“Despite the still unstable external environment, we see clearer signs of Estonia’s economic recovery. Companies’ willingness to invest has increased, although more slowly than we expected at the beginning of the year. Private clients remain very active in the housing loan and leasing markets, and interest in investing remains strong. These changes contributed to SEB’s solid half-year results,” said A. Parikas in a press release.
Read more EU leader promises further support to Ukraine in the fight against Russia
According to him, SEB’s loan portfolio in Estonia grew by 8.1% compared to the same period last year and reached the 8 billion euro mark for the first time, reports the portal “err.ee”.
“We see growth in all customer segments, which confirms the recovery of economic activity. The first half of the year was especially successful for business clients: the volume of loans and leasing contracts issued to companies increased by 58% compared to the same period last year. Growth also continued in the small and medium-sized enterprises segment, where new financing volumes increased by 32%. In the first six months, SEB financed the development plans of more than 3,000 companies,” said the head of SEB Bank in Estonia.
Private client activity also remained high. In the first half of the year, SEB granted 442 million euros in new loans to private clients, which is 12% more than a year ago. The housing loan market was active in the first half of the year: the bank granted loans to purchase more than 2,500 homes.
Read more Myanmar leader who left the junta arrives in Thailand
Growth also continued in the car market: new leasing contracts with private clients increased by 54% compared to the same period last year, which is a sign of recovery after a quieter period.
SEB customer deposits grew by 3.2% over the year to 6.9 billion euros. The growth was mainly driven by private clients, whose deposits increased by 4.9%.
“This shows that Estonians continue to value financial security and focus on increasing their savings,” said A. Parikas.
