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Monday 01.05.2017 | Name days: Ziedonis
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Swedbank’s revenue in Latvia up 19%

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RURevenue of Swedbank Latvia for Q1 2016 was EUR 28 million, which is 19% more in comparison with the same period of 2015. Increased revenue was mostly secured by growing income of residents and release of previously made savings.

As moderate growth of Latvia’s economy continues, the volume of the loan portfolio, compared with 31 December 2015, remains unchanged. Growth was mostly noted in corporate and consumption financing portfolios. Mortgage loan portfolio continues to decline. The market share of Swedbank Latvia was 22% on 29 February 2016, the bank reports.

The volume of deposits grew by 1% in Q1. Swedbank Latvia’s deposit market share was 18% on 29 February 2016. The proportion of loans in comparison with deposits was 82% (86% on 31 March 2015).

Loan quality remains unchanged for the bank – Swedbank Latvia carried out a release of previously made deposits worth EUR 2 million.

Clean interest income has grown 3% in comparison with the same period of last year.

Compared with Q1 2015, clear commission fee income has increased by 6%. Thanks to continued client activity increased, the number of card purchases has increased by 13%. At the same time, clear commission fee revenue was affected by limits of interbank commission fees.

«At the beginning of the year, we put an emphasis on expanding the range of services accessible to our clients. The number of clients who resolve questions related to their financial affairs by contacting the bank by phone also continues to increase. The most rapid changes are brought about by smart-phones – nearly half of the bank’s clients check their account balance on their phone. Danske Bank clients will soon be able to see how much effort we have put into improving our customer service,» – says Maris Mancinskis, manager of Swedbank in Latvia.

Digitization of services continued in Q1. For example, businesses can now access a new function in Swedbank’s internet banking system – user administration. This allows businesses to add and change access rights for their employees without coming to the bank in person to do that. The number of mobile app users increased to reach 129,000 in March.

In order to expand its accessibility across Latvia, Swedbank opened three new offices – in Ludza, Balva and Valka – in Q1 2016.

Ref: 102.109.109.8097


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