Banks, Financial Services, Good for Business, Latvia
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Thursday, 28.03.2024, 16:37
Rietumu Banka posts EUR 18.431 mln in 2019 audited profit
Rietumu Banka's assets on December 31, 2019,
stood at EUR 1.719 bn, which is by 11.4% or EUR 176.319 mln more than at the
end of 2018.
The bank's management said in its report that the 2019
results reflect the bank's growth trends.
"New customers continue to come to the Bank, and every
month we open accounts for several dozens of Latvian companies, including both
promising developing enterprises and leaders in manufacturing, real estate
development, logistics and other fields of economy. All of this confirms the
correctness of the measures and plans that our bank has consistently put into
practice over the last one and a half years, according to the new conditions
and requirements implemented in Latvian financial sector, taking into account
the position of regulatory bodies and international partners," the bank
said in its report.
As a result of the uncertain environment in the region the
Bank has substantially scaled down its commercial lending in the CIS countries
and currently has become more active in lending of medium-large scale corporates
in the Baltics.
In addition, the Group focused on reducing
concentration risks of large lending projects. This resulted in the lending
portfolio being diversified over a large group of medium sized loans
rather than the portfolio being concentrated in a smaller group of larger
loans. Volume of loan portfolio has stabilized in 2019. Loans and receivables
to customers reached EUR 585 mln showing only slight decrease compared to the
balance of 2018 of EUR 618 mln. This year the Bank plans moderate portfolio growth.
The effective average interest rate for 2019 was 3.88 %.
The results that the Bank and the Group has reached provide
an excellent basis for the further development of the Bank and the Group. They
reflect the appropriateness of the chosen course and the presence of key conditions
for its implementation: financial and intellectual resources, a solid capital
base and modern technologies, the bank said in its report.
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