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.

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