir
   Property Holding, but increased by 91% over the year amounting to ISK 936
   billion at year-end 

*  Capitalization with CAD ratio at 11.2%, and Tier 1 ratio at 8.1%


Operational Highlights

*  Core income is solid, increasing by 36% year on year

*  Glitnir number two equity broker by turnover in the Nordic Region

*  Profits in Q4 are affected by unfavourable market conditions

*  Costs above acceptable levels which can partly be explained by one-off costs

*  Strong liquidity position in challenging markets

*  Growth strategy focused on niches proven successful


Lárus Welding, Chief Executive Officer says: "Looking at the  results I am
pleased to see stable growth in net interest income and fees and commission.
Net fees and  commission have been consistent  throughout the year, totalling
ISK 37.6 billion, which is a 42% increase year on year. I am very pleased to 
see that the income from core  operations is growing  again at  a brisk  pace
of  21%. Glitnir  is  furthermore reporting a healthy growth in revenues by
17.2% and we have a  stable loan portfolio to secure strong net interest income
into the year.""Glitnir's three  niches, seafood, geothermal  energy  and 
offshore  supply vessels are growing as a proportion of our loan book, from 11%
in 2006 to  13% in  2007. Our  focus on  our niches  is an  important
investment in  Glitnir's  future growth. Additionally,  Glitnir  has become one
of the leading players in the Nordic Equity and  Brokerage market.""2007 was a
year  where Glitnir invested in  growth. This is  clearly reflected in the 
increase in  costs relating to  integration of  our business units, opening of
new operations as well as in one-off costs relating to management change.

However we  are now moving to wards  a more focused organizational  structure, 
which  makes  Glitnir  well equipped to  increase efficiency  and  control
costs  through  strong  regional leadership, with clearer profit and loss
responsibility  and simple lines of reporting." "The past  few  months  have 
been  challenging  for all  financials  institutions but  Glitnir is  in a 
good position  to deal  with  the situation, with a  comfortable liquidity 
position of more than EUR  6 billion of immediately available funds and a good
underlying  revenue base. Our loan portfolio is well diversified and of high
quality." "I am confident that  our focused strategy  creates a solid  platform 
for sustainable  growth in  all our  lines of  business", says  Lárus Welding. 


For further information please contact:

Lárus Welding 
CEO
Tel: +354 440 4005

Alexander K. Guðmundsson 
CFO
Tel:  +354 440 4656             

Bjørn Richard Johansen
MD Corporate  Communication 
Tel: +47 47 800 100
brj@glitnir.no

Vala Pálsdóttir
Head  of  Investor Relations
Tel: +354 440 4989
vp@glitnir.is