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.

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

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss