N1 Hf said its normalized net income for the fourth quarter was 57 aurar per share, an increase from 12 aurar per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 260.6 million kronur, a gain from 108.7 million kronur in the prior-year period.

The normalized profit margin increased to 2.7% from 0.9% in the year-earlier period.

Total revenue fell 16.9% year over year to 9.71 billion kronur from 11.69 billion kronur, and total operating expenses decreased 19.7% on an annual basis to 9.29 billion kronur from 11.56 billion kronur.

Reported net income increased 23.9% on an annual basis to 350.5 million kronur, or 77 aurar per share, from 282.9 million kronur, or 32 aurar per share.

For the year, the company's normalized net income totaled 2.58 kronur per share, an increase from 1.19 kronur per share in the prior year.

Normalized net income was 1.42 billion kronur, a rise of 22.6% from 1.16 billion kronur in the prior year.

Full-year total revenue decreased 13.9% year over year to 49.02 billion kronur from 56.96 billion kronur, and total operating expenses declined 15.3% on an annual basis to 46.74 billion kronur from 55.19 billion kronur.

The company said reported net income rose 14.3% on an annual basis to 1.86 billion kronur, or 3.39 kronur per share, in the full year, from 1.63 billion kronur, or 1.67 kronur per share.

As of Feb. 19, US$1 was equivalent to 128.62 Icelandic kronur.