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Monday 22.07.2019 | Name days: Marija, Marika, Marina

Nordea bank 2010 losses in Latvia - 12.1 million lats

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Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RU

Nordea bank losses in 2010 reached 12.1 million lats, while newly issued commercial loans comprised 107.9 million lats, housing loans – 68.5 million lats.

Despite the declining Latvian market, Nordea bank branch in Latvia managed to boost its total income by 4%, reaching 46.8 million lats, compared to 45.0 million lats in 2009, Nordea informed the business news portal BNN.

The total income grew by 0.5% from 20.0 million lats in 2009 up to 20.1 million lats last year. The operational profit before provisioning and tax surged 7% from 25.0 million lats in 2009 up to 26.7 million lats last year. Provisions for bad debts shrank by 41% from 60.5 million lats down to 35.4 million lats.

Last year’s income grew by 4%, which is a growth of 28% since 2007. Active operations, clients attraction and new deals ensured the revenue climb. Last year we issued 176 million lats in new deals, which is our contribution to the development of the Latvian national economy. Nordea account balances grew by 17% in 2010. More and more people opt for us as the main bank for their daily transactions, Nordea bank branch in Latvia Head Valdis Siksnis says.

We operated with profit on quarterly basis in the new European markets (Latvia, Lithuania, Estonia, Russia, Poland). We are strengthening our positions year by year. There is no doubt we are one of the leading banks in this region as well, he says, adding that despite they were hit by the Latvian crisis the most, they have succeeded in reporting much better performance than the overall banking sector in general, Nordea Head in the Baltics, Poland and Rusiaa Thomas Neckmar says.

Nordea growth strategy has ensured positive results also in the fourth quarter of 2010 with the bank’s operational profit and total income hitting record high. While the annual profit performance has surged 18%, according to Nordea Group President Christian Clausen. Last year 200 000 Gold and Private Banking clients joined the bank. Moreover, the commercial and household sectors reported positive tendencies in all segments as well.

2010 was a significant turning point in our way to becoming the leading European bank. Aside from the remarkable financial performance, we have also strengthened our market positions and improved our capital, liquidity and fund-raising performance, which permits us to be optimistic about the future as well, Clausen says.

The total income surged 6% in the 4th quarter of 2010 (the total income of 2010 grew 3%). The number of Gold and Private Banking clients increased by 47 000 (a growth of 7%, 200 000 in 2010), while credit losses represented 23 basis points (31 basis points in 2010).

The operational profit of the 4th quarter grew 12% (18% in 2010). Return on equity of the last quarter amounted to 12.8% (11.5% in 2010). While Nordea bank branch in Estonia concluded 2010 with almost 25 million euro profit, which means the company’s income has spiked 24%, compared to the previous year. The operational profit soared 26% during the year, totalling 41 million euro, which is the best financial performance in the history of the bank, reports

Nordea bank in Estonia is growing at a fast pace, despite the overall market drop, according to Nordea Pank Eesti Head Vahur Kraft.

Bank’s loan loss rate formed 0.6% of the total credit portfolio in December, amounting to 2.8 billion euro in late December. While the clients deposits totalled about 762 million euro.

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