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.

Related Articles

EE: Estonian Air records EUR 49.2mn loss in 2012.

Estonian national airline Estonian Air recorded net loss of EUR 49.2mn in 2012, up from net loss of EUR 17.3mn in 2011. Operating loss amounted to EUR 35.8mn in 2012. Revenues of the company ... more

LT: Malsena acquires Latvian flour manufacturer Rigas Dzirnavieks.

Lithuanian flour manufacturer Malsena announced that it has acquired Latvian flour manufacturer Rigas Dzirnavieks. The company indicates that with the acquisition it will become the largest flour ... more

EE: Estonian Air to return excess Embraer airplanes.

Estonian national airline Estonian Air announced that it agreed to pay penalties for returning two excess Embraer E190 aircrafts to the manufacturer. The company has started restructuring and ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335