Swedbank Eesti: 2009 loss at 1.1 billion kroons
09.02.2010, 09:20Swedbank Eesti, the Estonian unit of Swedbank, said its result for last year was a loss of 1.134 billion. In comparison, a year earlier the bank's result was a profit of 2.7 billion kroons, said the bank.
Loan losses amounted to 3.8 billion kroons, up from 940 million a year earlier.
2009 income amounted fo 4.48 billion kroons which is 24% less than in 2008 (5.89 billion).
Fourth quarter result before provisions was 667 million kroons and the result for the quarter was a loss of 129 million kroons. Bank revenues fell 6% during the quarter to 1.1 billion kroons and operating costs fell 2% to 447 million kroons.
'"Year-end trends in the economy followed the pattern of the third quarter. While the corporate segment seems to be clearly in the stabilization phase, the situation of private customers remains difficult because of high unemployment that requires new investments to subside," said Priit Perens, CEO of Swedbank Eesti.
Customer deposits increased 5% during the period while loan portfolio volume fell 3%.
Loan losses amounted to 794 million kroons. Impaired loans amountd to 8315 million kroons, up from 3596 million kroons a year ago. The share of problem loans in the total loan portfolio was 6.57% at the end of the year.