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Swedbank Estonia earned a profit in Q2, but losses in H1
Juhan Tere, BC, Tallinn, 22.07.2010.
Print version
Print versionSwedbank’s Estonian unit earned a profit of 108 million kroons in the second quarter of 2010, writes LETA/Postimees Online. During the entire first half of 2010, however, the bank earned a loss of 164 million kroons.
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The generated revenue in the second quarter amounted to 1.147 billion kroons, growing by 10% in a quarter. The growth in revenue was mostly due to an increase of 15% in the net interest rate revenue, amounting to 698 million kroons.
Positive impact on the bank’s earnings was had by the approximation of the interest rates in euros and in kroons and the fall in the prices of money taken on loan from by the bank. Low lending activity also had an impact on the results.
The volume of problematic loans issued by Swedbank in Estonia amounted to 9.4 billion kroons as of June 30 while on December 31, 2009 the volume was 8.3 billion kroons.
The reserve on losses on loans in the end of the second quarter amounted to 5.9 billion kroons.
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