Banks, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Sunday, 22.09.2019, 00:53

Swedbank posts LVL 18 mln in profit in Q4 in Latvia

Nina Kolyako, BC, Riga, 08.02.2011.Print version
Swedbank in Latvia, for the first time in two years, earned LVL 18 million in profit in Q4 2010, the bank's press secretary Kristine Jakubovska informed the business information portal Nozare.lv.

The bank's losses in Q3 2010 were LVL 5.8 million, in Q2 – LVL 11 million, in Q1 – LVL 46 million. Even though the bank finished 2010 with profit, the losses after the provisions for bad loans reached LVL 44 million. Swedbank’s operational profit after the provisions totaled LVL 73 million, writes LETA.

 

The bank's client deposits increased 3%, while the loan portfolio decreased 18%.

 

At the same time the economic recovery and the improvement of the financial situation of residents and companies have increased the demand for loans. The amount of Swedbank’s new financing in 2010 was LVL 118 million.

 

Swedbank’s loan and deposit proportion continued to improve and reached 196% in end-2010.

 

Swedbank’s income in 2010 decreased 18% and was LVL 132 million, expenditures also decreased 18% and amounted to LVL 59 million.

 

Swedbank still remains Latvia's banking sector leader with a 23% loan market share and 15% deposit market share.






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