OREANDA-NEWS. February 18, 2008. The Hansabank Group ended 2007 with excellent results – net profit of 483,5 million euros, representing 49% growth on 2006. The group’s net profit for the fourth quarter was 118,4 million euros, reported the press-centre of Hansabank.

Its key ratios were also very good, with productivity of owners’ equity reaching 29,5% and a cost/benefit ratio of 40,5%. The same figures for the group in the fourth quarter were 25,8% and 42,8%, respectively.

"The changes we had been expecting in the financial environment occurred in the fourth quarter, and that’s something we can see in the quarterly indicators of the group," explained Erkki Raasuke, the chairman of the management board of the Hansabank Group.

Hansabank Estonia posted 2007 net profit growth of 28% to 225,3 million euros. Its profit in the fourth quarter was 47,2 million euros. The bank’s rate of productivity in owners’ equity for the year was 36,9%, with a cost/benefit ratio of 37,6%.

The same figures in the fourth quarter were 28,2% and 42,5%, respectively. Hansabank Estonia’s loan portfolio grew by a quarter during the year and its volume of deposits by 15,2%. "The quality of the bank’s loan portfolio and its cost/benefit ratio were both very good," said Priit Perens, the director of Hansabank Estonia. "Cost-efficiency is something we’ll be placing even more emphasis on this year – in a financial environment where things have changed, economical operations will be the key to business success."

Hansabank Group fourth quarter results
Quarterly growth in loans of 6%, annual growth of 34%
Quarterly growth in deposits of 8%, annual growth of 17%
Net interest margin 2.96%, as in the third quarter, annual growth of 2 base points
Net profit of 118.4 million euros, quarterly drop of 8%, growth compared to fourth quarter of
2006 of 15%
Productivity of owners’ equity of 25,8%
Revenue of 269 million euros, quarterly growth of 4%, growth compared to fourth quarter of
2006 of 25%
Costs of 115 million euros, quarterly growth of 13%, growth compared to fourth quarter of
2006 of 20%
Cost/benefit ratio of 42,8%