Estonian unit of DNB earns €1.9 in profit in first quarter

DNB will be merging with Nordea in the Baltics to form a new bank called Luminor.
DNB will be merging with Nordea in the Baltics to form a new bank called Luminor. Source: (Martin Dremljuga/ERR)

DNB Eesti, the Estonian subsidiary of Norwegian financial services group DNB, earned a net profit of €1.9 million in the first quarter of 2017, an 85 percent increase over the same three-month period last year.

The profit was mainly due to an increased leasing portfolio, decrease in expenses, and improved quality of the loan portfolio, DNB said.

The bank's deposit portfolio increased 10 percent year over year to €331 million. Leasing experienced the biggest growth, with the portfolio expanding by 7.5 percent to €227 million.

The increase in the leasing portfolio was supported in the first quarter by important transactions made in the field of industrial equipment as well as construction vehicles and machines. "The Estonian industrial sector is moving at the same pace with public sector procurements, which is why it is absolutely consistent with expectations that the leasing of industrial equipment picks up in spring," said Jaan Liitmäe, head of leasing at DNB.

DNB is undergoing changes which will result in a merger of the Baltic operations of DNB and Nordea and the creation of a new bank, Luminor OÜ. "Our goal is to offer quality services to continue meeting the expectations of our business customers," said Ivars Kapitovičs, general manager of DNB Bank. "This is also a good basis for the creation of the new bank."

Editor: Aili Vahtla

Source: BNS

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