Swedbank Latvia reports doubled profits in 2023

In 2023, Swedbank Latvija, the largest commercial bank in Latvia, worked with a profit of EUR 274 million, which is twice as much as the bank's profit of EUR 132 million in the previous year, the bank reported January 24.

Profits have risen as the bank's revenue has risen. The bank's spending in 2023 also climbed to €138 million, up from €112 million the previous year.

Net interest revenue increased by 193 million euros in 2023, while net commission income increased by five million euros.

In financing, the bank's loan portfolio grew by 6%. In the household segment it grew by 8%, while in the enterprise segment it grew by 3%.

The total financing granted to households in 2023 has reached 613 million euros, 767 million euros have been issued to enterprises. As a result, Swedbank financed Latvia's economy with EUR 1.3 billion in 2023, the bank said.

The amount of deposits, compared to the end of 2022, has increased by 5%; household deposits increased by 3%, while business deposits by 8%.

The loan-to-deposit ratio is 56% (55% at the end of 2022). Seven million euros (compared to two million euros a year ago) have been diverted to credit savings.

Along with the increase in the bank's profits in 2023, the amount of taxes paid by the bank to the Treasury has also increased. The total amount of taxes for 2023 is EUR 95 million, of which less than EUR 34 million have already been paid in 2023.

According to ERR News, Swedbank also doubled its profits in Estonia last year.

Seen a mistake?

Select text and press Ctrl+Enter to send a suggested correction to the editor

Select text and press Report a mistake to send a suggested correction to the editor

Related articles


Most important