Swedbank, the largest bank in Estonia, said that its third-quarter result in Estonia was a net profit of 662 million kroons. Nine-month profit amounted to 498 million kroons. The results are significantly affected by the considerably smaller provisions made by the bank for possible loan losses in Q3.
As of September 30, the bank had 8.8 billion kroons in impaired, ie bad loans, down from 9.4 billion kroon as of June 30. Provisions for credit impairements amounted to 5.5 billion kroons at the end of the third quarter.
The bank said in a statement that its third quarter results reflect the economic recovery and lower provisions. "The bank's financial results are significantly affected by considerably smaller provisions made for possible loan losses in Q3, compared with previous quarters," says Priit Perens, Head of Swedbank in Estonia.
Continue reading here:
Swedbank reports 662 mln kroons in third-quarter profit in Estonia