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Wednesday 21.02.2018 | Name days: Eleonora, Ariadne
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Swedbank Latvia earns 71 million LVL in 2012

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Last year, Swedbank Latvia earned 71 million LVL, insurance business included. This amount is smaller than that of 2011, when the bank’s revenue was 81 million LVL. The number of the credit institution’s clients in Latvia has increased by 77 thousand.

The volume of clients’ deposits increased by 33% in 2012. Private persons’ deposits increased similarly (by 31%). This also applies to enterprise deposits (by 36%). The volume of deposits reached 1 987 million LVL in the end of 2012, as reported by Swedbank.

The volume of new funding reached 423 million LVL, which is by 53% more than there was the year before. 328 million LVL were issued to enterprises, while 95 million LVL – to private persons. The total net credit portfolio decreased by 1% in 2012, which was mostly due to the reduction of obligations in economy. The volume of the credit portfolio was 2 517 million LVL in the end of the year.

The proportion of deposits and credits continued to improve – reducing to 127% (171% in 2011).

The gross amount of problematic credits continued to decrease in 2012, down to 361 million LVL by the end of the year (605 million LVL by the end of 2011). The quality of credits was affected by the overall economic background in the country, which positively affected financial indexes of enterprises.

Risk-weighted assets have decreased from 2 782 million LVL in the beginning of the year to 2 583 million LVL in the end of 2012.

The bank’s total revenue decreased by 1% in 2012, which was largely due to low interest rates. Expenses decreased by 6%. The expenses/revenue coefficient was 43% in 2012.

One of the most important actions of 2012 was the successful procurement of the Mortgage Bank’s commercial shares. By widening client service opportunities, the bank managed to open 11 additional client service locations in different Latvian regions. The bank is currently available in 113 locations around Latvia.

Ref: 102.109.109.5882


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