LV: Swedbank to write off EUR 217mn worth of intangible assets in Latvia.

By bne IntelliNews January 16, 2012
Latvia's biggest banking groupo Swedbank announced that it is going to write off LVL 152.4mn or EUR 217mn worth of intangible assets from the books of its Latvian division. The disposal of the assets is going to be reflected in 2011 reports. It was commented by Swedbank Latvia that the decision has to do with new capital requirements for banks in Sweden, due to which the mother bank decided to dispose of non-cash and intangible assets on the books (mainly carried over from 2005 when Hansabanka group was acquired by Swedbank). Swedbank Latvian division posted net profit of LVL 78.9mn (EUR 112.3mn) in Jan-Sep 2011, vs. net loss of LVL 59.9mn in Jan-Sep 2010. Net profit was previously attributed to releasing part of previously accrued reserves due to improvement of creditworthiness and releasing previously accumulated reserves for bad loans.

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