Banks, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Saturday, 04.07.2020, 05:11

5 Latvian banks report losses in Q1

BC, Riga, 16.06.2020.Print version
In the first quarter of 2020, five banks reported losses, with Citadele bank reporting the biggest loss, reports LETA, according to the data of Finance Latvia Association.

In the first quarter of 2020, Citadele bank sustained EUR 8.213 million loss in contrast to a profit a year ago.


Industra Bank posted EUR 2.025 million in loss in the first quarter of this year in contrast to a profit a year ago, PrivatBank's loss reached EUR 1.858 million which is 2.1 times more than in the respective period last year, Baltic International Bank's loss increased 2.8 times to EUR 442,200, while Expobank's loss rose by 35.8% to EUR 320,100.


At the same time, Swedbank posted EUR 26.137 million in profit in the first quarter of this year, down 10% year-on-year.


SEB Banka followed with EUR 7.097 million in profit, down 43.7%.


The association's data do not include information about Rietumu Banka because it is not a member of the association. However, according to the information published by the bank, Rietumu Banka's profit reached EUR 6.896 million, down 6.8% from a year ago.


Rigensis Bank posted EUR 2.003 million in profit in the first quarter of this year, which is twice as much as a year ago, LPB Bank posted EUR 1.729 million in profit, up 2.1%, Signet Bank posted EUR 575,600 in profit, growing 14.8 times, Regionala Investiciju Banka posted EUR 143,400 in profit, down ten times, and BlueOrange Bank earned EUR 141,000 in profit, down 22.6 times.


The association does not inform about results of its members - the Latvian branch of OP Corporate Bank and the Latvian branch of Luminor Bank.


The Latvian banking sector in the first quarter of this year posted EUR 24.503 million in profit, down 63.4% from a year ago.

 






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