Banks Show Stable Profits in Q1 ({{commentsTotal}})

Business
Business

Four out of five major banks in Estonia - besides the one pictured, SEB, Nordea, LHV and Danske are the others - have posted first-quarter profits at similar levels to the same period last year.

Swedbank, the largest retail bank in the nation, reported a profit of 39.4 million euros in the first quarter, down from 42.1 million earned in Q1 in 2013.

The bank said on Monday that they are earning less from loans due to low interest rates and they will pay dividends in Estonia this year, meaning a higher tax bill. The bank said they have improved operational efficiency.

SEB reported 21 million euros in profits, one million more than during the same period last year. Riho Unt, the head of the Estonian arm of the Swedish company, said they are very happy with the results, adding that any affects from the Ukraine crises have not yet hit Estonia.

Andreas Laane, head of Nordea's Estonian branch, said crossing over to SEPA has required investments, but the bank still reported 7.8 million euros in profits, nearly double what the bank declared in the first quarter of 2013.

The largest Estonian-owned bank, LHV, earned 1.7 million euros in the first quarter, slightly less than a year ago. Erkki Raasuke, a board member at LHV, said their loan portfolio has grown as have investments made through the bank by private customers.

Danske Bank will publish its results on May 2.



{{c.alias}}
{{c.createdMoment}}
{{c.body}}
{{cc.alias}}
{{cc.createdMoment}}
+{{cc.replyToName}} {{cc.body}}
No comments yet.
Logged in as {{user.alias}}. Log out
Login failed

Register user/reset password

Name needs to be fewer than 32 characters long
Comment needs to be fewer than 600 characters long
{{comment.captcha.word.answer}}

news.err.ee

Opinion
Independence Day: Estonia’s way into the future isn’t a race

There is a lack of connection between the Estonian state, and the people who live here. While it expects a lot of the state, Estonian society doesn’t seem ready to contribute, writes Viktor Trasberg.

Lotman: Security academy would be crucial Estonian identity point in Narva

In an opinion piece published by Eesti Päevaleht, Tallinn University professor Mihhail Lotman found it important to overcome the mental barrier separating Ida-Viru County from the rest of Estonia.