Banks, Financial Services, Latvia

Three banks reported loss in the first quarter of 2018.

In the first three months of 2018, Swedbank  posted EUR 32.059 million in profit, which is by 32.5% more than in the respective period in 2017. Swedbank ’s profit accounted for 35.4% of the aggregate Latvian banking sector’s profit.

Rietumu Banka posted the second largest profit – EUR 15.765 million or up 2.2% year-on-year, ensuring 17.4% of the aggregate profit. SEB Banka came third with EUR 12.388 million in profit, down 14.7% year-on-year and 13.7% of aggregate profit.

According to the association’s data, BlueOrange Bank earned EUR 7.297 million in profit, up 4.2 times, Citadele followed with EUR 6.555 million in profit, up 0.8% year-on-year, Luminor Bank with EUR 6.16 million, the Latvian bvranch of BigBank with EUR 2.838 million, Regionala Investiciju Banka with EUR 2.439 million, LPB Bank with EUR 1.809 million, Rigensis Bank with EUR 0.634 million, Expobank with EUR 0.22 million, Meridian Trade Bank with EUR 0.178 million, Signet Bank with EUR 0.033 million.

At the same time, PrivatBank posted EUR 0.612 million in loss, Baltic International Bank posted EUR 0.696 million in loss, and Norvik Banka posted EUR 0.863 million in loss.

The Latvian banking sector last year earned EUR 236.101 million in aggregate profit, down 48% from the respective period last year.