Regardless of the volatile external environment and general decrease in consumer and business confidence, Nordea Estonia, part of the Nordea financial group, has reported an increase in income in 2011 of 9%, while operating profits increased by 15% to €47m.

Last year, Nordea Leasing (Nordea Finance Estonia) defied the general market trend by increasing its credit portfolio by 13% to €406m and taking over second position in the national market. For the third year in a row, Nordea Leasing topped the market in new sales.

During the year, €220m worth of new leasing credits were issued by Nordea Leasing, giving it a 30% market share of new leasing sales.

“Last year was a year of anxiety in the financial sector. Capital requirements for banks went up while global recession and European debt crisis undermined consumer and business confidence and slowed down investments,” head of Nordea Estonia Vahur Kraft commented on the economic year. 

“In this light, it is pleasing to announce that through stable growth of income and efficient running of the bank, Nordea has achieved very good annual business results.” Kraft added that the tough times have consolidated the bank into an efficient organisation and that expenses have stabilised, producing a record low cost-income ratio (38%).

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