Banks, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 16:25

DNB Group's H1 profit in Latvia grows to EUR 22.8 million

BC, Riga, 14.07.2016.Print version
DNB group’s net profit in Latvia in the first half of this year was EUR 22.8 million which is 2.8 times more than in the same period in 2015, according to the information from the bank. Operating profit grew 2.4 times year-on-year to EUR 21.3 million in the first half of 2016. The bank said it had achieved the profit growth thanks to increasingly good operating results and the sale of the bank's shares in VISA Europe Limited, said DNB Banka spokeswoman Anita Irbite, cites LETA.

During the first six months of this year, the bank's commissions and other revenues rose by 15% against the same period a year ago to EUR 8.6 mln, while interest income dropped 6% to EUR 19.6 mln. The DNB group’s administrative costs in Latvia were down 3% to EUR 19.7 mln.

 

New loans granted by DNB Banka increased by 87% against the same period in 2015 to EUR 195 mln.

 

"Lending growth was significant in all segments," the spokeswoman said, adding that mortgage loans grew 2.4 times year-on-year, lending to businesses increased 2.1 times, consumer and bankcard loans grew 43%, and leasing deals increased 41%.

 

The banking group's net loan portfolio expanded by 0.6% or EUR 8.5 mln over the year.

 

"Thanks to the bank's consistent and prudent risk policy the loan portfolio's quality continued to improve in the first two quarters of 2016 and provisions for unsafe loans were reduced by EUR 1.7 mln," Iribite said.

 

The DNB Group reported EUR 8.097 mln in profit for the first half of 2015.

 

At the end of March, DNB Banka was the seventh largest bank in Latvia by assets, according to information from the Association of Latvian Commercial Banks.

 

 






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