Estonian-owned LHV Pank turns profit into loss

28.04.2011, 13:00

LHV Pank announced that it ended last year with a loss of 13.5 million kroons, down from a profit of 3.6 million kroons the bank earned in 2009, writes Äripäev.

The bank’s CEO Erki Kilo said the bank’s operating costs increased last year from 57 million to 86 million kroons as a result of expanding into Finland.

The bank’s interest income increased from 15.8 million kroons to 41.5 million kroons.

Income from service fees went up from 48.4 million kroons to 50.1 million kroons.

This is somewhat surprising since the three largest banks in Estonia were in profit last year and according to the Bank of Estonia, earned a total of 74 million euros in net profit in the first quarter.