LV: Swedbank Latvia posts EUR 66.5mn loss in 2010, sees profit in Q4/10.

By bne IntelliNews February 9, 2011
As announced by the biggest banking group in the Baltics, Swedbank Groups Latvian division posted net loss of LVL 46.8mn (EUR 66.5mn) in 2010, down more than fivefold y/y vs. net loss of LVL 300mn in 2009. Swedbank banks net loss alone amounted to LVL 44mn, also down fivefold y/y. In Q3/10 alone, however, bank posted net profit of LVL 18mn, earning quarterly profit for the first time in eight consecutive quarters (losses of LVL 5.8mn seen in Q3/10, LVL 11mn in Q2/10 and LVL 46mn in Q1/10). Banks profit before provisions to reserves last year was LVL 73mn. Banks total deposits in 2010 increased by 3%, while loan portfolio declined by 18%, no absolute values provided. Last year LVL 123mn were transferred to reserves for bad loans, down by 73% y/y, while volume of bad loans declined by 4% y/y to LVL 890mn as of end of 2010. 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.
Read in IntelliNews Pro
Get IntelliNews Pro

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

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    7 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    8 days ago
  4. Don't mention the "D" word - Ukraine
    5 days ago
  5. UBN: The US Needs to Wake Up
    5 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    25 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    30 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    28 days ago
  5. Saudi Arabia to scale back plans for Neom city
    15 days ago

Reports

Dismiss