Banks, Estonia, Financial Services

"This year’s first quarter results were considerably impacted by the introduction of SEPA, the related investments and development work. Market regulations and directives are increasingly challenging the speed and volume of banks’ income growth," said Andreas Laane, head of Nordea Estonia.

The deposit volume of Nordea Estonia’s customers has increased by 20% in the first quarter year-on-year to 1.4 billion euros, including a 23% growth for households, with their total deposit volume exceeding 340 million euros. Nordea’s deposit to loan ratio has increased from 38% to 45% in a year.

Year-on-year, Nordea Estonia’s loan portfolio exceeded 3.1 billion euros, of which the leasing portfolio constituted 629 million euros. The corporate loan and leasing portfolio amounted to more than 1.9 billion euros and household loan and leasing portfolio to more than 1 billion euros. Year-on year, the household loan and leasing portfolio increased by 3%, the corporate portfolio has remained stable. Number of customers has gone up by 8.1% year-on-year; most of the new customers have brought their everyday banking business with them to Nordea, however, the number of leasing and pension fund customers has increased as well.