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Sunday 23.10.2016 | Name days: Daina, Dainida, Dainis

SEB Bank concluded 2015 with profit of EUR 35 million

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOver the course of 2015, SEB Bank issued a total of EUR 549 million in the form fresh loans. Of that amount, EUR 87 million were provided to private persons and EUR 462 million – to different companies. Small and medium-sized companies were provided with EUR 185 million in loans that year, which is 11% less than the amount allocated in 2014.

Last year, the number of new clients who chose SEB Bank as their financial partner had exceeded 20,700. Most of them – 17,300 – are private persons.

Thanks to the improved economic situation, the pension capital of SEB clients continues to rise. More than 285 thousand Latvian residents have entrusted their 2nd level pension savings to SEB Bank. Over the course of the past year, savings of those people have grown by EUR 85 million. 3rd level pension savings are kept in SEB Bank by 81,900 of Latvian residents. The volume of assets of SEB pension fund was EUR 120 million at the end of December 2015, which is EUR 15.1 million in comparison with December 2014.

SEB Group’s financial results in Latvia for 2015: SEB Group’s revenue reached EUR 101.2 million, which is 2% more in comparison with 2014; expenditure decreased by 9% and was EUR 48.7 million; total deposit volume in SEB Bank was EUR 2.1 billion at the end of December 2015, which exceeds results of 2014 by 1%; the bank’s loan portfolio was EUR 2.5 billion at the end of December 2015, which is 4% higher in comparison with the previous year; the bank’s capital and reserves reached EUR 459.9 million at the end of December 2015; the volume of assets was EUR 3.5 billion at the end of December 2015; SEB Bank’s liquidity index was 37.2% at the end of 2015.

Chairperson of SEB Bank Ieva Tetere on results of 2015: ‘The year was full of challenges for the bank and our clients – Latvian residents. Negative interest rates, which reduced banks’ revenue, recession of the Russian economy and requirements of the European Central Bank to secure liquidity forced banks to allocate additional monetary reserves. Legislative changes related to mortgage loan services turned out to be a major challenge on the local market.

We are happy to see loan services livened up – demand for funding is on a rise among small and medium-sized companies outside of Riga. Mortgage loan services are in demand in Riga. In 2015, SEB Bank issued 1,400 mortgage loans worth more than EUR 50 million. In spite of low demand for loans at the beginning of the year due to legislative changes, the interest for loans returned in Q3 and Q4. On top of that, it was possible to exceed results of the previous year by EUR 6 million.

In addition, SEB Bank issued more than 340 mortgage loans worth more than EUR 16.1 million to families with children as part of the state guarantee programme realized by Altum.’


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