Banks, Estonia, Financial Services
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Saturday, 27.04.2024, 00:37
Estonian banks earned 80 mln euros in profit in Q3
BC, Tallinn, 23.10.2014.
Print version
Print versionThe Bank of Estonia stated that banks operating in Estonia earned a total of 80 million euros in net profits in the third quarter of 2014, writes Äripäev.ee/LETA.
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The net profit fell by 7% in the year-on-year comparison, mostly due to more modest financial revenue generated. Net interest grew by nearly 11% in a year.
According to the Deputy Head of the Financial Stability Department at the Bank of Estonia Jaana Kask, increase in net interest revenue has on one hand been supported by increased loan volumes and gradual growth in the segment of high-margin loans, while on the other hand banks’ interest spending has fallen due to growth in the segment of deposits on demand.
Banks have also continued reducing allocations for covering losses on loans, and that has been supporting profitability for the past four years.
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