Estonian-owned LHV doubled its profits in 2014, while SEB, Swedbank and Danske all recorded a decrease or only moderate profit growth compared to 2013.
LHV reported 9.7 million euros in profits last year, compared to 4.3 million in 2013. The total value of deposits grew by 30 percent to 458 million and loans by 53 percent to 316 million euros. The bank’s investment funds increased by 34 percent to 504 million euros.
“The number of new clients and their active approach has increased our operations in all areas of activity,” LHV Group head Erkki Raasuke said.
Swedbank, the nation’s largest private bank, reported a 156-million-euro profit, down 11 percent compared to 2013.
Priit Perens, the head of the bank in the Baltics, said measures to boost efficiency have worked and they are working to further consolidate activities in the Baltics. He said the business sector is still complicated with the crisis in Ukraine, the weak rouble and low petroleum prices all having an effect.
SEB increased its profits by 1 percent to 75 million euros, while Danske bank reported a 23-million profit, far less than the 47-million-euro profit recorded in 2013.
Aivar Rehe, the head of the bank’s Estonian branch, said lower profits from financial investments and interest were the main cause for the fall.
Source: ERR News via Estonian Review