-Correction: Glitnir Second Quarter Results - Published 2008.08.01:10:12:10

Correction: OMX Category, table on page 6 in press release updated

1H 08 profit before tax ISK 15.4 bn. (EUR 121m)
Total recognised earnings in equity ISK 40 bn. (EUR 316m) in 1H 08
              Strong liquidity position of EUR 8.1 bn.

FINANCIAL HIGHLIGHTS

  * Net profit ISK 7.6 bn. up 29,3% from Q1 08
  * Record quarter for net operating income, ISK 26.9 bn., a 5%
    increase from ISK 25.6 bn. in Q1 08
  * Return on equity 17,0% compared 15,0% in Q1 08
  * Net Interest income ISK 17.8 bn. growing 28.9% QoQ
  * Fees and commissions remain strong at ISK 9.3 bn. despite a
    slight drop from Q1 08
  * Net operating expenses were ISK 14.8 bn. rising by 7.2% from Q1
    08.
  * Real growth of the loan portfolio negative by ISK 45 bn. from the
    previous quarter
  * Liquidity position remains strong at 8.1 bn. euro
  * CAD ratio rises to 11.2%. Tier 1 capital ratio stands at 8,0% up
    from 7.7% in Q1 08.

OPERATIONAL HIGHLIGHTS

  * Core earnings have increased by 10% on average each quarter
    (CQGR) from Q2 07
  * Core profit before tax[1] grew 19.9% QoQ and 25.9% YoY.
  * Cost / Income ratio is stable at 55%
  * Continued strong performance by Capital Markets, Corporate
    Banking and Investment Banking units in the first half of 08
  * 40% of advisory fees YTD originated through niche related
    activities. Solid pipeline going forward.
  * Launch of a new international deposit product, Save&Save, in
    Norway and Iceland. This product will be introduced in other
    markets in the coming quarters.
  * Successful issue of EUR 900m covered bond in Norway during the
    quarter

Lárus Welding, Glitnir CEO: "We are very content with the results for
the second quarter, where our core profits have risen by nearly 20%
for the second consecutive quarter. As a result of our strategy and
the initiatives we have adopted since Q4 2007, the bank has shown
great resilience in a challenging market environment. We have
continued to successfully increase our core income and profits while
at the same time focusing on several cost cutting initiatives. We
estimate that these co-ordinated efforts will start to bear real
fruit in the second half of the year.

During the first half, we have successfully raised EUR 2.4 bn in
funding while paying outstanding maturities of EUR 2.1 bn. At the
same time we have maintained a strong CAD ratio of 11.2% despite a
severe weakening of the ISK. We have also been successful in
deleveraging our balance sheet. The bank's liquidity position remains
strong at EUR 8.1 bn.

At the end of the quarter, the bank launched a new international
deposit product, Save&Save, in Norway and Iceland which will be
expanded into other markets in due course.

Looking forward, we will continue to focus on our core operations
leveraging on the bank's niche strategy and the positive outlook for
the global food and energy sectors where we have a strong market
presence.

In our immediate plans we do not expect the wholesale funding markets
to improve in the near future. With our strong asset quality intact
we will continue to manage our balance sheet, further diversifying
our funding sources and deleveraging non-core assets."

For further information, please contact:

Lárus Welding              Rósant  Már                 Bjorn Richard
Johansen                 Sigrún Hjartardóttir
                                    Torfason
CEO                            CFO
MD, Corp. Communication           Investor Relations
phone:   +354               phone: +354                phone: +47 47
800  100                phone: +354 440 4748
440 4005                     440 4743
or brj@glitnir.no                            or SiHj@glitnir.is



[1] Net profit - other operating income

Glitnir's condensed  consolidated interim  accounts can  be found  on
www.glitnirbank.com