Banks, EU – Baltic States, Financial Services, Latvia
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Saturday, 20.04.2024, 08:59
Latvia's Expobank EUR 4.491 mln in red after 9 months
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The loss of Expobank Group in January-September 2017
was EUR 1.402 million in contrast to a profit in the nine-month period in 2016.
The bank's assets stood at EUR 258.941 million at the
end of September 2017, dropping 13.8% or EUR 41.427 million from the end of
2016.
At the end of September this year, Expobank had issued
loans totaling EUR 2.423 million or 5.1 times less than at the end of 2016,
while deposits decreased 4% to EUR 220.794 million.
The bank's liquidity ratio was 111.57% at the end of
September this year.
According to the interim financial statements, Kappa Capital LLC, a subsidiary of Expobank, on August 9, 2017, sold all its shares (100%) of its
wholly owned subsidiary BLLV. Expobank itself sold all the shares (100%) in its
wholly-owned subsidiary, Walbrook Capital Markets Limited registered in the United Kingdom, and in Walbrook Capital Markets Nominees Limited, a UK-registered subsidiary of Walbrook Capital Markets Limited, on August 10, 2017. In addition, on September 29,
2017, the bank sold all the shares (100%) of its subsidiary Axi Invest.
In the first nine months of 2016, Expobank made a
profit of EUR 4.594 million, the group's profit was EUR 3.61 million.
Expobank belongs to
Russian businessman Igor Kim, who became the bank's sole owner in February
2012.
According to the information from the Latvian
Association of Commercial Banks, Expobank ranked 16th largest bank
in Latvia by assets in late June 2017.
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