The financial statement of Rietumu Banka and Group for January-September 2024 has been published.
According
to the statement, Rietumu Banka’s profit before tax in the first nine months of
this year amounted to 11 million euros. As of 30.09.2024, the Bank’s assets were 1.3
billion euros, customer deposits were 892 million euros, capital and reserves
347 million euros.
The bank continued implementation of its
local company support strategy, providing financing to large-scale business
projects in Latvia and Europe. As of the end of September, the bank’s loan
portfolio was 664 million euros.
Rietumu Banka has provided financing of more
than 31 million euros to SIA Syfud, which is intended for setting up a
fish-processing factory in Liepaja. Alongside the funds allocated by the Rural
Support Service, it allowed establishing a modern food manufactory that has a
substantial export potential. The factory is located at the Port of Liepaja
territory, where fish canning plant once was. By the end of 2027, the number of
factory workers is planned to reach 800, thus ensuring new jobs in the region.
The bank lent 8 million euros to a
Latvian business project in Portugal. The project is run by a group of
companies, comprised by SIA TAND UKRI, SIA TAND Jelgava, and SIA CARN Holdings,
which has developed a new line of business and carries out a modern real estate
project in Algarve resort area.
As Jeļena Buraja, Chairman of the
Board of Rietumu Banka, notes, “Lending to local business is extremely
important for Latvian economy and society. Nowadays, a company striving for
growth needs to think globally, employ innovations, and enter new markets. I am
glad we are chosen by ambitious business owners willing to obtain financing for
their high-quality large-scale projects. Being the largest bank in Latvia with
local capital, we have the resources for granting loans as large as several
tens of millions euros to a single project. This enables development of
promising industries and the economy in general, as well as increases the
potential of our country and strengthens its position at the common European
market”.
As evidenced by the
statement, Rietumu Banka’s profitability ratios are high: return on equity (ROE) is equal to 3.18% and return on assets (ROA)
– to 0.78%. The bank’s capital adequacy ratio, which reflects the
company’s financial stability, is 24.30%, liquidity coverage ratio is 334.05%, which is more
than three times above the requirement set by the regulator (100%).
The financial statement is published on our website.
The financial statement of Rietumu Banka and Group for January-June 2024 has been published.