Estonian banks report losses

Major Estonian banks Swedbank and SEB reported decrease in income 30% and 8% respectively compared to 1st half of the previous year.

Income of Swedbank fell by €54 million and of SEB – €7.7 million, according to information provided by ERR.

Representatives of banks blame declining interest rates as the main factor of decreasing income. It can also be connected to overall worsening of economic situation as in Estonia so in EU.

From the practical view, loss of income may motivate banks to review their policies towards opening bank accounts and utilise friendlier approach in relations with non-residents.

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