Banks, Financial Services, Good for Business, Latvia

International Internet Magazine. Baltic States news & analytics Tuesday, 19.01.2021, 23:45

Latvian banking assets up 3% in nine months

BC, Riga, 04.12.2020.Print version
The aggregate assets of Latvian banks rose 3% in the first nine months of 2020 and stood at EUR 23.906 billion at the end of September, informs LETA, according to the data released by the Finance Latvia Association. 

The aggregate assets of the association members increased by 7.8% to EUR 22.179 billion.

Swedbank was still Latvia’s largest bank by assets. Swedbank’s assets increased 24.3% from the end of 2019 to EUR 7.327 billion at the end of September 2020, accounting for 30.6% of the aggregate banking sector assets.

Citadele bank ranked second with EUR 4.253 billion in assets at the end of September, up 21.1% from the end of last year. SEB Banka came third with EUR 4.175 billion in assets, up 5.2% from the end of 2019.

During the first nine months of this year, assets grew also for BlueOrange Bank (34.3% to EUR 190.288 million), Rigensis Bank (54.4% to EUR 389.138 million), Signet Bank (4.6% to EUR 206.75 million), Expobank (3.1% to EUR 71.917 million).

Meanwhile, assets declined for the Latvian branch of Luminor Bank (16.1% to EUR 3.552 billion), the Latvian branch of OP Corporate Bank (43.8% to EUR 414.552 million), Regionala Investiciju Banka (17.3% to EUR 247.291 million), Baltic International Bank (2.6% to EUR 235.05 million), LPB Bank (0.3% to EUR 195.424 million), Industra Bank (5.8% to EUR 183.806 million, and PrivatBank (14.2% t EUR 182.883 million).

The association’s data do not include Rietumu Banka which is not a member of the association. According to the information released by the bank, its assets dropped 10.7% in the first nine months of this year to EUR 1.535 billion, which ranks it fifth largest bank by assets in Latvia.

The above data also do not include the Latvian branch of BigBank.

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