LV: Swedbank Latvia posts EUR 34mn profit in Q1.

By bne IntelliNews April 29, 2011
As announced by the biggest banking group in the Baltics, Swedbank Latvian division posted net profit of LVL 24mn (EUR 34.1mn) in Q1/11, vs. net loss of LVL 48mn in Q1/10. Net profit was attributed to releasing part of previously accrued reserves due to improvement of creditworthiness, especially in the corporate segment (LVL 11mn worth of reserves were disposed in Q1). To remind, last year LVL 123mn were transferred to reserves for bad loans, down by 73% y/y, while volume of bad loans of Swedbank declined by 4% y/y to LVL 890mn as of end of 2010. Banks total deposits in Q1 increased by 8% y/y, while loan portfolio increased by 16%, no absolute values provided. 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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