SEB Bank Chief: Estonia's Economy Showing Early Recovery

Signs of Economic Recovery

SEB Bank chairman Allan Parik, commenting on the bank's first-half results, said that Estonia's economy is showing clearer signs of recovery. Although the external environment remains volatile, companies' willingness to invest has grown, albeit more slowly than initially hoped. Private customers remain highly active in the home loan and leasing markets, and interest in investing is still strong.

First-Half Financial Results

SEB Bank Group ended the first half of 2026 with a profit of €83.8 million, slightly below the €86.2 million earned in the first half of 2025. The bank's loan portfolio in Estonia grew by 8.1% year-on-year, reaching €8 billion for the first time.

Lending and Deposit Growth

Corporate lending was particularly strong, with the volume of loans and leases to companies up 58% year-on-year. Financing to small and medium-sized enterprises increased by 32%. In total, SEB financed the growth plans of more than 3,000 companies in the first half of the year.

Private customer activity also remained high. SEB issued €442 million in new loans and leases to private clients in the first half – 12% more than a year earlier. The home loan market was active throughout the period, with the bank issuing loans for over 2,500 home purchases. The average home loan amount rose to around €150,000, confirming growing consumer confidence and demand for high-quality, well-located real estate.

Vehicle leasing to private customers grew by 54% year-on-year, indicating a recovery after a subdued period.

Customer deposits increased by 3.2% over the year, reaching €6.9 billion, driven mainly by private customers whose deposits grew by 4.9%. Parik noted that this shows Estonians continue to value financial security and are focusing on growing their savings.