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 Baltic banking group, Luminor, reported a net profit of EUR 178.3mn in the first nine months of 2023, which was up more than double from EUR 84.4mn in the same period of 2022. Net income on interest amounted to EUR 399.1mn (EUR 202.4mn) and net income on fees and commissions to EUR 63.8mn (EUR…
Latvian banks made a total profit of EUR 350.312mn in the first half of 2023, which was up 2.6 times from EUR 132.526mn in the corresponding period of 2022, according to data from the Bank of Latvia, LETA reports. The banking sector’s overall profit for the first six months of 2023 was higher than for…
The average interest rates on home loans in the Baltic States stood at 5.12% in the second quarter of 2023, which was 3 percentage points higher than in the same period of 2022, ERR reports. The average rate was the highest in 14 years. The Baltic States have the highest mortgage interest rates in the…
Estonia’s Bigbank posted a net profit of EUR 17.0mn in the first half of 2023, which was up 21% from EUR 14.1mn in the same period of 2022, GlobeNewswire reports. Net interest income amounted to EUR 46.7mn (EUR 39.7mn) and net fee and commission income to EUR 4.0mn (EUR 3.6mn). In the second quarter of…
Lithuania’s Modus Asset Management has secured EUR 58mn of debt financing from Poland’s BNP Paribas Bank Polska and PKO Bank Polski, The Baltic Times reports. Modus Asset Management’s Modus Poland Solar Fund I will use the funds to finance the acquisition of a 93 MW solar farm portfolio in Poland. The fund now owns over…
Latvian data centre operator DEAC and Lithuania’s Data Logistics Center (DLC) have obtained a ten-year loan of EUR 30mn from SEB Bank, The Baltic Times reports. The companies will use the funds to further expand their telecommunication infrastructure. DEAC will build a third data centre in Riga, while DLC will expand its data centres in…
The European Investment Bank (EIB) and Lithuania have signed a EUR 300mn financing agreement to support investment in long-term competitiveness, job creation, and the green and digital transitions in the 2021-2027 period, Devdiscourse reports. Lithuania will use the money to finance its national contribution to EU-funded priority projects. The loan is the first tranche of…
The Investment and Development Agency of Latvia (LIAA) has approved 20 foreign direct investment (FDI) projects to the tune of EUR 371.5mn so far in 2023, LSM reports. The projects will create 1,160 new jobs. The investment projects are in sectors such as bioeconomy, ICT, photonics and smart materials, smart energy and mobility, as well…