Analytics, Banks, EU – Baltic States, Financial Services, Latvia

In the first half of 2014, before provisions for insecure loans, Danske Bank in Latvia operated with a profit of EUR 1.3 million, which is 33 percent more than in the respective period of 2013.

In the first quarter of 2014, the bank made provisions in the amount of EUR 7.9 million. In the second quarter of 2014, provisions for insecure loans were reduced by EUR 215,000. Thus, net losses in the first half of 2014 reached EUR 6.389 million.

The total amount of the bank's income grew by 5 percent in the first half of 2014, reaching EUR 3.8 million. Net interest income increased by 16 percent, while net commission income increased by 130 percent, the bank's statement indicates.

The bank's costs reduced by 6 percent this year. In 2013, the costs were mainly affected by the implementation of euro. This year, Danske Bank continues well thought-out cost control measures, at the same time investing in new services and development of opportunities for corporate clients.

The bank's deposit portfolio grew by 21 percent in 2014, reaching EUR 206.1 million at the end of the first half of the year.

Danske Bank is a subsidiary of Denmark-registered Danske Bank. "Danske Bank Group" is represented in 15 countries, providing services to five million clients.