Estonia: net profit of the banking sector down 13 per cent in Q1’18

Tallinn, Estonia (Dennis Jarvis, CC BY-SA)

Bulgarian companies are afraid of Brexit

Latvia’s budget revenues up 10.3 per cent

Estonia

Profits of banks operating in Estonia dropped in Q1’18 – the Baltic Course informs. As reported, the net profit of the sector was down 13 per cent y/y, falling to EUR77.5m. The portal explains that it happened after a new income tax regime came into force at the beginning of 2018.

Mar Tamm, an economist from the Bank of Estonia, comments: “A new income tax regime came in from the start of the year and requires banks to pay income tax on the profit earned during each quarter, increasing income tax expenses. In addition the merger of two banks raised personnel costs and a correction in stock markets created losses from the changes in the market value of financial instruments.”

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Bulgaria

Novinite.com informs that nearly 1/3 of the Bulgarian business is afraid of Brexit. They worry over possible trade restrictions, administrative procedures and new regulatory requirements. The portal quotes Eva Maydell, MEP and President of the European International Movement, saying that: “In the worst case scenario, business losses caused by Brexit will amount to GDP58bn”. The worst affected industries will be: automotive industry, agriculture and food industry.

According to Deputy Chairman of the CEIBG Boryana Manolova, Bulgaria will “Feel the echo of the separation with Great Britain, which is among the biggest trading partners of the country”.

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Latvia

Leta agency informs that in Q1’18 consolidated budget revenues grew by 10.4 per y/y and reached EUR2.53bn. At the same expenditure increased 5 per cent y/y – to EUR2.23bn.

According to the data from the Finance Ministry good result were due to “good tax revenues and payments received from the European Commission for expenses related to the implementation of the EU-funded projects”.

In Q1’18 Latvian budget had a financial surplus of EUR227.9m, the central government consolidated budget showed a surplus of EUR143.4m and the surplus in the local government consolidated budget was EUR74.5m.

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What’s up in indexes

BET (of Bucharest) decreased from 9,007.93 index points Wednesday, April 25th to 8,953.93 index points Thursday, April 26th. It’s down 0.60 per cent d/d and up 8.69 per cent y/y.

BUX (of Budapest) increased from 38,049.97 index points Wednesday, April 25th to 38,265.35 index points Thursday, April 26th. It’s up 0.57 per cent d/d and up 15.26 per cent y/y.

CROBEX (of Zagreb) decreased from 1,788.71 index points Tuesday, April 24th to 1,785.79 index points Wednesday, April 25th. It’s down 0.16 per cent d/d and down 5.80 per cent y/y.

OMXR (of Riga) increased from 1,047.34 index points Wednesday, April 25th to 1,061.53 index points Thursday, April 26th. It’s up 1.35 per cent d/d and up 29.89 per cent y/y.

OMXT (of Tallinn) decreased from 1,261.50 index points Wednesday, April 25th to 1,261.38 index points Thursday, April 26th. It’s down 0.01 per cent d/d and up 12.03 per cent y/y.

OMXV (of Vilnius) increased from 699.97 index points Wednesday, April 25th to 700.58 index points Thursday, April 26th. It’s up 0.09 per cent d/d and up 20.77 per cent y/y.

PX (of Prague) increased from 1,121.67 index points Wednesday, April 25th to 1,124.64 index points Thursday, April 26th. It’s up 0.26 per cent d/d and up 12.61 per cent y/y.

SAX (of Bratislava) decreased from 332.74 index points Wednesday, April 25th to 330.17 index points Thursday, April 26th. It’s down 0.77 per cent d/d and up 5.67 per cent y/y.

SOFIX (of Sofia) decreased from 663.11 index points Wednesday, April 25th to 660.38 index points Thursday, April 26th. It’s down 0.41 per cent d/d and up 1.48 per cent y/y.

UX (of Kyiv) decreased from 1,811.48 index points Wednesday, April 25th to 1,791.93 index points Thursday, April 26th. It’s down 1.08 per cent d/d and up 80.00 per cent y/y.

WIG20 (of Warsaw) increased from 2,257.00 index points Wednesday, April 25th to 2,283.15 index points Thursday, April 26th. It’s up 1.16 per cent d/d and down 4.23 per cent y/y.

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