LV: Swedbank Latvia posts EUR 88mn profit in Jan-Sep, down by 23% y/y.

By bne IntelliNews October 24, 2012
Swedbank Latvian division posted net profit of LVL 62mn (EUR 88.2mn) in Jan-Sep 2012, down by 23% 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 and in H1/12 to LVL 47mn. Net loss decline in the reporting period of Jan-Sep was attributed to lower interest income and slower rate of releasing accumulated reserves for bad loan losses. At the same time, recent acquisition of the commercial assets of state-onwed Hipoteku un Zemes Banka increased the number of Swedbank's clients by 29,000. Bank's total loan portfolio as of end of September 2012, amounted to LVL 2.5bn (no comparison provided), while deposits stood at LVL 1.67bn going up by 12% ytd. Bad loans amounted to LVL 428mn as of end of September vs. LVL 538mn as of end of Q1/12 and LVL 603mn as of end of Q4/11. 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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