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 to 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 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  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  and  offshore  supply
vessel are growing as 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 has been a year where  Glitnir has invested in growth which  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  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.""Last months have been  challenging for all financials  institutions,
but Glitnir is in  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  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 Alexander     K. Bjørn       Richard Vala Pálsdóttir
              Guðmundsson      Johansen
CEO           CFO              MD        Corporate Head  of  Investor
                               Communication       Relations
Tel: +354 440 Tel:  +354   440 Tel: +  47  47  800 Tel: +354 440 4989
4005          4656             100                         vp@glitnir.is       brj@glitnir.no