Banks, Financial Services, Latvia

The bank's total income in the first nine months of 2014 amounted to EUR 40.5 million, which is 15% less than in the respective period of 2013. The costs have reduced as well – this year's costs reached EUR 21.6 million, whereas during the first nine months of 2013 the figure was EUR 23.4 million.

During the first nine months of this year, Nordea bank's profit before provisions and impairment losses was EUR 18.8 million.

Nordea bank's Latvia subsidiary does not have its own capital, therefore, the bank's profit after taxes cannot be compared to the results of other Latvian commercial banks.

The head of Nordea bank in Latvia, Janis Buks says that the bank was operating according to its business strategy in the third quarter. "Net interest income and commissions continued to grow, increasing 0.2% to reach EUR 16.9 million, as compared to the previous quarter. Commissions grew by 20% in the third quarter, as compared to the second quarter. Costs were reduced by 2% from the second quarter," Buks reported.

During the third quarter, the bank's profit before provisions and impairment losses increased by 4%, reaching EUR 6.4 million.

At the end of the third quarter, the amount of deposits at Nordea bank reached EUR 1.6 billion.