Danske Bank AS, holding of the Nordic financial group Danske in Estonia, finished last year with a net profit of 61.9 million euros.
Danske Bank nets EUR 61.9 mln in Estonia in 2012
7th February 2013, 15:35
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The figure represents an increase of 1.3 million euros over the 2011 figure of 60.6 million euros.
The bank cut loan impairments by a further 31.6 million euros in 2012 following a cut by 23.4 million euros in 2011.
Profit before loan impairment charges was 37 million euros compared with 37.2 million euros in 2011.
The size of the loan portfolio was 1.168 billion euros as of year-end, 191 million euros less than at the end of 2011. While loan portfolio has contracted, the speed of contraction has slowed down significantly, Danske Bank said. The sum total of loans and leasings at the end of the final quarter of 2012 was 1.17 billion euros compared with 1.36 billion euros the year before.
Deposits totaled 1.692 billion euros at the end of 2012 compared with 1.721 billion euros at the end of 2011.
At the end of the year deposits surpassed loans by 525 million euros. The loan to deposit ratio was 69 percent, compared with 79 percent in 2011.
The cost-income ratio in 2012 was 42.3 percent compared with 40.7 percent in the year earlier. Operating income totaled 64.1 million euros, up from 62.7 million euros in 2011. Operating costs came to 27.1 million euros last year and to 25.5 million euros in 2011.
The Estonian operation of Danske adopted the brand name of its Nordic parent from Nov. 15 last year, abandoning the Sampo Pank brand.
In the three Baltic countries taken together Danske Bank earned a pretax profit of 815 million Danish kroner in 2012 compared to 621 million kroner in the year before. Loan impairment charges were cut in the Baltics by 431 million kroner. In 2011, loan impairment charges were reduced by 255 million kroner.