Banks, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 09:56

Banking sector's profit in Latvia at EUR 104.6 mln in Q1

BC, Riga, 28.04.2015.Print version
Latvian banking sector operated with a profit of EUR 104.6 million in the first three months of 2015, according to the Financial and Capital Market Commission's preliminary data about Latvian banks' performance in the first quarter of 2014, informs LETA.

Fifteen Latvian banks and six foreign banks' branches in Latvia were profitable in January-March this year. Their total market share (in terms of assets) is 96.6%.

 

The banking sector's total amount of assets in March increased 1% or EUR 311.4 million, amounting to EUR 31.2 billion at end-March.

 

The total volume of deposits in banks grew 1% or EUR 299 million. Residents' deposits rose 0.9% or EUR 92 million, and non-resident deposits – 1.1% or EUR 138 million, mostly due to the increasing value of the U.S. dollar. If not for the higher value of the dollar, the amount of non-resident deposits would have decreased, explained the Financial and Capital Market Commission.

 

The total amount of deposits at the end of the first quarter was EUR 22.314 billion. The amount includes EUR 677 million deposited by the central and local governments, EUR 851 million deposited by financial institutions, EUR 12.682 billion by private non-financial companies, EUR 438 million by non-financial companies, EUR 7.528 billion by households, and EUR 138 million by associations and foundations servicing households.

 

Resident loan portfolio reduced 0.3% in March, whereas non-resident loan portfolio increased 3.9%, mostly due to the stronger U.S. dollar.

 

At the end of March, the total amount of loans was EUR 14.797 billion: EUR 7.34 billion was issued to private non-financial companies, EUR 5.786 billion to households, EUR 652 million to state non-financial companies, EUR 879 million to financial companies, EUR 79 million to central and local governments, EUR 62 million to associations and foundations servicing households.

 

According to LETA archive, Latvian banking sector's profit in the first quarter of 2014 was EUR 43 million. In the entire 2014, Latvian banking sector earned EUR 311 million.






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