Banks, Financial Services, Good for Business, Latvia

International Internet Magazine. Baltic States news & analytics Friday, 21.06.2024, 15:33

Latvian banking sector makes EUR 106.2 mln in January-September profit

BC, Riga, 15.12.2020.Print version
The Latvian banking sector closed the first nine months of 2020 with EUR 106.254 million in aggregate profit, which is a drop by 15.7% from the first nine months of 2019, writes LETA, according to the information from the Latvian financial regulator, the Finance and Capital Market Commission (FCMC).

The banks' aggregate assets increased by 5.5% from the end of last year to EUR 23.649 billion at the end of September 2020.

Deposits at the Latvian banks grew 6.4% from the end of 2019 to EUR 19.844 billion at the end of September 2020.

The banking sector's aggregate loan portfolio was worth EUR 18.942 billion in late September this year, down 2.2% from the end of last year.

According to FCMC data, concentration in the banking sector increased this year, with the five largest banks accounting for 87.76% of total banking assets in late September (86.03% at the end of 2019). They also accounted for 89.34% of total bank loans (89.23%), and 89.32% (88.07%) of total bank deposits.

The Latvian banking sector's aggregate profit in the first nine months of 2019 was EUR 125.985 million.

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