The first half of the year has been highly profitable for banks in Estonia, as they’ve seen a surge in profits reaching nearly half a billion euros, reports Eesti Pank. The year-on-year increase in profits for these financial institutions is an impressive 248 million euros, with the total for the first six months touching 488 million euros.
June’s balance sheet data reveals a positive picture with the total volume hitting 39 billion euros, showing a monthly growth of 1.5 percent or 585 million euros and an annual growth of 1.4 percent or 546 million euros.
June also witnessed a growth in the banking sector’s deposits, which touched 28.4 billion euros. This signifies a monthly surge of 446 million euros and a year-on-year growth of 303 million euros. Resident households and corporations significantly contributed to this growth with term deposits worth 4.5 billion euros, showcasing an exceptional annual growth rate of 129 percent. However, deposits from non-residents saw a downturn, dropping by 107 million euros annually, comprising 13 percent of the overall deposit balance.