Estonian branch is Swedbank's most profitable
Swedbank, which operates in several markets, earned €272 per client in Estonia during the first three quarters of this year, according to analysis from ERR. This makes the Estonian branch the bank's most profitable.
Swedbank serves a total of 7.4 million private clients and 553,000 business clients. On average, the bank earned €215 per client across all its markets during the first nine months of the year, a 10.4 percent decrease compared to the same period last year.
Looking at individual markets, the company earned the least profit per client in Latvia, where it made €168 per client during the first nine months.
By contrast, Estonia had the most profitable clients, with an average of €272 in profit per client.
For comparison, in Sweden, the bank earned €233 per client.
Estonia stands out with a higher proportion of business clients compared to other markets. While business clients make up 7 percent of the bank's total customer base and 6.3 percent in Sweden, Estonia sees a significantly higher proportion, with 12.5 percent of its clients being businesses.
Swedbank's profit per client for the first nine months of 2024:
The data comes from Swedbank's third-quarter results, with calculations made by ERR.
A comparison by bank branches reveals a similar pattern. Profit per bank branch is also the highest in Estonia.
In Sweden, Swedbank has 143 branches, generating €6.6 million in profit per branch over the first three quarters of the year. In contrast, despite having only 15 branches in Estonia, Swedbank earned a remarkable €18.7 million in profit per branch.
Swedbank's profit per branch for the first nine months of 2024:
--
Follow ERR News on Facebook and Twitter and never miss an update!
Editor: Huko Aaspõllu, Helen Wright