Banks, Deposits, Financial Services, Latvia, Loan

International Internet Magazine. Baltic States news & analytics Sunday, 05.07.2020, 20:06

Latvian monetary financial institutions report EUR 21.2 mln in 4-month profit

BC, Riga, 01.06.2020.Print version
Latvian monetary financial institutions (mainly banks) earned EUR 21.2 million in aggregate profit in the first four months of 2020, which is 4.5 times less than during the same period a year ago, the Bank of Latvia reported for LETA.

In April, the monetary financial institutions sustained an aggregate loss of EUR 4.8 million.


As at April 30, 2020, the aggregate assets of the Latvian monetary financial institutions stood at EUR 21.133 billion, down 1.2% or EUR 259.9 million from the end of April 2019 when their aggregate assets were worth EUR 21.393 billion.


The balance of loans issued to residents by the Latvian monetary financial institutions was EUR 11.39 billion in late April 2020, down 4.5% year-on-year. This included EUR 11.248 billion in euro-denominated loans issued to residents, down 4.2% year-on-year, and EUR 142.3 million worth of loans in foreign currencies, down 23%.


The balance of resident deposits totaled EUR 13.47 billion at the end of April 2020, up 10.1% against the same period last year, including EUR 12.516 billion in euro-denominated deposits, which grew 11.2% from the end of April 2019, and EUR 953.3 million in deposits in foreign currencies, down 2.6 percent from the same period a year ago.


The capital and reserves of the Latvian monetary financial institutions totaled EUR 2.751 billion at the end of April 2020, declining 3.4% from the same period a year ago.


The Latvian monetary financial institutions closed the first four months of 2019 with EUR 96.5 million in aggregate profit, and their earnings in the full 2019 totaled EUR 117.1 million.


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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