Swedbank's 9 month net profit totals €279 million
Swedbank's net profit in Estonia for the first nine months was €279 million, which is lower but within range of the same period in 2023.
Swedbank's net profit in Estonia for the first nine months of 2023 was €322 million.
"The third quarter was strong and stable for Swedbank," said Olavi Lepp, CEO of Swedbank AS.
The loan volumes for Swedbank's private customers grew by 4 percent over the year, while business customer loans increased by 6 percent. Deposits rose by 7 percent. In the first nine months of the year, the bank issued new loans to private individuals totaling €763 million and to businesses €952 million.
The bank's total revenues decreased by €11 million due to reduced interest income. Net interest income fell by €22 million, mainly driven by higher deposit interest rates and lower loan margins.
Fee and commission income remained at the same level compared to the previous year.
Expenses increased by €18 million, with the main drivers being higher costs for personnel, consultancy, administration, marketing and services purchased from the Swedbank Group. Additionally, expenses and investments related to digital solutions also grew.
Expected credit losses for the first nine months of 2024 reached €1.6 million, compared to €3.3 million in the same period in 2023.
In the first nine months, Swedbank AS, together with its subsidiaries and group companies operating in Estonia, paid €57.3 million in labor taxes, making it one of the largest labor tax contributors in Estonia. The bank also paid €131 million in corporate income tax.
Swedbank is the largest bank operating in Estonia
--
Follow ERR News on Facebook and Twitter and never miss an update!
Editor: Marcus Turovski