Glitnir has rounded-off the Icelandic banking sector’s first quarter reporting season with a strong set of numbers compared to the same period last year, despite net profits dropping 16% and the buffeting the country has taken during the credit crisis.

Iceland’s third largest bank reported today that net profits in the first three months of the were down 16% at Isk5.9bn (€50m) from Isk7bn a year earlier, although it said net operating income was up 41% on last year at Isk25.6bn - its highest level to date.