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Tuesday 23.05.2017 | Name days: Leontīne, Ligija, Lonija, Leokādija
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Revenue of Swedbank Latvija declines 5%

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn the first nine months of 2015 Swedbank Latvija worked with revenue worth EUR 83 million, which is 5% lower in comparison with the same period of 2014.

With continued economic growth and rise in demand for funding, the volume of the loan portfolio has grown 0.4% in comparison with 31 December 2014. Positive growth of the loan portfolio also continued in Q3. The volume of new loans has increased and has reached EUR 587 million in the first nine months of 2015, as compared with EUR 407 million in the same period of 2014. Growth has been noted in the corporate and private segment. On 30 June 2015 Swedbank’s loan market share was 22% (22% on 31 December 2014).

Since December 2014, the bank’s deposit volume has grown 7%. On 30 June 2015 Swedbank Latvija’s deposit market share was 17%. The loan-to-deposit ratio was 84% (89% in December 2014).

Under influence of low interest rates, NET interest revenue has declined 8% compared with the same period of 2014. Compared with Q3 2015, NET interest rate revenue has declined by 2%, as reported by the bank.

Compared with the same period of last year, total expenses have declined 3%. Compared with Q3 2015, expenses have grown 3%. The revenue-to-expense ratio was 0.40 in the first months of 2015 (038 in the first months of 2014).

‘Demand for financial services has visibly grown for private persons and enterprises. Many enterprises have established a stable foothold on the market and have launched or plan to launch exports. All of that requires immense production power. Wage rise, low consumer price growth and gradual decline of the unemployment level improve the financial state of Latvian households – it helps improve the level of optimism for the future and demand for funding. The bank’s services have become more accessible in the past three months. This is especially true for large cities – we have installed seven new ATMs as part of Swedbank’s regional development programme in order to ensure 100% ATM coverage in all of Latvia’s regions,’ – said Swedbank Latvija manager Maris Mancinskis.

Ref: 102.109.109.1663


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