Banks, Financial Services, Good for Business, Latvia

The bank’s assets reached EUR 272.7 mln at the end of March, down 11.6% or EUR 35.716 mln.

Deposits attracted by the bank amounted to EUR 193.362 mln, which is a drop by 16 % from late 2016, and the loan portfolio of the bank at the end of March reached EUR 85.9 mln, growing 21%.

The bank’s management reported that operating income totaled EUR 5.96 mln. The structure of the bank’s operating income was heavily dominated by income from trade transactions totaling 66.5%. The %age of fee and commission income dropped to 17.2% from 21.4% compared to the same period last year. The net interest income increased by 24.9% and reached EUR 0.91 mln, largely due to the reduction of interest expense.

The Bank’s operating expense saw increase of up to EUR 3.74 mln, a 9.6% rise over the past year. The expense was primarily driven by personnel management policy-related costs which increased overall by 10.3% up to EUR 2.15 mln expenses incurred in connection with professional services provided to the bank, whose amount totaled EUR 0.18 mln.

The bank's liquidity ration at the end of March was 67.28%, while the capital adequacy stood at 14.77%.

In the first quarter of 2016, Baltic International Bank posted profit worth EUR 1.173 mln, while the group's profit was EUR 1.153 mln.

The key shareholders of Baltic International Bank are Valerijs Belokons (69.9%) and Vilorijs Belokons (30%). At the end of 2016, Baltic International Bank was the 13th largest bank in Latvia in terms of assets, according to the data of the Latvian Association of Commercial Banks.