EE: Swedbank Estonia records EUR 73mn net loss in 2009.

By bne IntelliNews February 10, 2010
Estonian branch of Swedbank recorded EEK 1.1bn (EUR 73mn) of net loss in 2009, down from net profit of EEK 2.7bn in 2008. The banks revenues declined by 24% y/y and amounted to EEK 4.9bn in 2009, while operating expenses declined by 21% y/y and amounted to EEK 1.8bn. The bank recorded loan losses in amount of EEK 3.8bn. The banks earnings before taxes and provisions amounted to EEK 667mn in Q4, which resulted in net profit in Q4 of EEK 129mn. Revenues in Q4 amounted to EEK 1.1bn, up by 6% y/y, while operating expenditure declined by 2% y/y in Q4 to EEK 447mn. 

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