Nordea reports growing volumes and profits for first quarter

Nordea's results improved across the Baltic states.
Nordea's results improved across the Baltic states. Source: (Postimees/Scanpix)

Nordea’s Baltic business reported a profit of €24.5 million for the first quarter of 2017. This is 10 percent more than in the same period a year ago. The bank’s business across all three Baltic states increased by 2 percent to €49.6 million.

Net interest income increased by 3 percent, and net services income by 16 percent. The total volume of Nordea’s loan portfolio in the Baltic states increased by 5 percent to €8.5 billion, assets grew by 16 percent to €5 billion.

Estonian volume and profit grow as well

For its Estonian business Nordea reported an income of €22.1 million, 9 percent more than in the same period in 2016. This, according to the bank, was mainly connected to their growing loans and leasing portfolio, increased customer activity, and the growing volume of customer assets.

Loans to households increased by 8 percent year on year, commercial loans by 4 percent. The total loan portfolio of the Estonian branch amounted to €3.5 billion, which is an increase of 6 percent compared to the first quarter of last year. Assets increased by 17 percent to €1.86 billion.

The operating profit of €6.2 million was supported by the bank’s higher income as well as ignificantly lower loan write-offs.

Editor: Dario Cavegn

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