Major problems in Danske Bank’s Lithuanian
leasing business have caused the bank’s national subsidiary to
report a fifteen-fold increase in pretax losses, from €8.7 million
in 2008 to €131.9 million in 2009.
Some €135 million in loan loss provisions were
set aside by Danske Bank in Lithuania in 2009, compared to just
€16.5 million in 2008.
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Before impairment charges and taxes, Danske
made a €2.9 million profit, itself down from €7.8 million in 2008.
Additionally, banking income contracted by 34.5 percent.
Danske Bank’s operations in
Lithuania include Danske Bank as well as Danske Lizingas, the
group’s Lithuanian leasing business.
Fred Crawley
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