TALLINN - The record net profit earned by Eesti Uhispank in the third quarter was hailed by both market analysts and competing financial institutions.
Last week the bank announced that it had earned a net profit of 161 million kroons (10.4 million euros) in the third quarter, almost double what the bank posted last year.
Over the first nine months of the year the bank earned 431 million kroons in net profit – also about twice the nine-month profit earned in 2002.
Evelin Pull, press spokesperson for the bank, said that the result was better than expected particularly in terms of higher income and lower loan losses. "We have improved our results year after year."
Juhani Seilenthan, head of Nordea Pank, said that the results would have a positive influence on the market overall and enable to maintain industry development. "I am sure that companies that earn a normal profit have a positive impact on clients," said Seilenthal.
Pull said the bank was also happy about the growth in its market share for loans.
Uhispank increased its market share in private loans and deposits by 1 percent over the year. In life insurance, growth was 2 percent and in funds, over 5 percent.
At present the Uhispank Group market share in loans is 34.8 percent.
