Banks, Financial Services, Latvia
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Tuesday, 20.05.2025, 05:58
Swedbank Latvia earns EUR 83 mln in January-September
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According to Swedbank financial report posted on the
bank's website, Swedbank Group's profit in Latvia amounted to EUR 79.569 mln in
the first nine months this year, which is 3.6% less than in the same period
last year, while Swedbank's profit decreased 2.1% to EUR 83.31 mln.
Swedbank Group's assets stood at EUR 5.687 bn at the
end of September 2019, which is 2.5% or EUR 147.745 less than at the end of
2018 when the group's assets were worth EUR 5.835 bn.
Swedbank's net interest income rose 5%, largely due to
increased lending volumes. Lending portfolio grew 6% as both household and
corporate lending increased.
Net commission income decreased 1%. Higher income from cards
and payments was offset by a lower result in asset management. Other income
increased 10% due to an improved result in the insurance business.
Expenses rose 4%, mainly due to higher staff costs and investments
in digital solutions.
Credit impairments amounted to EUR 1 mln, compared with a
positive result of EUR 1 mln in the same period in 2018.
Deposits at Swedbank increased 1%.
During the first nine month, 30,000 new customers chose Swedbank
to manage their finances.
"This has been a quarter of innovation as our customers have started to use new digital services widely, namely the redesigned mobile app and contactless payments with phones and different types of smart devices. Also, Open banking initiative has delivered its first tangible benefit for customers; Swedbank clients were first to see their other banks’ account balance in Swedbank’s internet bank. In the meantime, September 9 was a symbolic date when Swedbank closed the era of code cards, by our customers switching over to more secure and modern authentication tools.
Latest
technologies in a combination with our excellent customer service have been the
main drivers why Latvians named Swedbank as the Most Loved Brand in
2019. We are grateful for such a recognition and it serves us as inspiration to
continue the improvements," said Swedbank Latvia head Reinis
Rubenis.
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