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Friday, 29.04.2016, 15:04
Operating income of Danske Bank Estonia increased in the first quarter of 2016 by 15% year on year to 5.6 million euros and net profit grew 47% to 3.2 million euros. Lithuanian branch of Danske Bank said that its first-quarter net profit from core activities of corporate and private banking fell to 3.3 million euros and in Latvia Danske Bank closed the first quarter with EUR 0.92 million in profit, informs LETA/BNS.
Keyword tags: Baltic, Banks, Deposits, Financial Services, Loan
During the first quarter of 2016, SEB banking group generated EUR 6.331 million in Latvian profit, down 27% from the same period a year ago, while the profit of SEB Banka contracted 14.7% year-on-year to EUR 8.011 million, according to the financial report released by the bank. SEB Bankas posted 11.3 million euros in net profits in the 1st quarter of 2016, down by 37.9% from 18.2 million euros year-on-year. Estonian units of SEB ended the first quarter of 2016 with a net profit of 12.8 million euros, which is 33.3% less, informs LETA.
Riga is the most expensive city in the Baltics to live in, according to a study done by Swedbank Institute of Finances, cites LETA.
During the first quarter of 2016, the Latvian branch of Nordea Bank generated EUR 11.4 million in operating profit, up 3% against the same period a year ago, the bank's representative Signe Lonerte told LETA. Nordea Eesti earned 5.1 million euros of operating profit in the first quarter of 2016, 57% less than last year.
Swedbank Latvia in the first quarter of 2016 posted EUR 28 million in profit, up 19% from the respective period last year. The increase is driven by income growth and higher net recoveries, said the bank’s spokeswoman Vineta Savicka. Swedbank in Lithuania said that its first-quarter net profit rose to 22 million euros, up 3% from 21 million euros a year earlier and the Estonian unit of Swedbank made a profit of 45.5 million euros in the first quarter 2016, 23% more than in the first quarter of 2015, informs LETA/BNS.
Kentucky Fried Chicken (KFC) and Pizza Hut could establish presence in Estonia in 2017 at the earliest, the Baltic franchise holder for the two fast food chains said, cites LETA/BNS.
The combined earnings before interest, taxes, depreciation, and amortization (EBITDA) of Latvian telecommunications operators Latvijas Mobilais Telefons (LMT) and s was EUR 31.8 million in the first quarter of 2016, which is more than the consolidated telecommunications companies in Estonia and Lithuania, Telia Eesti and Teo LT/Omnitel, posted in EBIDTA in January-March, reports LETA.