Banks, Financial Services, Investments, Latvia, Loan

International Internet Magazine. Baltic States news & analytics Saturday, 28.11.2020, 03:53

Latvian monetary financial institutions report EUR 105.5 mln in 9-month profit

BC, Riga, 28.10.2020.Print version
Latvian monetary financial institutions (mainly banks) earned EUR 105.5 million in aggregate profit in the first nine months of 2020, which is by 45.9 percent less than in the same period a year ago, the Bank of Latvia reported, cites LETA.

In September, the monetary financial institutions made EUR 12.5 million in aggregate profit.


As at September 30, 2020, the aggregate assets of the Latvian monetary financial institutions stood at EUR 22.736 billion, up 5.7% or EUR 1.235 billion against the end of September 2019 when their aggregate assets were worth EUR 21.501 billion.


The balance of loans issued to residents by the Latvian monetary financial institutions was EUR 11.437 billion in late September 2020, down 4.8% year-on-year. This included EUR 11.298 billion in euro-denominated loans issued to residents, down 4.5% year-on-year, and EUR 139.4 million worth of loans in foreign currencies, down 23.6%.


The balance of resident deposits totaled EUR 13.781 billion at the end of September 2020, up 11.4% against the same period last year, including EUR 12.763 billion in euro-denominated deposits, which grew 11.5% from the end of September 2019, and EUR 1.018 billion in deposits in foreign currencies, up 9.6% from the same period a year ago.


The capital and reserves of the Latvian monetary financial institutions totaled EUR 2.869 billion at the end of September 2020, rising 2.1% from the same period a year ago.


The Latvian monetary financial institutions closed the first nine months of 2019 with EUR 194.9 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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