Banks, Deposits, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Monday, 21.05.2018, 21:22

Latvian monetary financial institutions earn EUR 90 mln in Q1

BC, Riga, 03.05.2018.Print version
Latvian monetary financial institutions (mostly banks) earned EUR 90.1 million in aggregate profit in January-March 2018, down 13.5% against the same period last year, the Bank of Latvia reported LETA.

In March 2018, the monetary financial institutions generated EUR 51.1 million in aggregate profit.


The total value of the monetary financial institutions’ assets contracted 11.5% from the end of March 2017, when their aggregate assets stood at EUR 27.963 billion, to EUR 24.75 billion at the end of March 2018.


At the end of March 2018, the balance of loans issued by the Latvian monetary financial institutions was EUR 12.379 billion, down 2.9% year-on-year. This included EUR 12.091 billion in euro-denominated loans issued to residents, down 1.9% year-on-year, and EUR 287.7 million worth of loans in foreign currencies, down 32.5%.


The balance of resident deposits totaled EUR 11.363 billion at the end of March this year, up 3.7% from the same period last year, including EUR 10.213 billion in euro-denominated deposits, which was a 6% growth from the end of March 2017, and EUR 1.151 billion in deposits in foreign currencies, down 13% from a year ago.


The capital and reserves of the Latvian monetary financial institutions totaled EUR 3.074 billion at the end of March 2018, growing 3.6% over the past year.


The Latvian monetary financial institutions closed the first three months of 2017 with EUR 104.2 million in aggregate profit.


Monetary financial institutions are credit institutions and other financial institutions accepting deposits from customers which are not monetary financial institutions, as well extending loans from own funds and investing in securities.






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