Banks, Financial Services, Good for Business, Latvia

International Internet Magazine. Baltic States news & analytics Saturday, 30.05.2020, 11:54

Rietumu Bank reports EUR 20.6 mln EUR in nine-month profit

BC, Riga, 28.11.2019.Print version
The Q3 2019 financial statement of the bank and Rietumu Group has been published.The statement data indicate retaining of the positive dynamics and high efficiency of operation of Rietumu Bank.

Assets of the bank have grown by 9%, compared to the start of the year, and comprise EUR 1.7 bn. The volume of client deposits has grown by 20% up to EUR 1.2 bn.

The credit portfolio (EUR 684 mln) is close to its January level.

Net profit of the bank during nine months has reached EUR 20.6 mln.

The figures that indicate the good profitability and stability of Rietumu Bank are traditionally high. Return on equity after tax (ROE) is 6.80% as of 30.09.2019 and return on assets (ROA) is 1.64%.

The liquidity coverage ratio (the regulatory minimum being 100%) has reached 1491.33%, the capital adequacy ratio is 24.68%, having exceeded the standard set by the regulator.

Rietumu Bank continues working successfully with its business customers, primarily from Latvia and the Baltic countries, as well as other regions of the EU, and the number of such customers is growing steadily.

Among our priorities remain lending, investing and other forms of business financing, including in the regions. We are working with good projects in the field of export-orientated production, with the emphasis on innovations and high technologies, as well as separate segments of real estate, in the field of services and entertainment, including the hotel business.

For development it this area Rietumu Bank has an excellent capital basis, has both the resources and experience available which are required for the implementation of wide-scale and ambitious business ideas. Moreover, we are independent and are able to evaluate new projects and plans, taking good decisions on them,” – said Chairman of the Board of Rietumu Bank Rolf Fuls.

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