Estonian Holm Bank continues strong growth

Holm Bank, which made its debut with subordinated bonds in the Nasdaq Baltic First North system in late May, continued its strong growth in the second quarter. The bank reached a new all-time high, with the loan portfolio growing by 8.2% quarter-on-quarter and by 34.2% year-on-year to 157.4 million euros. A 100% privately owned Estonian bank, Holm operates in Estonia and Latvia.

“Despite the challenging external environment, Holm Bank continued to successfully implement its strategic growth plan in the second quarter of 2024,” said Kaspar Kalvet, CEO of Holm Bank. “Looking at the broader picture, there are also positive traits in the national economy – unemployment has not risen, the real estate market remains stable and inflation has slowed down significantly, allowing interest rates to fall. Average wage growth is again outpacing price increases, which could lead to a subsequent rise in consumer confidence,” Kalvet cited optimistic signs in the overall economic environment.

Holm Bank’s second quarter unaudited consolidated financial results reveal that as of the end of June, Holm's consolidated assets amounted to 212 million euros, a 12.6% increase compared to the previous quarter. The consolidated net loan portfolio grew by 8.2% to 157.4 million euros compared to the previous quarter. Deposits increased by 21 million euros (+13.5%) to 177.8 million euros compared to the previous quarter.

Holm Bank’s consolidated net income for the 6 months of 2024 amounted to 9.6 million euros (+39% compared to 2023), while the total operating expenses amounted to 7.9 million euros (+34% compared to 2023). The group’s 6-month consolidated net profit was 1.6 million euros, up by 48% compared to the previous year.

Despite the complicated economic situation in general, all of Holm’s main segments showed growth and the quality of the bank’s loan portfolio remained good.

Holm Bank AS (https://www.holmbank.ee) is a privately owned Estonian bank operating in Estonia and Latvia under the Holm and Liisi brands. Holm’s product portfolio comprises financial services for private and business clients, physical and virtual credit cards, hire purchase, leasing and term deposits.