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DNB Eesti, Estonian subsidiary of the Norwegian financial services group DNB, earned a net profit of 541,000 euros in the first quarter of 2013.
Estonian operation of DNB nets EUR 0.54 mln in Q1
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Interest income increased 18.2 percent, to 2.59 million euros from the year-earlier 2.19 million euros, and income from service charges grew from 200,000 euros to 363,000 euros, a year-on-year increase of 81.6 percent, the bank said.
Total income of the bank was 2.96 million euros, up 23 percent compared to 2.39 million euros a year ago. Revenue growth was mainly due to the growth in corporate loans and leasing.
New loan provisions amounted to 263,000 euros. The net loan portfolio grew 15.6 percent year-on-year, totaling 463.4 million euros at the end of the first quarter. Deposits increased 41.8 percent to 192.9 million euros.
The parent of DNB Eesti, DNB Group, posted a profit of 416 million euros in the first quarter compared to 234 million euros the year before.
DNB operates altogether in 19 countries across the world. At the end of the first quarter of 2013 the assets of DNB Group totaled 311 billion euros. DNB's shares of which 34 percent belong to the Norwegian state are traded on the Oslo stock exchange.