Banks, Deposits, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Saturday, 08.08.2020, 12:18

Latvian banks operated with EUR 17.4 mln in profit in Q1

BC, Riga, 02.07.2020.Print version
The Latvian banking sector operated with EUR 17.438 million in profit in the first quarter of the year, which is a 4.2 times drop compared to the same period in 2019, writes LETA, according to the information from the Latvian financial regulator, the Finance and Capital Market Commission (FCMC).

The banks' aggregate assets contracted by 3.5% from the end of 2019 to EUR 21.724 billion at the end of the first quarter of 2020.

Deposits at the Latvian banks dropped 3.6% to EUR 17.996 billion.

The banking sector's aggregate loan portfolio was worth EUR 19.02 billion in late March, down 1.8% from the end 2019.

The banks' own capital rose 2.9% from the end of 2019 to EUR 2.246 billion at the end of 2019.

According to FCMC data, concentration in the banking sector increased this year, with the five largest banks accounting for 87.9% of total banking assets in late March (85.7% at the end of 2019). They also accounted for 90.5% of total bank loans (89.1%), and 90.1% (88.1%) of total bank deposits.

The Latvian banking sector's profit in the first quarter of 2019 was EUR 73.272 million.


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