The Estonian arm of Nordea has reported that Nordea Liising’s
portfolio contracted 3 percent year-on-year in the third quarter,
to EEK 6.6 billion (€422 million).
The result is strong, considering the state of the Estonian
leasing market, which fell by 75 percent in July. Nordea has been
noticeably bullish in the Baltic region, buying business off
failing lessors.
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“As a product, leasing is more influenced by the economic
environment, and the need to make provisions was in line with
expectations,” said Nordea Pank Eesti manager Vahur Kraft.
“At the same time, considering the economic environment, the
loan and leasing portfolio of Nordea continues to be of high
quality, ensuring a profit for the bank.”
In neighbouring Latvia, competitor SEB Leasing provided finance
worth over LVL 20 million (€28.5 million) in the last quarter. Of
these leases, 49 percent was for cars, 23 percent for commercial
vehicles, and 28 percent for industrial equipment.
Meanwhile, in Lithiania, SEB Leasing saw its credit and leasing
portfolio fall by 15 year-on-year last quarter, to LTL 20.9 billion
(€6.1 billion).
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By GlobalData
