Banks, Financial Services, Good for Business, Latvia

The bank's annual profit this year is planned at EUR 11 mln.

In January-June 2016, the bank's net income was EUR 30 mln compared to EUR 23.8 mln in the first half of 2015.

Norvik Banka's assets stood at EUR 904.4 mln at the end of June this year, which is by EUR 101.2 mln less than at the end of 2015. The loan portfolio amounted to EUR 236.4 mln.

Dmitry Kalmykov, a board member of the bank, said that the number of Norvik Banka's customers had decreased somewhat in relation to the new requirements and developments in the Latvian banking sector where several banks have been fined for violations of anti-money laundering rules and one bank lost its license.

"We had to part ways with some customers, who did not fit the new requirements, and others left on their own, which resulted in certain outflow of funds," he said.

The bank's capital adequacy ratio was 18.64% and its liquidity ratio was 62.27% at the end of June this year.

Kalmykov said that over the next five years Norvik Banka intended to focus on private banking and development of technologies and innovations.

Grigory Guselnikov, a citizen of Russia and the United Kingdom, is the key shareholder in Norvik Banka.

At the end of the first half of 2016, Norvik Banka was the eighth largest bank in Latvia by assets.