Banks, Deposits, Financial Services, Latvia

In July, the monetary financial institutions made EUR 27.7 million in aggregate profit.

As at July 31, 2020, the aggregate assets of the Latvian monetary financial institutions stood at EUR 22.257 billion, up 3.8% or EUR 805.7 million against the end of July 2019 when their aggregate assets were worth EUR 21.451 billion.

The balance of loans issued to residents by the Latvian monetary financial institutions was EUR 11.352 billion in late July 2020, down 5.3% year-on-year. This included EUR 11.22 billion in euro-denominated loans issued to residents, down 4.8% year-on-year, and EUR 132.2 million worth of loans in foreign currencies, down 33.1%.

The balance of resident deposits totaled EUR 13.471 billion at the end of July 2020, up 7.3% against the same period last year, including EUR 12.466 billion in euro-denominated deposits, which grew 8.4 % from the end of July 2019, and EUR 1.005 billion in deposits in foreign currencies, down 5.3% from the same period a year ago.

The capital and reserves of the Latvian monetary financial institutions totaled EUR 2.832 billion at the end of July 2020, rising 2.4% from the same period a year ago.

The Latvian monetary financial institutions closed the first seven months of 2019 with EUR 152.2 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.