Glitnir publishes Annual Accounts 2007

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 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