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Rietumu Banka posts in EUR 18.1 mln in Q3 2020 profit

BC, Riga , 27.11.2020.Print version
The Q3 2020 financial statement of the bank and Rietumu Group has been published. According to the statement, the bank's net profit in nine months reached 18.1 miln euros, while the bank earned 8.4 mln euros in profit during the third quarter.

As of 30 September 2020, the bank's assets amounted to 1.5 bin euros, customer deposits 1.1 bn euros, loans 636 mln euros, capital and reserves 318 mln euros. Thus, all main financial indicators of Rietumu demonstrate stability.

Return on capital (ROE) for the first nine months of 2020 was 7.89%, return on assets (ROA) 1.69%. As before, the liquidity coverage ratio established by the regulator (100%) is several times higher, amounting to 349.35% as of the end of September.

Commenting on these results, Chairman of the Board of Rietumu Bank Rolf Fuls said: “Both the global and Latvian economies continue to operate in the face of difficulties caused by the pandemic. The peculiarities of the current crisis form the specifics of the situation for various markets and industries. Amid the downturn in industries such as leisure, catering, tourism, passenger transport, and traditional trade, there has been robust growth in a number of other segments that have adapted to the pandemic, and the list is expanding.

In this situation, entrepreneurial activity and a well-considered flexible state policy in supporting private business and the domestic market as a whole and its promising industries are of particular importance. We see that many of our clients are now working very actively and not postponing development issues for the future, and the bank supports them in this, providing, among other things, its expertise and financial resources.”

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