EE: SEB Estonia records net profit of EUR 49.1mn in 2010.

By bne IntelliNews February 7, 2011
Estonian branch of Scandinavian SEB bank recorded net profit of EUR 49.1mn in 2010, the bank announced. The bank recorded net loss of EUR 80mn in 2009. Operating income of the bank declined by 7.2% y/y and stood at EUR 124.2mn in 2010. Provisions for bad loans amounted to EUR 9.1mn in 2010, while a year ago total provisions stood at EUR 112.5mn. Riho Unt, CEO of SEB Estonia, indicates that 2010 has been a year of breakthrough, the decisions that have been made in the crisis, have started to pay off. The bank indicates that efficient cost controls, and rise in consumers activities have been the main reasons for the successful year.
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