Banks Rake in €113 Million in Profits in Q1 ({{commentsTotal}})

A third of the 113 million euro profit recorded by commercial banks in Estonia in the second quarter of 2014 was earned from subsidiaries.

“Bank profitability has been helped by a decrease in administrative costs and reevaluating losses from loans, on the other hand net interest earnings decreased in the second quarter,” Jaak Tõrs, head of the Financial Stability Department at the Bank of Estonia, said.

Banks earned a combined 79 million euros in the first quarter and 444 million in profit in 2013.

For more information, click here for the Bank of Estonia's quarterly financial report.