Swedbank earns EUR 49 million in Latvia in H1

• Published date: 19 July 2022
• Publication title: LETA

RIGA, July 19 (LETA) - Swedbank earned EUR 49 million in Latvia in January-June, which is EUR 7 million more than in the first half of 2021, as the bank's public relations officer Lasma Dzelme told LETA.

The profit increased on higher income and lower credit impairments, explained Dzelme. Credit impairments were insignificant compared to EUR 6 million in the first six months of the last year.

Net interest income did not change substantially. Lending increased by 3 percent supported by increased household lending volumes. Deposits increased by 7 percent.

Net commission income increased by 11 percent, largely on higher income from cards and asset management. Expenses increased by 4 percent, mainly due to higher staff costs and investments in digital solutions.

"The second quarter showed continued growth and high activity among both private individuals and companies. The growth in green financing more than doubled is a sign of increased public interest in sustainability and improving energy resilience. At the same time, soaring inflation, rising interest rates and looming energy strains in the winter season start to dent consumer confidence and create a more challenging environment for companies which leads to a more uncertain economic outlook going forward. Nevertheless, given rather strong economic and financial fundamentals and further public...