Banks, Financial Services, Latvia

The amount of deposits at the bank was LVL 1.25 billion last year – LVL 379 million or 43.6% more than in 2009, and significantly more than planned for 2010, writes LETA.

The amount of Aizkraukles banka's net assets was LVL 1.38 billion last year, whereas capital and reserves – LVL 75.4 million.

The increase in deposits at Aizkraukles banka last year accounted for 25.5% of the total rise in bank deposits in Latvia last year.

The bank plans to attract 15% more in deposits this year. Given that economic recovery is underway in the bank's target markets, and that the bank will not have to make substantial provisions, Aizkraukles banka also plans to step up lending this year.

Ernests Bernis, the bank's board chairman, is convinced that Aizkraukles banka will count profit this year, successfully continue its business expansion and make its operations more efficient. It is planned that the profit of the bank and the banking group will exceed LVL 15 million in 2011.

Aizkraukles banka key shareholders are Olegs Fils with 42.95% stake and Bernis and Nika Berne, who together own 42.95% of the bank's shares.

In 2010, Aizkraukles banka was ranked 26th Latvia's most valuable company in an index compiled by business magazine "Kapitals", "IBS Prudentia" and "NASDAQ OMX Riga", the bank's value was estimated at LVL 57.55 million. In 2009, the bank was in 44th place with an estimated value of LVL 43.91 million.