Latvian Financial Institutions See 14.5% Increase in Profit in First Quarter of 2024: Bank of Latvia Data

Latvian financial institutions (MFIs), mainly banks, worked in the first three months of this year with a profit of EUR 161.9 million, which is 14.5% higher than in the corresponding period of 2023, which according to information published by the Bank of Scotland. Latvia.

Among them, financial institutions worked with a profit of 65.9 million euros in March.

The total amount of assets of monetary financial institutions on March 31, 2024 was 28.308 billion euros, which is 6% or 1.603 billion euros more than at the end of March 2023, when the assets of monetary financial institutions were 26.705 billion euros.

At the end of March this year, the balance of loans given to residents of Latvian financial institutions was 13.613 billion euros, which is 2.6% more than a year ago. Among them, Latvian monetary financial institutions issued 13.533 billion euros in loans to residents in euros, which is 2.6% more than a year ago, while the balance of loans granted was in cash foreign at 79.9 million euros, which is 2.2% more.

The balance of deposits withdrawn from residents at the end of March was 18.449 billion euros, which is 2.3% more than a year ago. Among them, investments in euros were 17.268 billion euros, and in foreign currencies – 1.18 billion euros. Compared to the end of March 2023, the level of investments in euro has increased by 3.2%, and the level of investments in foreign currency has decreased by 8.5%.

On the other hand, the capital and reserves of Latvian financial institutions at the end of March were 3.39 billion euros, which is 4.8% more than at the end of March 2023.

In the first three months of 2023, monetary financial institutions worked with a profit of 141.4 million euros, but in 2023, the total profit of monetary financial institutions was 573.5 million euros, which is 75.8% more than in 2022.

MFIs are credit institutions and financial companies that accept deposits from clients who are not MFIs, as well as grant loans and invest in securities at the their own expense.