Latvian monetary financial institutions (MFIs), mainly banks, made a profit of 51.9 million euros in January this year, which is 49.1% more than in January 2022, according to the information released by the Bank of Latvia.
The total amount of assets of monetary financial institutions on January 31, 2023 was 25.524 billion euros, which is 5.2% or 1.269 billion euros more than at the end of January 2022, when the assets of monetary financial institutions were 24.255 billion euros.
At the end of January this year, the balance of loans issued to residents of Latvian monetary financial institutions was 13.272 billion euros, which is 7.3% more than a year ago. Among them, Latvian monetary financial institutions issued 13.191 billion euros in loans to residents in euro, which is 7.4% more than a year ago, while the balance of loans issued in foreign currency was 81.1 million euros, which is 15.4% less.
The balance of deposits attracted from residents at the end of January was 17.8 billion euros, which is 9% more than a year ago. Among them, deposits in euros were 16.474 billion euros, and in foreign currencies – 1.326 billion euros. Compared to the end of January 2022, the amount of deposits in euro has increased by 8.1%, while the amount of deposits in foreign currency has increased by 21.7%.
On the other hand, the capital and reserves of Latvian monetary financial institutions at the end of January were 3.268 billion euros, which is 5.8% more than at the end of January 2022.
In January 2022, monetary financial institutions worked with a profit of 34.8 million euros, but in 2022, the total profit of monetary financial institutions was 326.3 million euros, which is 26.5% more than in 2021.
Monetary financial institutions are credit institutions and financial companies that accept deposits from clients who are not monetary financial institutions, as well as grant loans and invest in securities at their own expense.
