Nordea Baltics announces a profit of EUR 27 million in Q1 2015

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. 

 

Nordea bank in Lithuania in the first quarter 2015 earned unaudited net profit of EUR 5 million after provisions and before corporate taxes. Deposits portfolio and current accounts increased by 14.3%. The amount of deposits and current accounts reached a high figure – EUR 1.2 billion. The deposit growth was driven by a 38.1 percent rise in the volumes of household deposits whereas the total of corporate deposits went up by 7.2 percent comparing to the same period last year. Nordea’s loan portfolio decreased by 10.6 percent last year and accounted for EUR 2.1 billion. The volume of corporate loans dropped by 16.7%. Household loans increased insignificantly by 0.3%. The bank’s mortgage loan portfolio increased by 1% and reached EUR 0.7 billion.

 

For Nordea Group results, please click here.

 

This report is based on management accounting data.