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Ceturtdiena 14.12.2017 | Name days: Gaisma, Auseklis
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Swedbank's Q1 2013 profits – 16 million

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Аuthor: Edijs Pālens/LETAIn Q1 of 2013, Swedbank has earned a total of 16 million LVL, including insurance business. Last year’s profits for the same period reached 18 million. This year’s reduction is mainly due to lower interest rates.

The volume of provided credits in Q1 of 2013 increased and reached 97 million LVL, compared to 63 million LVL in Q1 2012. 81 million LVL of the provided credits went to enterprises. The increase was mainly related to the business sector, while the demand of households for mortgage loans remained low, Swedbank reports.

The total net credit portfolio reduced by 0.5% in the accounting period, compared to Q1 of 2012. The total volume of the credit portfolio was 2 448 million LVL in Q1 2013.

The volume of the client deposits increased by 30% in Q1. Both the private persons’ and corporate deposits increased in similar amounts. The deposit portfolio was also positively affected by the last year’s procurement of Latvian Mortgage and Land Bank’s commercial part.

In Q1 of 2013, Swedbank had a total volume of 0.4 million LVL in deposits. This was mainly for the private segment. In Q1 of 2012, however, Swedbank had released 2 million LVL from it previously made deposits. The gross volume of problematic credits continued to reduce, reaching 324 million LVL at the end of Q1 of 2013 (538 million LVL in Q1 of 2012).

The total revenue for Q1 reduced by 1%, while expenses reduced by 3%, compared to the same period of 2012.

Ref: 102.109.109.7042


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