Nordea Baltic division reported profits of EUR 27 million in the first quarter of 2015 - an increase by 80% compared to the fourth quarter in 2014. The growth of commission income has increased around 20% YoY, while deposit volumes have increased by 5% compared to the same period last year.
“Our business strategy for the Baltic region focuses on building long-term sustainable relationships with our customers. We will continue to strengthen Nordea’s position as a solid and competent advisory bank. We are glad to see that customers are responding positively to our offerings and we have welcomed many new customers during the latest quarter. Nordea customers are becoming more and more self-directed and already now over 8 out of 10 of our household customers are making use of our online and mobile banking channels. Based upon customer needs and preferences, we will continue to improve our relevance in every touch point we have with our customers,” indicates Inga Skisaker, Head of Banking Baltic countries.
In the first quarter of 2015 Nordea in Latvia delivered profit before corporate tax in the amount of 11.0 million Euro, an increase by 6.3 million Euro in comparison with the fourth quarter of 2014. Profit before loan losses increased by 25% and amounted to 9.8 million Euro. The total net commission income increased by 16 % compared to the first quarter 2014. In addition, deposit volumes increased by 5%.
“It is particularly pleasing to see that our customers continue to prefer being among the strongest and safest banks in Europe. Our growing number of “home bank” customers testifies to our ability to meet their needs and we will continue to strengthen our relationship banking efforts to build on the position as a solid partner to both household and corporate customers,” says Janis Buks, Head of Nordea Bank in Latvia.
*This report is based on management accounting data.