Banks, Financial Services, Good for Business, Latvia

In February, the monetary financial institutions generated EUR 22.2 mln in aggregate profit.

As at February 28, 2019, the aggregate assets of the Latvian monetary financial institutions stood at EUR 21.646 bn, down 16.9% or EUR 4.4 bn from the end of February 2018 when their aggregate assets were worth EUR 26.046 bn.

The balance of loans issued to residents by the Latvian monetary financial institutions was EUR 11.87 bn in late February 2019, down 4.1% y-o-y. This included EUR 11.687 bn in euro-denominated loans issued to residents, down 3.1% y-o-y, and EUR 183.4 mln worth of loans in foreign currencies, down 42.6%.

The balance of resident deposits totaled EUR 12.152 bn at the end of February 2019, up 7.5% from the same period last year, including EUR 11.146 bn in euro-denominated deposits, which grew 10.7% from the end of February 2018, and EUR 1.006 bn in deposits in foreign currencies, down 19% from the same period a year ago.

The capital and reserves of the Latvian monetary financial institutions totaled EUR 2.365 bn at the end of February 2019, declining 25.3 % from the same period a year ago.

The Latvian monetary financial institutions closed the first two months of 2018 with EUR 39 mln in aggregate profit, and their earnings in the full 2018 totaled EUR 290.1 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.