Estonian banks' Q1 profit drops 22 pct on year

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Photo: Montaaž Lennart Rikk

Commercial banks active in Estonia earned a net profit of almost 81 million euros in the first quarter of 2013, 22 percent less than during the corresponding period a year ago.

The reduction mainly was a result of a 16 percent drop in interest income as a result of low base interest rates. Besides the loan impairment reserve was reduced by less than the year before, it stands in the central bank's commentary to the figures.

Banks' net profit totaled 36 million euros in March and 21.2 million euros in February.