Banks, Deposits, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Tuesday, 19.01.2021, 23:38

Swedbank posted the largest profit among Latvia's banks in 9 months

BC, Riga, 04.12.2020.Print version
Five banks in Latvia closed the first nine months of 2020 with losses, with Citadele reporting the biggest nine-month loss, according to the data released by Finance Latvia Association. Swedbank posted the largest profit among Latvia's banks, informs LETA.

In the first nine months of this year, Citadele sustained a loss of EUR 24.451 million in contrast to a profit made during the first nine months of last year.


The four other banks reporting losses for the first nine months of 2020 included Industra Bank, PrivatBank, Baltic International Bank and Expobank.


Industra Bank posted a loss of EUR 4041 million for the first first nine months of 2020 in contrast to a profit made a year ago, PrivatBank's loss grew to EUR 3.698 million, loss of Baltic International Bank was at EUR 1.179 million in contrast to a profit a year ago, and Expobank's loss increased 71.5% on year to EUR 978,800.


Meanwhile, Swedbank posted the largest profit among Latvia's banks, although its nine-month profit declined 28.1% on year to EUR 59.913 million in the first nine months of 2020.


SEB Banka followed with EUR 28.285 million made in the first nine months of this year, down 25.1% from the same period a year ago.


The banking association's data does not include Rietumu Banka, which is not a member of the association, but according to information released by the bank, its profit was EUR 18.108 million in January-September 2020, down 12.1% from the first nine months of last year, which ranks Rietumu Banka the third highest-earning bank.


According to the association's data, Rigensis Bank raised profit by 52.4% on year to EUR 6.352 million in the first nine months of 2020 and LPB Bank's profit dropped 4.3% on year to EUR 7.734 million.


BlueOrange Bank profit dropped 34.9% on year to EUR 2.991 million, Regionala Investiciju Banka generated EUR 1.96 million in nine-month profit, which is 48.4% less than a year ago. Signet Bank earned EUR 618,800, which is 14.2% more than a year ago.


The association has not provided information on the Latvian branches of OP Corporate Bank and Luminor Bank which are its members.


The Latvian banking sector closed the first nine months of 2020 with EUR 107.495 million in aggregate profit, which fell 45.8% from the respective period of 2019.







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