International Internet Magazine. Baltic States news & analytics
Saturday, 27.08.2016, 09:21
In the first seven months of 2016, the Latvian banking sector earned EUR 300.8 mln in profit, according to the preliminary information about the financial results of Latvian banks in July this year published by the financial regulator, the Financial and Capital Market Commission, reports LETA.
Keyword tags: Banks, Financial Services, Latvia, Statistics
Lending to the private sector in eurozone countries picked up somewhat in July, AFP news agency reported, citing the information released on Friday by the European Central Bank (CEO), writes LETA.
Arnis Riekstins, a co-owner of the Mikrotikls company, earned EUR 30.15 mln last year becoming the top earner in Latvia in 2015, according to a list of Latvia's biggest earners, losers, and dividend recipients last year, compiled by Lursoft, business magazine Kapitals, and journalists Lato Lapsa and Kristine Jancevska.
While the new joint unit for Baltic banking of Nordea and DNB will increase competition on the Estonian retail market, risks of the Latvian and Lithuanian banking market will have a greater impact on the financial stability of Estonia in the future, the Bank of Estonia said on Thursday, reports LETA/BNS.
Over the last few years, the information and communications technologies sector (ICT) has been among those with fastest growth. It is no secret that in recent years rapid expansion of different ICT services could be observed in Latvia: programming, data storage, development of mobile applications, development of various complex ICT solutions, etc. However, unlike retail trade or manufacturing, the sector usually is not in the spotlight of economic analysts and policy makers. This can be explained by the size of the sector – ICT only accounts for about 5% of the total value added, even though this level is close to the European Union's average. Nevertheless, the success of the sector should be noted: it is one of the fastest growing, with high productivity levels, high average salary, implementation of latest technologies, and other positive features.
The loan and lease portfolio continued to increase relatively quickly in July, growing by 5% over the year.The average interest rate on loans has risen slightly in recent months.The volume of deposits was 7.3% larger in July than a year earlier