Icelandic banks have joined their foreign rivals in falling prey to the financial market crisis that has dragged their fourth-quarter and full-year profits lower.

Straumur-Burduras Investment Bank, one of three Icelandic banks to this week report its results for last year, was worst hit, slipping to €600,000 ($900,000) fourth-quarter net loss as “exceptionally difficult market conditions” hit its trading business and the value of its investment assets.