In Latvia, five banks have been operating at a loss for the first nine months of this year, including Citadele Bank, according to data compiled by the Financial Industry Association.
In the first nine months of 2020, Citadele Bank’s losses amounted to EUR 24.451 million, as opposed to the profit a year earlier.
Industra Bank, PrivatBank, Baltic International Bank and Expobank have also been operating at a loss for the first nine months of this year.
Industra Bank’s loss in the first nine months of this year was 4.041 million euros compared to the previous year, PrivatBank’s loss increased to 3.698 million euros, Baltic International Bank’s loss was 1.179 million euros compared to the same period last year, and Expobank’s loss increased by 71.5%, reaching 978,800 euros.
At the same time, the largest profit among Latvian banks in the first nine months of 2020 was Swedbank – in the first nine months of this year, Swedbank’s profit was 59.913 million euros, which is 28.1% less than in the first nine months of 2019.
SEB banka follows, whose profit in the first nine months of this year was 28.285 million euros, which is 25.1% less than in the corresponding period of 2019.
The data of the association do not show the data of “Rietumu banka”, which is not a member of the association, however, according to the information published by the bank, “Rietumu banka” profit in nine months of this year was 18.108 million euros, which is 12.1% less than in nine months of 2019. , thus ranking “Rietumu banka” in the third position according to the amount of profit.
The association’s data also show that Rigensis Bank’s profit in the first nine months of this year was 6.352 million euros, which is 52.4% more than a year earlier, while LPB Bank’s profit was 4.734 million euros, a decrease of 4.3% .
At the same time, BlueOrange Bank’s profit for the first nine months of this year was 2.991 million euros, down 34.9%, Regional Investment Bank’s profit was 1.96 million euros, down 48.4%, while Signet Bank profit was 618,800 euros, an increase of 14.2%.
The Association does not inform about the performance results of the Latvian branch of OP Corporate Bank, as well as about the results of the Latvian branch of Luminor Bank.
In total, the Latvian banking sector in the first nine months of 2020 had a profit of 107.495 million euros, which is 45.8% less than a year earlier, including a profit of 70.505 million euros, which is 58.1% less than in the previous nine months. months.
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