Compared to the previous year, profit decreased by 20 million euros (109 million euros in 2019). The decline in profit was due to india phone number list higher expenses and lower bank revenues. The increase in the amount of funds allocated for credit provision has also had an impact on profit. Swedbank's net interest income has decreased by 2%, however, the loan portfolio has remained stable during this period. Of particular note is the india phone number list growth in the household segment, where the loan portfolio has increased by 4%, while the corporate portfolio has shrunk by 4%.Compared to the previous year, the amount of deposits increased significantly last year - an increase of 20% was observed .Net fee and commission income decreased by 6% due to lower payment and card service revenues.
Other bank revenues decreased by 11% in 2020 due to lower income from insurance and financial instruments. Meanwhile, the bank's total expenses have grown by 3%. Expenditure has been boosted by higher labor costs and the india phone number list strengthening of compliance and risk functions. During 2020, significant investments in digital solutions also continued. Loan savings last year reached 5 million euros. For comparison, in the same period last year, 0.4 million euros were released from credit reserves. "The past year has been difficult for the india phone number list entire latvian society, economy and, accordingly, the financial sector. The greatest satisfaction is that during these turbulent times, swedbank and the financial sector as a whole have had a significant impact on the people and companies of latvia.
Offering deferred credit payments, swedbank alone granted credit holidays to more than 7,200 customer agreements last year. We also received praise for our "Stronger together" program, under which we provided emergency assistance to india phone number list more than ten latvian non-governmental organizations helping the public to overcome the effects of the crisis. However, the impact of the pandemic on part of society has also been positive, as evidenced by the significant increase in savings and prosperity for companies that have been able to india phone number list adapt quickly. ""Despite the economic downturn, the loan portfolio last year was able to maintain the level of 2019 - largely due to the activity of private individuals.