Financial group Swedbank in Latvia in the first quarter of 2011 worked at a profit, which amounted to 21.6 million lats, whereas in the same period last year Latvian group Swedbank worked with losses.

However, it was noted in the report of Swedbank that it was in Latvia (in comparison with other countries) where there is Swedish financial services group, by the end of first quarter of 2011 compared to the same period last year there was the most rapid decrease in the loan portfolio.

In Latvia, the size of Swedbank’s loan portfolio was decreased by 16%, in Estonia – by 8%, in Lithuania – by 7%.

By the end of February 2011, the share of Swedbank in the lending market in Latvia fell by 23%, whereas at the end of the first quarter of last year accounted for 25%.