Latvian financial institutions, including banks, generated total profits of EUR 573.5mn in 2023, which was up 75% from EUR 326.3mn in 2022, according to data from the Bank of Latvia, LETA reports. The total assets of monetary financial institutions amounted to EUR 27.874bn at the end of 2023, which was up 3% from EUR 27.056bn…
New players will enter the Lithuanian banking market in 2024, Simonas Krepsta, board member of the Bank of Lithuania, announced, BNS reports. Speaking in an interview with LRT, Krepsta said that Polish banks had contacted Lithuanian regulators and the business community. He noted that the Lithuanian banking sector was “exceptionally profitable.” Earlier, Poland’s Bank Pekao…
Latvia’s largest commercial bank, Swedbank Latvija, posted a net profit of EUR 274mn in 2023, which was a more than double increase from EUR 132mn in 2022, LSM reports. Net interest income rose by EUR 193mn and net commission income by EUR 5mn over a year. Total expenditure amounted to EUR 138mn, which was up…
Estonia’s second-largest commercial bank, SEB Pank, posted a net profit of EUR 231.7mn in 2023, which was a double increase from EUR 115.9mn in 2022, ERR reports. SEB’s operating income amounted to EUR 356mn (EUR 206.9mn) and operating expenses to EUR 78.4mn (EUR 69.1mn). CEO Allan Parik attributed the high profit to the rapid rise…
Estonia’s Swedbank posted a net profit of EUR 385mn in 2023, which was up EUR 193mn (nearly 100%) from the same period of 2022, ERR reports. Revenue rose by EUR 309mn over a year, with net interest income up EUR 244mn. New loans issued to private customers amounted to EUR 1.05bn (up 5%) and to…
US investment company Blackstone plans to sell Baltic-based Luminor Bank, according to Bloomberg, LETA reports. Blackstone expects to sell the bank for around EUR 1.9bn and to conclude the deal in 2024. Peter Priisalm, head of Avaron Investments, suggested that one potential buyer could be Polish insurance group PZU, while Valeria Kiisk, partner at Redgate…
The Baltic States continue to have the highest loan interest rates in the eurozone, according to data from the European Central Bank (ECB), ERR reports. The average interest rate in the three Baltic countries was 5.9% at the end of November 2023. The eurozone average stood at 4.1%. Meanwhile, the average interest on consumer loans…
The Latvian parliament, the Saeima, has approved the seizure of the so-called Moscow House in central Riga, LSM reports. The state is likely to auction the property. The building used to serve as a Russian cultural centre owned by the Moscow city government. Latvia’s State Security Service (VDD) reported that the building was used to…
Poland’s Bank Polska Kasa Opieki (Bank Pekao) plans to open a branch in Lithuania, according to Gediminas Simkus, head of the Bank of Lithuania, BNS reports. Speaking in an interview with 15min, Simkus said that Bank Pekao’s representatives visited Lithuania in December 2023. He was optimistic about the bank setting up operations in Lithuania. Sources…