Central bank: COVID-19 crisis sees savings, loan association deposits halt ({{contentCtrl.commentsTotal}})

Bank of Estonia coat of arms.
Bank of Estonia coat of arms. Source: Siim Lõvi /ERR

Assets declined by 3 percent, or €4.34 million, in the second quarter of 2020 (Q2 2020), the Bank of Estonia says, despite the aggregate balance sheet of savings and loan associations increasing during that time. Q2 bore the brunt of the coronavirus pandemic so far.

Assets grew by 1 percent or €1.43 million in the Q3 2020, the bank adds. Yearly growth stood at 6 percent, and assets totaled €160.4 million at the end of Q3 2020.

The balance of deposits stood at €125.7 million at the end of Q3 2020, of which €116.3 million came from deposits from private individuals.

The total balance of deposits shrank by 0.3 percent (€420,000), but the deposits of individuals increased by 0.4 percent or €440,000 in the third quarter.

The balance of deposits was up 3 percent over the year, the bank says.

The balance of deposits and loans to private individuals and non-financial corporations has grown in the past three years, except in the preceding two quarters, when the balance fell.

Private individuals' deposits made up 94 percent of the total deposits of the combined figure of private individuals and non-financial corporations, in Q3 2020.

Non-financial corporations received 77 percent of loans issued, the Bank of Estonia says.

The balance of loans totaled €127.2 million, of which €97.7 million came in loans to non-financial corporations.

The total volume of loans stood at €13.2 million, or 11.6 percent; higher than the figure a year earlier, since loans to non-financial corporations increased by €11.87 million, or 13.8 percent.

Shares of time deposits of both private individuals stood at 85 percent for private individuals and 80 percent for non-financial corporations in the third quarter of 2020. Both figures have been declining over the past three years.

The cumulative profit or loss in the annual reports of savings and loan associations stood at €714,700 at the end of Q3 2020.

The figure this time in 2019 was €782,500.

Net profit arising from interest was €1.3 million in Q3 2020; in Q1 2020 the figure was €344,200.

In Q3 2019 the figure was €775,500.

Savings and loan associations counted 15,445 members at the end of Q2 2020, 6 percent, more than a year earlier.

The number of members joining each quarter fell steadily from Q4 2019 to Q3 2020, when 222 members joined.

Claims stated as unlikely to be repaid totaled €528,800, or 0.4 percent of the loan portfolio, at the end of Q3 2020, which is €9,000 more than in the Q2 2020.

Claims assessed as doubtful rose by €80,000 over the year.

More information, in graphical form, is available on the Bank of Estonia site here.

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Editor: Andrew Whyte

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