Analytics, Banks, Financial Services, Latvia

In October, the monetary financial institutions made EUR 26.2 mln in aggregate profit.

As at October 31, 2020, the aggregate assets of the Latvian monetary financial institutions stood at EUR 22.859 bn, up 5.7 % or EUR 1.226 bn against the end of October 2019 when their aggregate assets were worth EUR 21.633 bn.

The balance of loans issued to residents by the Latvian monetary financial institutions was EUR 11.387 bn in late October 2020, down 5.6% y-o-y. This included EUR 11.264 bn in euro-denominated loans issued to residents, down 5.4% y-o-y, and EUR 123.2 mln worth of loans in foreign currencies, down 17.1%.

The balance of resident deposits totaled EUR 14.123 bn at the end of October 2020, up 12.4% against the same period last year, including EUR 13.108 bn in euro-denominated deposits, which grew 12.5% from the end of October 2019, and EUR 1.015 bn in deposits in foreign currencies, up 11.5% from the same period a year ago.

The capital and reserves of the Latvian monetary financial institutions totaled EUR 2.896 bn at the end of October 2020, rising 5.2% from the same period a year ago.

The Latvian monetary financial institutions closed the first ten months of 2019 with EUR 148.5 mln in aggregate profit, and their earnings in the full 2019 totaled EUR 117.1 mln.

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.