Swedbank earned profits of EUR 230 million in Latvia this year, which was EUR 44 million less than a year before, the bank’s media relations manager, Janis Krops, has told the LETA news agency.
Krops said that the decrease in profits was largely down to a levy on mortgage loan interest compensation (EUR 38 million). The bank released EUR 7.5 million in credit provisions in 2024 (as against EUR 7 million in 2023).
Meanwhile, the bank’s financial report has been published on its website to show that the Swedbank Group’s profits in 2024 in Latvia amounted to EUR 218.701 million, down 7.6% against 2023, while Swedbank’s own profit fell by 8.3% to EUR 216.024 million.
The Swedbank Group’s assets at the end of 2024 amounted to EUR 10.647 billion, up 14.5% or EUR 1.347 million from EUR 9.299 billion at the end of 2023.
At the end of last year, the group has EUR 6.172 billion in outstanding loans, up 12.4% percent since the end of 2023, as well as EUR 9.207 billion in deposits, which was 16.5% more year-on-year – this according to the published financial statement.
Krops further says that net interest income in 2024 was down by EUR 10 million as against 2023, while net commission income was up by EUR 2 million. The bank’s total expenses ran to EUR 157 million last year, compared to EUR 138 million in 2023.
The media manager also noted that Swedbank’s loan portfolio grew by 9% last year, including an 8% increase in households spending and an 11% increase in corporate lending. At the same time, the deposit portfolio grew by 13% by the end of last year, as against the end of 2023, including a 13% increase in household deposits and a 12% increase in corporate deposits.
“Despite prolonged economic stagnation in Latvia, Swedbank has achieved good growth in retail and corporate financing alike,” says Swedbank Latvia’s board chairman Lauris Mencis.
Source: BNS
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