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SEB Group makes EUR 20.5 million in H1 profit in Latvia
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    SEB Group makes EUR 20.5 million in H1 profit in Latvia

    RIGA, July 14 (LETA) - During the first half of 2017, SEB Group generated EUR 20.545 million in Latvian profit, down 39.8 percent from the same period last year, according to information released by the bank.

    The profit of SEB Banka shrank 42.9 percent year-on-year to EUR 21.624 in the first six months of 2017.

    Apart from the one-off revenue earned by selling off Visa shares for EUR 18.2 million, the banking group’s January-June earnings after taxes and provisions were 29 percent higher than in the first half of 2016, while the bank’s profit before provisions grew 17 percent to EUR 24.2 million.

    In the six months of 2017, SEB Group in Latvia put aside EUR 385,000 worth of provisions.

    The banking group’s revenue in Latvia rose by 2 percent year-on-year to EUR 47.58 million in the first half of 2017, while expenses contracted by 11 percent to EUR 23.37 million.

    SEB Group’s assets in Latvia rose by 0.6 percent from the end of 2016 to EUR 3.538 billion at the end of June 2017.

    Deposits at SEB Banka grew by 9 percent from the end of 2016 to EUR 2.3 billion in late June 2017, while the bank’s loan portfolio expanded 3 percent year-on-year to EUR 2.58 billion.

    The value of new loans made by SEB Banka during the first half of this year grew by 32 percent against the same period last year to EUR 414 million, with housing loans rising 25 percent to EUR 63 million. Of this amount, EUR 13.9 million were granted in June, a new monthly record in nine years.

    The bank’s representatives noted that the loan portfolio of SEB Lizings leasing provider increased by 3 percent in the six months of 2017 to EUR 61 million, with financing granted to individuals growing at the fastest rate, by 43 percent, to EUR 10 million.

    The banking group’s capital adequacy ratio stood at 20 percent at the end of June, and the bank’s liquidity ratio was 38.3 percent.

    SEB Group in Latvia closed the first half of 2016 with a profit of EUR 34.129 million, while the bank’s profit was EUR 37.89 million.

    At the end of March 2017, SEB Banka was the third largest bank in Latvia by assets.

    • Published: 14.07.2017 11:59
    • LETA
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