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SEB group concludes Q1 of 2013 with profits of 1.6 million

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Аuthor: Lita Krone/LETASEB Group has concluded Q1 of 2013 with profits of 1.6 million LVL in Latvia. This was mostly due to two factors – low interest rates and the necessity to form additional savings for specific clients.

During the accounting period, compared to Q1 of 2012, the number of clients increased significantly. The number of individual clients increased by 21% and that of corporate clients increased by 22%, as reported by SEB.

Compared to the year before, the bank provided 55% more financing for bank clients – 129.1 million LVL. 76% of this amount was provided to companies. With it, their funding increased was 69%.

The housing credit sector showed good results in the beginning of the year – 10.3 million LVL were provided for housing improvement, which is 27% more than there was provided in the first three months of 2012.

In total, SEB Group‘s profits in Q1 of 2013 reached 18.8 million LVL, which is 7% less than in Q1 of 2012. Cost reduced by 7% (to 8.7 million LVL) compared to Q1 of 2012. Profits before savings reached 9.9 million LVL, which is 8% less than that of 2012.

The total volume of deposits in SEB bank reached 1.2 billion LVL on March 31, 2013. The total credit portfolio was 2.06 billion LVL, which is 1.7% more than there was at the end of March 2012.

The capital sufficiency index of SEB Latvia was 16.27% in March 2013. That of liquidity reached 43.7%.

“Ever since the end of 2012 we have attracted 3 400 new small and medium companies. We have provided 9% more funding for the realization of the their business plans than we did last year. We continue to improve the quality of our assets – resources form 25% of our total assets. The capital sufficiency index was 15.3%. This shows the bank’s stability and long-term financial capability. Given all of the measures intended for business development and risk assessment, SEB operative profits for Q1 was 306.3 million LVL”, – SEB Group President and CEO Annika Falkengren comments.

Ref: 102.109.109.7049


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