Estonian banks earn 9% more in first nine months

Estonian banks earned 539 million euros in the first nine months of the year, about 9% more than a year earlier, ERR reported, citing Eesti Pank.

Growth in banks’ loan portfolios and a rise in Euribor boosted interest income. Lower loan impairment allowances also supported profits, as banks assessed potential loan losses to be smaller than before.

Administrative costs rose somewhat, particularly staff costs. Eesti Pank said banks’ interest income had grown considerably faster than their interest expenses.