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 bank in Lithuania announces EUR 16.8 million operating profit
Nordea bank in Lithuania earned EUR 16.8 million operating profit in the first three quarters of 2016. Total income increased by 7% and reached 35.7 EUR million. Net interest income increased by 2% amounting EUR 26 million and commission income increased by 3% and amounted EUR 5.1 million.
Lending portfolio growth was broad based with both lending to corporate and household growing by 4%. Total lending volumes increased by 4% y-o-y and accounted for EUR 2.3 billion. The mortgage loan portfolio increased by 4% and reached EUR 0.7 billion.
The total deposit portfolio decreased by 15% y-o-y, reaching EUR 1.07 billion and the decline was mainly driven by fall of corporate deposit volumes by 20% while household segments dropped by 3% y-o-y.
*This financial report is based on management accounting data.
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