Analytics, Banks, Financial Services, Investments, Latvia

International Internet Magazine. Baltic States news & analytics Thursday, 04.06.2020, 04:30

Latvian monetary financial institutions profit drops 41%

BC, Riga, 29.11.2019.Print version
Latvian monetary financial institutions (mainly banks) earned EUR 148.5 mln in aggregate profit in the first ten months of 2019, down 41% from the same period a year ago, the Bank of Latvia reported.

In October 2019, the monetary financial institutions generated EUR 46.4 mln in aggregate profit.


As at October 31, 2019, the aggregate assets of the Latvian monetary financial institutions stood at EUR 21.633 bn, up 2.7% or EUR 567.7 mln from the end of October 2018 when their aggregate assets were worth EUR 21.065 bn.


The balance of loans issued to residents by the Latvian monetary financial institutions was EUR 12.058 bn in late October 2019, up 1.9% y-o-y. This included EUR 11.909 bn in euro-denominated loans issued to residents, up 2.5% y-o-y, and EUR 148.6 mln worth of loans in foreign currencies, down 32.5%.


The balance of resident deposits totaled EUR 12.563 bn at the end of October 2019, up 10.3% against the same period last year, including EUR 11.653 bn in euro-denominated deposits, which grew 12.5% from the end of October 2018, and EUR 910 mln in deposits in foreign currencies, down 12.1% from the same period a year ago.


The capital and reserves of the Latvian monetary financial institutions totaled EUR 2.752 bn at the end of October 2019, declining 2.6% from the same period a year ago.

The Latvian monetary financial institutions closed the first ten months of 2018 with EUR 251.7 mln in aggregate profit, and their earnings in the full 2018 totaled EUR 290.1 mln.


Monetary financial institutions (MFI) 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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