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Latvia’s Swedbank posts EUR 79 million in nine-month profit
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    Latvia’s Swedbank posts EUR 79 million in nine-month profit

    RIGA, Oct 24 (LETA) – Swedbank in Latvia posted EUR 79 million in nine-month profit, which is by 3 percent more than in the respective period last year, the bank reported.

    The increase was driven mainly by higher income and credit recoveries.

    "The economic growth in Latvia continues to drive lending: there has been a robust activity increase among private customers, as well as corporates – new lending to small-sized enterprises is up by almost 50 percent compared to the previous year. Also convenience of daily banking – customers using Smart-ID interact with us nearly three times as often, and the number of Smart-ID users has already topped 100,000, - is highly valued," said Reinis Rubenis, Head of Swedbank Latvia

    Swedbank’s assets stood at EUR 5.06 billion at the end of the third quarter.

    Lending volumes rose by 2 percent, supported by both corporate and household lending. The total loan portfolio grew mainly due to leasing, corporate and consumer loans.

    Deposit volumes declined by 4 percent. Household deposits showed strong growth, while corporate deposits declined.

    Net recoveries amounted to EUR 3 million, compared with net recoveries of EUR 1 million in 2016. Underlying credit quality remained strong.

    Net interest income rose by 1 percent. The increase was mainly due to higher lending volumes.

    Net commission income rose by 6 percent due to increased customer activity.

    Total expenses increased by 2 percent. The main effect comes from increase in regulatory related costs.

    The bank also reported that number of active mobile bank customers has almost doubled during a year. Smart-ID launch in the first quarter of 2017 has been successful and has increased customers’ convenience, allowing them to use it as an identification tool as well as to sign contracts and confirm payments in mobile. The number of users rose to more than 100,000 in September, compared with 73,000 in June, and the number of logins increased to 3.3 million for the quarter. Currently customers can use Smart-ID in order to identify themselves remotely as well as in consultation centers.

    Swedbank is Latvia’s largest bank by assets.

    • Published: 24.10.2017 10:11
    • LETA
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