12 Sep 2017 10:00 |Category:  LAT English 1st page news

Swedbank boasts largest profit for H1 among Latvian banks

RIGA, Sep 12, BNS - In the first half of this year Swedbank boasted the largest audited profit among Latvian banks, followed by ABLV Banka, and SEB Banka, according to the financial results of bank published recently.

In the first six months of 2017, Swedbank posted EUR 45.705 million in profit, which is by 4.1 percent less than in the respective period in 2016. Swedbank’s profit accounted for 27.7 percent of the aggregate Latvian banking sector’s profit.

ABLV Banka posted the second largest profit – EUR 26.343 million or down 41.8 percent year-on-year, ensuring 16 percent of the aggregate profit. SEB Banka came third with EUR 21.624 million in profit, down 42.9 percent year-on-year and 13.1 percent of aggregate profit.

Two other banks made profits over EUR 10 million in the first six months of this year. DNB Banka earned EUR 13.34 million in profit, down 45.2 percent, while Citadele’s profit reached EUR 10.256 million, down 49.6 percent.

According to the association’s data, Rietumu Banka followed with EUR 7.838 million in profit in the first half of this year, down 5.8 times year-on-year, The Latvian branch of BigBank with EUR 4.29 million, up 96.4 percent, Latvijas Pasta Banka with EUR 4.16 million, down 48.3 percent, BlueOrange Bank (formerlu Baltikums Bank) with EUR 4.041 million, up 3.3 times, Norvik Banka with EUR 3.306 million, down 3.3 times, Regionala Investiciju Banka with EUR 2.375 million, up 23.5 percent, Rigensis Bank with EUR 1.573 million, down 27.3 percent, Expobank with EUR 1.505 million, down two times, Meridian Trade Bank with EUR 781,600, down 46.5 percent, Bank M2M Europe with EUR 622,300, down 30 percent, Baltic International Bank with EUR 186,100, down 15.8 times.

At the same time, Privat Bank posted EUR 846,000 loss in the first six months of this year in contrast to a profit a year ago.

The Latvian banking sector in the first half of this year earned EUR 165.01 million in aggregate profit, down 38.6 percent from the respective period last year.

BNS, +371 67088611, zinas@bns.lv

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