The net profit of Danske Bank Latvia for the nine months of 2017 was EUR 2,6 million

In the first nine months of 2017, Danske Bank Latvia’s profit before impairment charges for core banking activities rose 12% to EUR 2.8 million. Net profit was EUR 2.6 million.

“We continued to strengthen relations with our business customers. Our business loan portfolio thus increased 24%, and total income was up 16% in the first nine months of 2017,” says Raivis Kakānis, Head of Danske Bank Latvia. “We will continue fulfilling our customers’ needs by offering relevant advice, tailored solutions and quick decisions,” he adds.

  • Total income: EUR 7.1 million, up 16%
  • Profit before impairment charges: EUR 2.8 million, up 12%
  • Net profit: EUR 2.6 million, down 4%
  • Loans: EUR 356 million, up 24%
  • Deposits: EUR 354 million, down 9%


(EUR millions)

 First nine months


 First nine months




Net interest income

 5.6 4.5 124

Net fee income

 1.41.5 93

Net trading income

 0.1 0.1 100

Other income

 0 0 -

Total income

 7.1 6.1 116

Operating expenses

 -4.3 -3.6 119

Profit before loan impairment charges

 2.8 2.5 112

Loan impairment charges

 -0.2 0.2 -

Profit before tax

 2.6 2.7 96


 0 0 -

Net profit for the period

 2.6 2.7 96

Loans (end of period)

 356.1 286.9 124

Deposits (end of period)

 353.8 390.3 91

Net profit / average allocated capital (%)

 4.0 5.6 -

Cost/income ratio (%)

 60.6 58.4 -

[1] The activities related to corporate customers and associated private individuals are reported as core banking activities. Activities related to other personal customers are not reported on in this press release. Full results are presented in the Danske Bank Group financial report, consolidated Baltic results.

Financial results for core banking in the first nine months of 2017 vs the first nine months 2016
In the first nine months of 2017, Danske Bank Latvia’s profit before impairment charges for core banking activities rose 12% to EUR 2.8 million (against EUR 2.5 million for the year-earlier period). Net profit was EUR 2.6 million (EUR 2.7 million), decreasing 4%.
As a result of growing business volumes, total income rose 16% to EUR 7.1 million. Net interest income grew 24% to EUR 5.6 million. Net fee income decreased 7% to EUR 1.4 million.
Expenses grew 19% from the level in the first nine months of 2016 to EUR 4.3 million. One reason was the sale of our retail business, completed last year, and the resulting larger share of expenses now allocated to core banking activities. Another reason was expenses related to the ongoing work on launching a single platform for Baltic operations. The single platform will allow us to further improve internal processes, and we thus expect to see lower expense growth next year.
The deposit portfolio decreased 9% to EUR 353.8 million. The loan portfolio for core segment customers rose 24% to EUR 356.1 million. Following a prudent risk policy, we booked additional impairment charges for selected loans in amount of EUR 0.2 million.
We strengthen our business relations by offering customers sophisticated advice and tailor-made financing solutions. We also focus on the efficient use of capital in order to compete successfully and provide the best offerings to our customers.
Danske Bank Group’s financial results
Danske Bank today announced its financial results for the first nine months of 2017. Further information is available at
Danske Bank Latvia serves corporate and private banking customers. Danske Bank Latvia has earned recognition for its responsible operations and was ranked in the Silver category in the Sustainability Index 2017. Danske Bank Latvia is part of Danske Bank Group.
Danske Bank is a Nordic universal bank with strong regional roots and bridges to the rest of the world. We serve more than 3.4 million personal, business and institutional customers, and in addition to banking services, we offer life insurance and pension, mortgage credit, wealth management, real estate and leasing services and products.
Our vision is to be recognised as the most trusted financial partner. We are driven by a desire to make important financial decisions and daily banking easy, and our aim is to create long-term value for our customers and investors and the societies we are a part of.
Danske Bank is headquartered in Copenhagen and is listed on Nasdaq Copenhagen.