Last year, five banks operated at a loss in Latvia

In 2020, PrivatBank’s losses amounted to EUR 13.633 million, which is 95.2% more than in 2019.

Last year, Citadele Bank, Industra Bank, Baltic International Bank and Expobank also made losses. Including Citadele Bank’s loss last year was € 4.761 million, compared to a year earlier, while Industra Bank’s loss was € 3.621 million, Baltic International Bank’s loss was € 1.463 million and Expobank’s loss was € 964,800.

At the same time, the largest profit among Latvian banks in 2020 was Swedbank – last year Swedbank’s profit was 75.325 million euros, which is 23.3% less than in 2019.

This is followed by SEB banka, whose profit last year was 35.759 million euros, which is 24.2% less than in 2019.

The data of the association do not include the data of “Rietumu banka”, which is not a member of the association, however, according to the bank’s published information, “Rietumu banka” audited profit last year was 18.125 million euros, which is 1.7% less than in 2019, thus ranking Rietumu Bank in the third position according to the amount of profit earned.

The association’s data also show that BlueOrange Bank’s profit last year was 4.903 million euros, which is 20.1% less than a year earlier, while LPB Bank’s profit was 3.62 million euros, a decrease of 41.5 %.

At the same time, Rigensis Bank’s profit last year was 2.659 million euros, a decrease of 62.7%, Signet Bank’s profit was 1.627 million euros, which is a doubling, while the Regional Investment Bank’s profit was 797,400 euros, which is a reduction of 73.8%.

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 2020 worked with a profit of 146.017 million euros, which is 22.4% more than a year earlier, including the profit of the member banks of the association was 100.248 million euros, which is 49.5% less than in 2019.