Latvian financial institutions’ profit reaches €400.4m in seven months – BNN

Latvian monetary and financial institutions, mainly banks, made a profit of 400.4 million euros in the first seven months of this year. This is 2.6 times more than in the corresponding period of 2022, according to information released by the Bank of Latvia.

Among them, monetary financial institutions worked in July with a profit of 64.5 million euros.

The total assets of monetary financial institutions as of July 31, 2023 amounted to 25.822 billion euros. This is 1.9% or 474 million euros more than at the end of July 2022, when the assets of monetary financial institutions amounted to 25.348 billion euros.

At the end of July this year, the balance of loans issued to residents of Latvian monetary financial institutions amounted to 13.477 billion euros, which is 3.7% more than a year ago. Among them, Latvian financial institutions issued loans to residents in the amount of 13.88 billion euros, which is 7.7% more than a year ago. The balance of loans issued in foreign currency amounted to 89.4 million euros, which is 14.4% less.

The balance of deposits attracted from residents at the end of July amounted to 17.719 billion euros, which is 4.5% more than a year ago. Of these, deposits in euros amounted to 16.451 billion euros, and in foreign currency – 1.269 billion euros. Compared to the end of July 2022, the volume of deposits in euro increased by 5.1%, while the volume of deposits in foreign currency decreased by 2.6%.

On the other hand, the capital and reserves of Latvian monetary financial institutions at the end of July amounted to 3.435 billion euros, which

12% more than at the end of July 2022.

In the seven months of last year, monetary financial institutions operated with a profit of 155.9 million euros, however, in 2022, the total profit of monetary financial institutions amounted to 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 that are not monetary financial institutions, as well as issue loans and invest in securities at their own expense.

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