Swedbank Estonia managed to secure a net profit of €182mn for the first half of 2024, despite a minor drop in revenue, it said in a press release.

Private customer loans increased by 4%, corporate loans saw an 8% rise and overall deposits grew by 7%.

Private customers received new loans totalling €477mn, enterprises were granted loans amounting to €653mn.

A €10mn decrease in income was primarily attributed to lower insurance and interest earnings.

Net interest income fell by €3mn, influenced by higher deposit interest margins and lower loan margins.

Net commission income dropped by €1mn due to reduced card and payment income, despite increased card usage by customers.

A €500,000 reduction in net gains and losses on financial items was linked to decreased forex transaction income and asset revaluation.

Other income fell by €5mn, largely because of diminished insurance income.

Total expenses rose by €13mn, driven by increased costs for personnel, utilities, and outsourced services within the Swedbank Group.

Investments in digital solutions also contributed to the higher expenses.

Labor taxes paid by Swedbank AS and its affiliates in Estonia amounted to €36.5mn, maintaining their status among the top labour tax contributors in the country.

Corporate income taxes reached €54mn for the first half of 2024, with an additional €62.5mn paid on extra dividends distributed in June.

Swedbank Estonia's robust performance in the first six months of 2024 underscores its resilience and effective financial management despite facing revenue challenges, the bank said.