Banks, Deposits, Financial Services, Latvia

In 2013, the bank posted EUR 4.8 million in operational profit.

Profit before bad debt reserves amounted to EUR 27.4 million in 2014, a 16% decrease on the previous year. Bad debt reserves amounted to EUR 54.7 million last year, thus the bank's operational losses reached EUR 27.4 million.

Nordea points out that it does not have separate equity, as a result of which profit after tax is not directly comparable to the respective results of other commercial banks in Latvia.

The bank describes the previous financial year as stable.

Nordea informs that total annual revenue amounted to EUR 57.1 million last year, which was a 11% decrease in comparison to the previous year.

''The previous year was a turning point for the bank’s business, and we took ambitious steps by implementing the Nordea business strategy in the Baltics that was launched in 2014. Systematic strategic initiatives have produced the expected result – we have attracted a record number of deposits amounting to EUR 1.48 billion, which is 12% more than in the previous year improving the loan/deposit ratio significantly. The private customer deposit portfolio grew 26%, whereas the corporate customer deposit portfolio picked up 6%. Net interest income and commission fee income have increased by 4%, and amounted to EUR 68 million annually,'' the head of Nordea bank in Latvia Janis Buks informed.