LV: Swedbank Latvia posts EUR 112mn profit in Jan-Sep.

By bne IntelliNews October 26, 2011
As announced by the biggest banking group in the Baltics, Swedbank Latvian division posted net profit of LVL 78.9mn (EUR 112.3mn) in Jan-Sep, vs. net loss of LVL 59.9mn in Jan-Sep 2010. Net profit was previously attributed to releasing part of previously accrued reserves due to improvement of creditworthiness and releasing previously accumulated reserves for bad loans. Volume of reserves for bad loans as of end of September 2011 declined to LVL 698mn (vs. LVL 890mn in the beginning of the year). To remind, last year LVL 123mn were transferred to reserves for bad loans, down by 73% y/y, while volume of bad loans of Swedbank declined by 4% y/y to LVL 890mn as of end of 2010. Banks total deposits in Jan-Sep increased by 8% y/y, while loan portfolio increased by 9%, no absolute values provided. To remind, as of September 2010 banks assets declined declined by 11.5% to LVL 3.96bn. Swedbank Group is the largest banking group in the Baltics, including a commercial bank (Swedbank), leasing company (Swedbank Leasing), asset management fund (Swedbank Fondi), pension fund (Swedbank Atklatais Pensju Fonds), real estate developer, car leasing company and insurance brokerage.

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