SEB Group's first quarter profit in Latvia is 14 million euros



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In the first quarter of this year, the SEB group made a profit of 14 million euros in Latvia, 1% more than in the respective period of 2018, LETA told the bank.

The Bank was informed that the revenue of the SEB Group in Latvia in the first quarter of 2019 was 27.1 million euros, 14% more than in the first quarter of 2018, but costs increased 2%, reaching 11, EUR 8 million. As a result, SEB Group's profit before provisions for the first three months of this year was EUR 15.3 million, an increase of 25% over the same period in 2018. Simultaneously, savings of EUR 1 million first quarter of this year.

The bank also reported that the amount of deposits attracted to SEB banking on March 31 this year was 2.87 billion euros, which is 18% more than at the end of March 2018, while the total loan portfolio totaled three billion euros, which is an increase throughout the year. 11%. At the end of March 2019, the assets of the SEB Group amounted to 3.932 billion euros.

The Bank noted that due to its high activity and interest in the possibility of receiving a home purchase or repair loan in the first quarter of this year, SEB banka has issued one of the largest new loans in the last two years – 38.7 million which represents 28%. % more than in the first quarter of last year.

In the first quarter of this year, the Bank attracted more than 4,500 new customers, increasing the number of active customers to 411,000, of which about 383,000 are individuals and 28,000 are small and medium-sized enterprises.

"The first quarter began to be very active – starting with financial market supervision issues, focusing on anti-money laundering actions and ending with code cards that are important to us and our customers," said Ieva Tetere, president of SEB Bank. She also noted that switching code cards to the bank this year is one of the more complicated projects to engage a large number of clients.

Likewise, Tetere was convinced that, despite the fact that public discussions on combating money laundering have affected Latvia's financial sector as a whole, this area will be more focused on the context of good governance and corporate sustainability. "For us as a bank, it is important for Latvia to be a place for society and entrepreneurs, so I am also happy to discuss these issues with clients, both in public administration and at recent conferences of the European Commission in Brussels, Vienna and Slovakia, "she said.

The Bank also noted that, in the first quarter of 2019, the second pillar of pension plans for SEB was € 49 million, while members of the third pillar pension plan received € 8 million. SEB Investment Management was able to provide clients with a profit of EUR 5.6 million in the management of portfolios of institutional clients. In total, the assets under management of SEB Investment Management totaled almost 1.5 billion euros at the end of March 2019, of which 1.1 billion euros in second and third pillar assets.

In the first quarter of 2018, the profit of the SEB Group in Latvia was 13.87 million euros. SEB banka is Latvia's third largest bank after assets.

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