Results of Nordea Latvia for the 3rd quarter of 2013

Stable total operating income patterns in the 3rd quarter – total income increased by 4% as compared to the 3rd quarter of 2012

  • Total income LVL 12.5 million (EUR 17.8 million); in the 3rd quarter of 2012 the total income was LVL 12 million (EUR 17.1 million); an increase of 4%
  • Total expenses LVL 4.9 million (EUR 7 million); in the 3rd quarter of 2012 – LVL 5 million (EUR 7.1 million); a decrease of 1.7%
  • Profit before allowances for doubtful loans LVL 7.6 million (EUR 10.8 million); in the 3rd quarter of 2012 – LVL 7 million (EUR 10 million); an increase of 8%
  • Allowances for doubtful loans LVL 1.6 million (EUR 2.3 million); in the 3rd quarter of 2012 – LVL 2.3 million (EUR 3.3 million); a decrease of 29%
  • Operating profit LVL 6.0 million (EUR 8.5 million); in the 3rd quarter of 2012 – LVL 4.7 million (EUR 6.7 million); an increase of 26%
  • Credit portfolio reached LVL 1.8 billion (EUR 2.6 billion) – down by 6.2% as compared to the end of the 3rd quarter of 2012)
  • Investments reached LVL 0.9 billion (EUR 1.3 billion) – up by 33% as compared to the end of the 3rd quarter of 2012)
  • New loans issued in the 3rd quarter: LVL 43.6 million (EUR 62.3 million)


Head of Nordea Latvia, Jānis Buks: “This quarter, we have had stable profit indicators and reached the financial targets set. The total income reached LVL 12.5 million or EUR 17.8 million, thereby increasing the operating profit by more than 26% as compared to the 3rd quarter of the previous year. We are working systematically to increase the Bank’s income and improve the return of capital indicators by making the company’s priority strengthening the home banking relationship with customers.  We will continue the expansion of our business activity by entering into business transactions with existing long-term cooperation partners and by establishing cooperation with powerful market leaders. We want to be the first choice of customers, not because of a low-price policy, but rather because we are a stable and reliable long-term financial partner that the customer can rely on at all times. Nordea customer satisfaction continues to grow for the second successive year, which is evidenced also by the latest data from the international customer satisfaction survey “EPSI Rating”.

Now, with only 70 days until the euro transition, we are paying special attention to communication with our customers by providing the necessary information about how to best prepare for introduction of the euro. I am proud to announce that on 4 November of this year we will open our new customer service centre “Tērbata”. It will provide better infrastructure and more convenient customer service and will operate as a euro-consultancy centre for our customers.”

*Nordea Bank Finland Latvia branch does not have a separate equity, as a result of which profit after tax is not directly comparable to that of other commercial banks in Latvia

**Financial accounting data were used in the profit and loss account.