LV: Swedbank Latvia posts EUR 64mn losses in Q1.

By bne IntelliNews April 28, 2010
As announced by the biggest banking group in the Baltics, Swedbank's Latvian division (former Hansabanka) posted net loss of LVL 45mn (EUR 64mn) in Q1 vs. net loss of LVL 37mn for the same period of last year. The loss was attributed to higher required reserves and reserves for bad loans. Swedbank notes that Q1/10 was characterised by slower deterioration of credit quality and stabilisation of main operations. The amount of bad loans as of end of the reporting period amounted to LVL 972mn or 25% of total loan portfolio. To remind, Swedbank's Latvian division  posted net loss of LVL 301mn (EUR 428mn) in 2009 vs. net profit of LVL 66.3mn profit for 2008 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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