Swedbank Estonia reported first half of 2021 profits of EUR 89.2 million, a rise of a little under 2% YoY.
The increase in profit, of EUR 1.6 million, was mainly the result of increased income for the bank.
Olavi Lepp, Swedbank AS CEO, said: “Restrictions related to the COVID-19 pandemic were eased in the second quarter of 2021”.
“Although confidence among consumers and companies in Estonia remains weaker than prior to the pandemic, it has improved a lot during this year,” Lepp continued.
“We are ready to finance private customers and companies; credit demand has already recovered in several sectors. In other sectors, the recovery might require more time, but we are willing to move in the tempo that suits our customers best,” Lepp added.
The bank’s deposits grew by 8%, while new loans totaled EUR 554 million to private customers and EUR 671 million to business clients. Household and corporate lending portfolios grew by 4%. (ERR/Business World Magazine)