Banks, Financial Services, Latvia, Loan
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Latvian credit unions earn profit in Q1
BC, Riga, 13.06.2016.
Print version
Print versionIn the first quarter of the year 2016, Latvian credit unions earned EUR 203,000 in profit, growing twofold from the respective period last year, the Latvian financial regulator, the Finance and Capital Market Commission, reported LETA.
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The majority of them or 19 credit unions earned EUR 222,200 in their aggregate profit. The financial watchdog reported that the profit was positively influenced by improvement of the loan portfolios of the credit unions.
Aggregate assets of the credit unions was virtually unchanged in the first quarter of this year, reaching EUR 25.2 million at the end of March.
The capital adequacy ratio of the credit unions remained high in late March and was 20.4% against the minimum requirement of 10%.
In 2015, the Latvian credit unions reported EUR 408,000 in aggregate profit and the aggregate assets stood at EUR 25.2 million at the end of last year.
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