According to data presented by Eesti Pank, Estonian banks have done well in the post-financial crisis period, mostly due to structural advantages they had going into it.
"In short, there are three main reasons for the banks profitability in Estonia," said Jaak Tõrs from the country's central bank.
"Firstly, in half of the banks in the Eurozone, they have had to make sizable discounts after the financial crisis to cover the losses on loans.
Secondly, the Estonian banking industry was able to regain profit from the discounts made during the financial crisis. And thirdly, the Estonian banks are among the most cost-effective in the EU,” he said.