Nordea in the Baltic countries reported operating profit of EUR 72.1 million after provisions in the first three quarters of 2016. Total income for nine months went up by 10% year on year, showing evident growth in all income items. Commission income grew 8% as a result of higher demand of daily banking services and increased activity of investment product sales.
Nordea in the Baltics demonstrated balanced growth of lending volumes, focusing on bank’s target customers and thereby increasing total lending volumes by 2% and net interest income - by 4% compared to the respective period in 2015.
“We continue focusing on capital efficiency programs, including reducing funding gap and promoting savings and investments advisory services. At the same time we continue with improvements in digital area. New generation authentication that in the beginning of year was launched in Lithuania has now been successfully rolled out in Latvia and Estonia covering all Baltic countries. We have extended online advisory services also to corporate customers and ready to provide contactless card solution to our customers across all Baltic countries, comments Inga Skisaker, Head of Banking Baltic countries.
Nordea Latvia Q3 2016 financial results
Nordea bank in Latvia announced EUR 29.2 million of operating profits in the first three quarters of 2016. Total income increased by 4% comparing to Q3 2015 and is amounted to EUR 54.2 million. Commission income has increased by 16% year on year reaching EUR 9.3 million.
Total deposit portfolio demonstrates constant growth, reaching total amount of EUR 1.67 billion. Private segment deposits, comparing to the respective period last year, went up by 10%, whereas corporate deposits – by 2%. Total lending volumes have reached EUR 2.63 billion.
"Third quarter results mark strong performance in terms of even more focused and centric customer approach, various improvements in digital area and constantly expanding opportunities for different savings and investments products. Despite challenging market situation and low interest rates, we can be proud of significant profit growth and stable increase in majority of main income driving areas,” says Janis Buks, Head of Nordea Bank in Latvia. "We continue putting extra attention in promoting most competitive investment opportunities and secure our position as industry leaders by constantly developing our remote services.”
*This financial report is based on management accounting data.