TALLINN — Sampo Bank declared a pre-tax profit in the first quarter of 2010, which along with the results of Nordea, SEB, and Swedbank shows some stabilization in Estonia’s banking sector. However, Lithuanian and Latvian results dragged Danske Bank into the red region-wide.

Sampo Estonia announced Tuesday that the first quarter ended with a 27 million krooni (€1.7 million) pre-tax profit, a substantial improvement from its [private_supervisor]Q1 2009 54 million krooni loss (€3.4 million). The bank’s operational profit before the loan impairment charges totaled 147 million krooni (€9.4 million).

The bank’s adjusted lending terms affected its loan portfolio, which decreased by 13.8 percent within a year to 28.6 billion krooni (€1.8 billion). Sampo’s deposits at the end of the first quarter was 23.9 billion krooni (€1.5 billion), showing a 9 percent increase from the same period last year as Estonians are typically saving rather than spending.

Sampo Bank CEO Aivar Rehe said that the first quarter showed clear signs of stability in both the Estonian economy and banking sector.

“The risks threatening the financial stability of the banking sector diminished, and the entire economy continued to adjust to the changed conditions,” Rehe told the media.

Sampo is a subsidiary of the Danske Bank Group, whose first quarter net profit was €0.1 billion, continuing the downturn. The bank’s total income has fallen by 30 percent, to €1.6 billion, since the first quarter of 2009, largely pulled down by its Baltic branches. In Lithuania, Danske Bank posted -14 million litai (-€4 million) for the first quarter, which was about half the losses accrued in the first quarter of 2009. In Latvia, the bank lost €1.8 million, bringing its total performance in the Baltics during the first quarter to -€4.1 million. [/private_supervisor] [private_subscription 1 month]Q1 2009 54 million krooni loss (€3.4 million). The bank’s operational profit before the loan impairment charges totaled 147 million krooni (€9.4 million).

The bank’s adjusted lending terms affected its loan portfolio, which decreased by 13.8 percent within a year to 28.6 billion krooni (€1.8 billion). Sampo’s deposits at the end of the first quarter was 23.9 billion krooni (€1.5 billion), showing a 9 percent increase from the same period last year as Estonians are typically saving rather than spending.

Sampo Bank CEO Aivar Rehe said that the first quarter showed clear signs of stability in both the Estonian economy and banking sector.

“The risks threatening the financial stability of the banking sector diminished, and the entire economy continued to adjust to the changed conditions,” Rehe told the media.

Sampo is a subsidiary of the Danske Bank Group, whose first quarter net profit was €0.1 billion, continuing the downturn. The bank’s total income has fallen by 30 percent, to €1.6 billion, since the first quarter of 2009, largely pulled down by its Baltic branches. In Lithuania, Danske Bank posted -14 million litai (-€4 million) for the first quarter, which was about half the losses accrued in the first quarter of 2009. In Latvia, the bank lost €1.8 million, bringing its total performance in the Baltics during the first quarter to -€4.1 million. [/private_subscription 1 month] [private_subscription 4 months]Q1 2009 54 million krooni loss (€3.4 million). The bank’s operational profit before the loan impairment charges totaled 147 million krooni (€9.4 million).

The bank’s adjusted lending terms affected its loan portfolio, which decreased by 13.8 percent within a year to 28.6 billion krooni (€1.8 billion). Sampo’s deposits at the end of the first quarter was 23.9 billion krooni (€1.5 billion), showing a 9 percent increase from the same period last year as Estonians are typically saving rather than spending.

Sampo Bank CEO Aivar Rehe said that the first quarter showed clear signs of stability in both the Estonian economy and banking sector.

“The risks threatening the financial stability of the banking sector diminished, and the entire economy continued to adjust to the changed conditions,” Rehe told the media.

Sampo is a subsidiary of the Danske Bank Group, whose first quarter net profit was €0.1 billion, continuing the downturn. The bank’s total income has fallen by 30 percent, to €1.6 billion, since the first quarter of 2009, largely pulled down by its Baltic branches. In Lithuania, Danske Bank posted -14 million litai (-€4 million) for the first quarter, which was about half the losses accrued in the first quarter of 2009. In Latvia, the bank lost €1.8 million, bringing its total performance in the Baltics during the first quarter to -€4.1 million.[/private_subscription 4 months] [private_subscription 1 year]Q1 2009 54 million krooni loss (€3.4 million). The bank’s operational profit before the loan impairment charges totaled 147 million krooni (€9.4 million).

The bank’s adjusted lending terms affected its loan portfolio, which decreased by 13.8 percent within a year to 28.6 billion krooni (€1.8 billion). Sampo’s deposits at the end of the first quarter was 23.9 billion krooni (€1.5 billion), showing a 9 percent increase from the same period last year as Estonians are typically saving rather than spending.

Sampo Bank CEO Aivar Rehe said that the first quarter showed clear signs of stability in both the Estonian economy and banking sector.

“The risks threatening the financial stability of the banking sector diminished, and the entire economy continued to adjust to the changed conditions,” Rehe told the media.

Sampo is a subsidiary of the Danske Bank Group, whose first quarter net profit was €0.1 billion, continuing the downturn. The bank’s total income has fallen by 30 percent, to €1.6 billion, since the first quarter of 2009, largely pulled down by its Baltic branches. In Lithuania, Danske Bank posted -14 million litai (-€4 million) for the first quarter, which was about half the losses accrued in the first quarter of 2009. In Latvia, the bank lost €1.8 million, bringing its total performance in the Baltics during the first quarter to -€4.1 million. [/private_subscription 1 year]

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