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Rietumu Banka showed the steepest profit growth among Latvian banks

BC, Riga, 06.09.2018.Print version
Swedbank closed the first half of 2018 with the highest profit among Latvian banks, followed by SEB Banka and Luminor Bank, and two banks reported losses for the first six months of this year, according to the data released by the Finance Latvia Association writes LETA.

In the first half of 2018, Swedbank made a profit of EUR 58.069 mln, up 27.1% on the same period in 2017 and accounting for 43.6% of the banking sector’s aggregate profit.


SEB Banka generated EUR 23.657 mln in first-half profit this year, increasing its earnings by 9.4% against the same period a year ago. SEB Banka’s profit made up 17.7% of the banking sector’s aggregate profit.


The profit made by Luminor Bank in the first half of 2018 totaled EUR 21.763 mln and made up 16.33% of the banking sector’s aggregate profit.


Rietumu Banka showed the steepest profit growth as its profit increased by 157.8% y-o-y to EUR 20.204 mln in the first half of 2018.


According to the banking association’s data, Citadele Bank raised six-month profit by 23.2% y-o-y to EUR 12.639 mln, BlueOrange Bank raised profit by 67.9% to EUR 6.786 mln, the Latvian branch of Bigbank saw its profit grow 9.9% to EUR 4.712 mln, and the six-month profit of LPB Bank declined 15.2% y-o-y to EUR 3.526 mln.


Regionala Investiciju Banka (Regional Investment Bank) closed the first half of 2018 with EUR 2.217 mln in profit, down 6.6% y-o-y, Meridian Trade Bank made EUR 1.222 mln in first-half profit, up 56.4%, Rigensis Bank’s profit contracted 24.1% to EUR 1.193 mln, Expobank’s profit fell 39.9% to 0.904 mln, the profit of Signet Bank shrank 72% to EUR 169,500 and Norvik Banka made EUR 30,700, down 99.1% from the first half of 2017.


Two banks closed the first six months of 2018 in the red. Privat Bank reported a EUR 1.645 mln loss, which expanded by 94.5% against the same period a year ago, and Baltic International Bank sustained a EUR 2.326 mln loss in contrast to EUR 186,000 earned in the same period in 2017.


The Latvian banking sector’s aggregate profit totaled EUR 133.244 mln in the first half of 2018, declining by 19.3% from the first six months of 2017. In the first quarter of 2018, the Latvian banks generated EUR 90.663 mln in aggregate profit, down 13.4% from the respective period a year ago.






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