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Monday 16.07.2018 | Name days: Hermīne, Estere
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Danske Bank profit this year – 948 000 lats

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This year, Danske Bank‘s first quarter profit before corporate income tax deduction comprised 948 000 lats, while the number of clients – 12 751, rising 11%.

Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RUIn the same period last year, the bank’s losses accounted for 1.312 million lats, informs Danske Bank.

During the first quarter of 2011, the bank’s operating income was 853 000 lats – 11.6% less than in the same period last year, when the operating income was 965 000 lats.

If last year the bank accumulated 1.455 million lats in loan impairment charges, this year the recovery of impairment charges was made at the extent of 944 000 lats.

The first quarter brought several positive news for Danske Bank. The number of bank’s corporate and institutional clients kept growing, the bank managed to resume profit and clients showed their confidence in the bank by placing deposits, points out Raivis Kakānis, the head of the bank.

In the first quarter, the number of business and institutional clients continued to climb. Compared to the first quarter of 2010, the increase in this client base formed 25%.

The volume of new loans exceeded the natural amortization of the portfolio. Danske Bank‘s total loan portfolio surged 4% over the year. Compared to the first quarter last year, the volume of issued loans to business clients soared 43%, while the volume of loans granted to private entities dropped 11%.

Danske Bank‘s deposit portfolio is reporting growth already for several consecutive quarters. In the first quarter of 2011, it amounted to almost 150 million lats, growing by 77%, compared to the exact period last year. The increase is mainly due to the rapid growth in business clients’ deposits, indicates the bank’s head.

Still low market interest rates put pressure on the bank’s net interest income, but the relatively high ATM network maintenance costs negatively affected the bank’s net fee income. While the economic stabilization, sufficient individual impairment charges made in the previous quarters and the company’s financial performance improvement enabled reversing part of the loan impairment charges, recognizes Kakānis.

 


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