Last year, two banks in Latvia were operating at a loss

According to preliminary data, two banks in Latvia last year, according to preliminary data, the largest losses, as in the previous year, were “PrivatBank”, according to data compiled by the Financial Industry Association.

According to the association, in 2021 PrivatBank’s loss was 5.881 million euros, which is 56.9% less than in 2020, when the bank suffered a loss of 13.633 million euros.

Expobank also made a loss last year. According to the association, the bank’s losses last year increased by 98.5%, reaching 1.916 million euros.

At the same time, the largest profit among Latvian banks in 2021, as in the previous year, was Swedbank – last year Swedbank’s profit was 73.414 million euros, which is 2.5% less than in 2020.

SEB banka follows, whose profit last year was 72.538 million euros, which is twice as much as in 2020.

Citadele Bank, on the other hand, had the third largest profit last year among Latvian banks – the bank’s audited profit last year was 29.643 million euros, as opposed to losses in 2020.

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, the preliminary profit of “Rietumu banka” last year was 21.5 million euros, which is 18.6% more than in 2020 , thus ranking “Rietumu banka” in the fourth position according to the amount of the profit.

The association’s data also show that the Regional Investment Bank’s profit last year was 9.08 million euros, an increase of more than 11 times, while BlueOrange Bank’s profit increased by 45.1% to 7.117 million euros. At the same time, according to the audited data published by BlueOrange Bank, the bank’s profit last year was 9.766 million euros, which is 2.6 more than in 2020.

LPB Bank’s profit last year was 5.411 million euros, an increase of 50.3%, Signet Bank’s profit was 2.942 million euros, an increase of 80.8%, Industra Bank’s profit was 1.824 million euros losses in 2020, while Baltic International Bank’s profit was 870,000 euros, compared to a year earlier.

The Association does not inform about the performance 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 had a profit of 264.406 million euros in 2021, which is 81.1% more than a year earlier, including a profit of 195.073 million euros, which is twice as much as in 2020.

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