LHV outpaced big banks in 2014 ({{commentsTotal}})

Estonian-owned LHV doubled its profits in 2014, while SEB, Swedbank and Danske all recorded a decrease or only moderate profit growth compared to 2013.

LHV reported 9.7 million euros in profits last year, compared to 4.3 million in 2013. The total value of deposits grew by 30 percent to 458 million and loans by 53 percent to 316 million euros. The bank's investment funds increased by 34 percent to 504 million euros.

“The number of new clients and their active approach has increased our operations in all areas of activity,” LHV Group head Erkki Raasuke said.

Swedbank, the nation's largest private bank, reported a 156-million-euro profit, down 11 percent compared to 2013.

Priit Perens, the head of the bank in the Baltics, said measures to boost efficiency have worked and they are working to further consolidate activities in the Baltics. He said the business sector is still complicated with the crisis in Ukraine, the weak ruble and low petroleum prices all having an effect.

SEB increased its profits by 1 percent to 75 million euros, while Danske bank reported a 23-million profit, far less than the 47-million-euro profit recorded in 2013.

Aivar Rehe, the head of the bank's Estonian branch, said lower profits from financial investments and interest were the main cause for the fall.

Editor: J.M. Laats



Opinion
Easter Monday a public holiday? But you're forgetting productionEaster Monday a public holiday? But you're forgetting production
Estonia’s Easter Monday time loop: Discussing an additional day off

Every year, Estonia reliably asks itself the question whether or not Easter Monday should be made a public holiday. Opinions differ. While one side emphasizes the importance of family time, the other thinks an additional day off would threaten economic growth.

Minister of Social Protection Kaia Iva (IRL).Minister of Social Protection Kaia Iva (IRL).
Samost: Kaia Iva’s charisma could help IRL out of long-term low

In Sunday’s “Samost ja Rumm” radio debate show, editor-in-chief of ERR’s online news, Anvar Samost, and journalist and former politician Hannes Rumm discussed the potential and actual candidates for the chairmanship of the Pro Patria and Res Publica Union (IRL). At the time of the broadcast, Helir-Valdor Seeder had not yet made his intention to run public.