A branch of the largest financial services group in Northern Europe Nordea Lithuania generated total income of 42.45 million litas over the first quarter of 2014. Total income increased by 25 percent compared to the same period of the last year. For Q1 Nordea profit before taxes and provisions recorded 26.09 million litas reflecting an increase of 52.6 percent over the first quarter of 2013.
Due to increased provisions Nordea earned 3.21 million litas of unaudited net profit over the first quarter. During the corresponding period last year Nordea earned 11.2 litas in Lithuania. The loan loss provisions amounted to 22.8 million litas.
The portfolio of deposits and current accounts increased by 33.5 percent. The amount of deposits and current accounts reached a high figure - 3.62 billion litas.The loan portfolio remains unchanged compared to the same period last year and amounted to 8.15 billion litas. The portfolio of corporate clients loans went down by 0.1 percent and amounted to 5.22 billion litas. The portfolio of Household loans increase by 2.6 percent and amounted to 2.93 billion litas (2.41 billion litas of the total accounting for mortgage loans).
Nordea financial services group is among the few European banks which have retained a high AA- credit rating from the leading agencies such as Moody’s and S&P. The report is based on management accounting data.
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