LV: Swedbank Latvia posts EUR 67mn profit in H1, down by 6% y/y.

By bne IntelliNews July 19, 2012
Swedbank Latvian division posted net profit of LVL 47mn (EUR 66.7mn) in H1/12, down by 6% y/y, the biggest banking group in the Baltics announced. To compare, bank's net profit in 2011 was LVL 80.4mn vs. net loss of LVL 45mn in 2010, with net profit in Q1/12 amounting to LVL 29mn. Bank's total loan portfolio in H1/12 decreased by 4% y/y and remained flat q/q to LVL 2.46bn due to changes in economic activity (in Q1/12 loan portfolio declined by 12% y/y), while deposits stood at LVL 1.62bn going up by 9% y/y (up by 3% y/y in Q1/12). Bad loans amounted to LVL 468mn as of end of H1/12 vs. LVL 538mn as of end of Q1/12. Swedbank is Latvia's largest bank in terms of assets. Swedbank Group includes 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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