TALLINN — While Nordea’s Estonian subsidiary ended up in profit in the first quarter of 2010, SEB is still struggling with losses in all three Baltic states.

Nordea’s Estonian subsidiary announced Wednesday that the first quarter ended with a 38.8 million krooni (€2.4 million) profit. The bank’s total income increased by 24 percent to 247.6 million krooni (€15.8 million), compared to the first quarter last year. Nordea is the only bank in the [private_supervisor]smallest Baltic state to earn profit, nearly doubling it’s take since the fourth quarter in 2009.

The bank’s loan portfolio increased by 5 percent to 35 billion krooni (€2,2 billion), keeping the loan volume on the same level as last year. However the leasing portfolio decreased by 10 percent to 6.1 billion krooni (€389,8 million) as the leasing periods are shorter.

“The improved business environment has contributed to a decrease of loan losses and a stabilization of the growth of impaired loans,” Nordea CEO Christian Clausen said in a statement to the press.

The debt protection draft act that is currently on action in the Estonian parliament has its influence on the demand for loans, according to Kraft.

Nordea also posted profit in Lithuania but in Latvia the bank declared a loss.  Nordea’s profit in Lithuania was 7.5 million litai (€2,1 million), but the loss in Latvia was 8.5 million lats (€12 million).

SEB in red, but improving

SEB’s Estonian subsidiary exited the first quarter with a 52 million krooni (€3.3 million) loss mostly due to bad loans, the bank reported Wednesday. However, the result is a major improvement as the loss is nearly twice less than in the first quarter last year. The bank’s loan loss provisions decreased nearly by half comparing to the fourth quarter last year.

“The lower provision for Baltic credit losses … also mirrors the overall stabilization in the region,” SEB CEO Annika Falkengren said, characterizing the recovery as feeble at best.

SEB’s operational profit decreased to 495 million krooni (€31.6), which is a slight fall comparing to the first quarter in 2009, and operational costs increased. The loan capacity declined by 8 percent.

SEB’s outcome was much worse in the other Baltic states. The bank’s Latvian subsidiary’s turnover was €30.3 million, falling by 36 percent within a year. The bank’s loss reached up to 30.1 million lats (€42.5 million).

SEB Latvia CEO Ainars Ozoliņš blames the small income on continuously declining interest rates, an important source of income for the bank.

SEB Lithuania’s subsidiary was the worst performing in the Baltic states, posting -€17.2 million for quarter one. The bank’s turnover increased by 41 percent to €32.9 million comparing to the first quarter last year, though.

Overall, SEB Group declared 15 billion krooni (€958,6 million) profit despite its poor performance in the Baltic states. [/private_supervisor] [private_subscription 1 month]smallest Baltic state to earn profit, nearly doubling it’s take since the fourth quarter in 2009.

The bank’s loan portfolio increased by 5 percent to 35 billion krooni (€2,2 billion), keeping the loan volume on the same level as last year. However the leasing portfolio decreased by 10 percent to 6.1 billion krooni (€389,8 million) as the leasing periods are shorter.

“The improved business environment has contributed to a decrease of loan losses and a stabilization of the growth of impaired loans,” Nordea CEO Christian Clausen said in a statement to the press.

The debt protection draft act that is currently on action in the Estonian parliament has its influence on the demand for loans, according to Kraft.

Nordea also posted profit in Lithuania but in Latvia the bank declared a loss. Nordea’s profit in Lithuania was 7.5 million litai (€2,1 million), but the loss in Latvia was 8.5 million lats (€12 million).

SEB in red, but improving

SEB’s Estonian subsidiary exited the first quarter with a 52 million krooni (€3.3 million) loss mostly due to bad loans, the bank reported Wednesday. However, the result is a major improvement as the loss is nearly twice less than in the first quarter last year. The bank’s loan loss provisions decreased nearly by half comparing to the fourth quarter last year.

“The lower provision for Baltic credit losses … also mirrors the overall stabilization in the region,” SEB CEO Annika Falkengren said, characterizing the recovery as feeble at best.

SEB’s operational profit decreased to 495 million krooni (€31.6), which is a slight fall comparing to the first quarter in 2009, and operational costs increased. The loan capacity declined by 8 percent.

SEB’s outcome was much worse in the other Baltic states. The bank’s Latvian subsidiary’s turnover was €30.3 million, falling by 36 percent within a year. The bank’s loss reached up to 30.1 million lats (€42.5 million).

SEB Latvia CEO Ainars Ozoliņš blames the small income on continuously declining interest rates, an important source of income for the bank.

SEB Lithuania’s subsidiary was the worst performing in the Baltic states, posting -€17.2 million for quarter one. The bank’s turnover increased by 41 percent to €32.9 million comparing to the first quarter last year, though.

Overall, SEB Group declared 15 billion krooni (€958,6 million) profit despite its poor performance in the Baltic states. [/private_subscription 1 month] [private_subscription 4 months]smallest Baltic state to earn profit, nearly doubling it’s take since the fourth quarter in 2009.

The bank’s loan portfolio increased by 5 percent to 35 billion krooni (€2,2 billion), keeping the loan volume on the same level as last year. However the leasing portfolio decreased by 10 percent to 6.1 billion krooni (€389,8 million) as the leasing periods are shorter.

“The improved business environment has contributed to a decrease of loan losses and a stabilization of the growth of impaired loans,” Nordea CEO Christian Clausen said in a statement to the press.

The debt protection draft act that is currently on action in the Estonian parliament has its influence on the demand for loans, according to Kraft.

Nordea also posted profit in Lithuania but in Latvia the bank declared a loss. Nordea’s profit in Lithuania was 7.5 million litai (€2,1 million), but the loss in Latvia was 8.5 million lats (€12 million).

SEB in red, but improving

SEB’s Estonian subsidiary exited the first quarter with a 52 million krooni (€3.3 million) loss mostly due to bad loans, the bank reported Wednesday. However, the result is a major improvement as the loss is nearly twice less than in the first quarter last year. The bank’s loan loss provisions decreased nearly by half comparing to the fourth quarter last year.

“The lower provision for Baltic credit losses … also mirrors the overall stabilization in the region,” SEB CEO Annika Falkengren said, characterizing the recovery as feeble at best.

SEB’s operational profit decreased to 495 million krooni (€31.6), which is a slight fall comparing to the first quarter in 2009, and operational costs increased. The loan capacity declined by 8 percent.

SEB’s outcome was much worse in the other Baltic states. The bank’s Latvian subsidiary’s turnover was €30.3 million, falling by 36 percent within a year. The bank’s loss reached up to 30.1 million lats (€42.5 million).

SEB Latvia CEO Ainars Ozoliņš blames the small income on continuously declining interest rates, an important source of income for the bank.

SEB Lithuania’s subsidiary was the worst performing in the Baltic states, posting -€17.2 million for quarter one. The bank’s turnover increased by 41 percent to €32.9 million comparing to the first quarter last year, though.

Overall, SEB Group declared 15 billion krooni (€958,6 million) profit despite its poor performance in the Baltic states. [/private_subscription 4 months] [private_subscription 1 year]smallest Baltic state to earn profit, nearly doubling it’s take since the fourth quarter in 2009.

The bank’s loan portfolio increased by 5 percent to 35 billion krooni (€2,2 billion), keeping the loan volume on the same level as last year. However the leasing portfolio decreased by 10 percent to 6.1 billion krooni (€389,8 million) as the leasing periods are shorter.

“The improved business environment has contributed to a decrease of loan losses and a stabilization of the growth of impaired loans,” Nordea CEO Christian Clausen said in a statement to the press.

The debt protection draft act that is currently on action in the Estonian parliament has its influence on the demand for loans, according to Kraft.

Nordea also posted profit in Lithuania but in Latvia the bank declared a loss. Nordea’s profit in Lithuania was 7.5 million litai (€2,1 million), but the loss in Latvia was 8.5 million lats (€12 million).

SEB in red, but improving

SEB’s Estonian subsidiary exited the first quarter with a 52 million krooni (€3.3 million) loss mostly due to bad loans, the bank reported Wednesday. However, the result is a major improvement as the loss is nearly twice less than in the first quarter last year. The bank’s loan loss provisions decreased nearly by half comparing to the fourth quarter last year.

“The lower provision for Baltic credit losses … also mirrors the overall stabilization in the region,” SEB CEO Annika Falkengren said, characterizing the recovery as feeble at best.

SEB’s operational profit decreased to 495 million krooni (€31.6), which is a slight fall comparing to the first quarter in 2009, and operational costs increased. The loan capacity declined by 8 percent.

SEB’s outcome was much worse in the other Baltic states. The bank’s Latvian subsidiary’s turnover was €30.3 million, falling by 36 percent within a year. The bank’s loss reached up to 30.1 million lats (€42.5 million).

SEB Latvia CEO Ainars Ozoliņš blames the small income on continuously declining interest rates, an important source of income for the bank.

SEB Lithuania’s subsidiary was the worst performing in the Baltic states, posting -€17.2 million for quarter one. The bank’s turnover increased by 41 percent to €32.9 million comparing to the first quarter last year, though.

Overall, SEB Group declared 15 billion krooni (€958,6 million) profit despite its poor performance in the Baltic states. [/private_subscription 1 year]

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