Banks, Financial Services, Latvia, Statistics

All 16 Latvian banks and 3 out of the 7 branches of foreign banks in Latvia showed profit for the first

eight months of this year. Their aggregate share in the Latvian banking sector's assets is 98.3%.

The aggregate banking profit in August 2016 was EUR 40.009 mln.

At the end of August this year, banking assets totaled EUR 29.822 bln, down 6.6% from the end of 2015 and also by 0.8% less compared to late July this year.

Aggregate bank deposits stood at EUR 21.582 bln at the end of August this year, which was 7.2% less than at the end of 2015 and also 0.2% less than at the end of July this year.

Non-resident deposits fell 2.4 % or EUR 243 mln in August, mostly due to the decline of the Russian GDP and stricter requirements concerning anti-money laundering and combatting terrorist financing. At the same time, resident deposits kept growing and increased by 1.8% or EUR 200 mln in resident deposits, mostly due to a rise in deposits by the government and financial institutions.

The banking sector's loan portfolio totaled EUR 15.116 bln at the end of August 2016, growing 3% from late 2015 and 0.2% compared to the end of July 2016. The loan portfolio has been growing for seven months in a row, the financial watchdog said. Resident corporate loans increased 0.5% or EUR 35 mln in August this year, resident household loans decreased 0.1% or EUR 4 mln but loans to non-residents were up 0.1%.

The Latvian banking sector reported EUR 290.27 mln in aggregate profit for the first eight months of 2015.