Banks, Deposits, Financial Services, Latvia

According to the regulator’s provisional data, 11 Latvian banks and four branches of foreign banks showed profit in the first 11 months of this year. Their aggregate share in the banking sector’s assets was roughly 93%.

The total amount of nonbank deposits did not change much in November, staying at EUR 20.1 billion. Resident deposits slightly increased, with deposits made by financial institutions growing by 9% or EUR 62.4 million, household deposits rising 1% or EUR 62 million, and government deposits declining 9% or EUR 181 million. Nonresident deposits were down 0.2% or EUR 18 million.

The banking sector’s portfolio of resident corporate loans grew 0.7% or EUR 47.4 million, but the banking sector’s total loan portfolio contracted 0.5% or EUR 77.5 as loans taken by nonresident clients and resident households decreased by 5% or EUR 110.1 million and 0.1% or EUR 6.5 million respectively. The total value of the banking sector’s loan portfolio was EUR 14.7 billion at the end of November.

In the 11 months of 2016 the Latvian banking sector generated EUR 440.121 million in aggregate profit.