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Profits down

By Editor . 27.11.2008

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Swedbank, the largest bank in the Baltics, said that in the third quarter profits fell by 14 percent, a total of 254.9 million Euros.

The macroeconomic developments in the Baltic States in the second quarter were weaker than expected, mostly owing to economic insecurity in the rest of Europe, according to managing director of Swedbank Jan Liden.

The profits of the second largest bank in the Baltics – SEB bank in Latvia – fell more dramatically – by 30 percent. SEB’s President Annika Falkengren said that she has been working in the banking sector for the past twenty years, and this has been the most challenging period; no one had expected that this dark period would last so long.

Joint-stock company Parex Banka has made 17.6 million Euro during the 9-month period thus far this year, said Senior Vice-President of the bank Eriks Brivmanis.

According to the Financial and Capital Market Commission, the profits of Latvian banks for the first three quarters of 2008 were 293 million Euros, which is 23 percent less in comparison with profits of the same period from 2007.