Banks, Financial Services, Latvia

Swedbank earned EUR 55.706 million in profit in the first six months, ABLV Bank – EUR 43.453 million, and Rietumu banka – EUR 37.282 million, according to the Association of Commercial Banks of Latvia.

SEB banka posted EUR 17.49 million in profit in the first half of 2015, Citadele earned EUR 9.28 million, Expobank – EUR 8.08 million, DNB banka – EUR 8.05 million, Norvik banka – EUR 5.76 million, Baltikums Bank – EUR 5.75 million, PrivatBank – EUR 5.34 million, Baltic International Bank – EUR 2.58 million, Latvijas Pasta banka – EUR 2.1 million, Rigensis Bank – EUR 1.98 million, Bank M2M Europe – EUR 1.6 million, Latvian branch of Danske Bank – EUR 1.46 million, and Bigbank branch in Latvia – EUR 1.35 million.

On the other hand, Trasta komercbanka, Regional Investment bank, Latvian branch of Eesti Krediidipank, and Meridian Trade Bank operated with losses in January-June this year.

Trasta komercbanka posted EUR 1.79 million in losses in the first half of the year. The bank explains that the losses are due to investments in business development and the new strategy of the bank.

The Regional Investment Bank's losses amounted to EUR 854,700 in the first six months, Eesti Krediidipank Latvian branch posted EUR 147,000 in losses and "Meridian Trade Bank" – EUR 46,000.

The banking sector's total profit in the first half-year totaled EUR 219.94 million, which is 24.4% more than in the first half of 2014.

The Commercial Banks Association's report does not include data on the Latvian branch of Nordea, Riga branch of Skandinaviska Enskilda Banken, and Latvian branches of Pohjola Bank and Svenska Handelsbanken AB.