Pre-tax profit at Icelandic bank Landsbanki rose 27% in the first quarter compared to the same period the year before, in part demonstrating the bank’s resilience to incessant market turbulence and rumours surrounding the financial stability of the country.

In the first three months of the year, Landsbanki reported that pre-tax profit rose to Isk19.7bn (€193m) compared to Isk15.5bn a year earlier, with after-tax return on equity at 44% and the group’s core income rising 27% to Isk26.2bn on that recorded last year.