Rietumu Banka’s Operating Performance in the first half of the year

The financial statement of Rietumu Banka and Group for January-June 2024 has been published.

According to the statement, Rietumu Banka’s profit before tax in the first six months of this year was 7.3 million euros, the Group’s profit 8.5 million euros.

The Bank’s assets as of 30.06.2024 were 1.4 billion euros, customer deposits were 926 million euros, capital and reserves 341 million euros.

Rietumu Banka implemented a strategy aimed at supporting Latvian entrepreneurs and financing business projects. Cooperation with companies in the manufacturing, food processing, green energy, agriculture, real estate, finance, transport and other sectors continued, and cooperation with new clients began.

Since the beginning of the year, Rietumu Banka has issued new loans for the amount of 45.8 million euros, the total amount of the loan portfolio at the end of June was 674 million euros.

As Jeļena Buraja, Chairman of the Board of Rietumu Banka, notes: "We are approached by local entrepreneurs who want to expand their activities, develop new areas and implement international projects in Europe. I am really proud of many of our clients who have both outstanding ideas and the courage and ability to implement them successfully. For our part, we take into account the details of each project and provide the necessary financing – as the largest local bank, we are happy to support the growth of Latvian businesses".

The bank paid special attention to sustainable development, including support for the growth of renewable energy production in Latvia. The bank both continues to cooperate with its lending clients operating in this field and participates in the creation of the largest projects in Latvia itself.

Rietumu Banka implements several large-scale solar park projects with a total capacity of 33 MWh – the parks "Aleksandriņi" and "Citroniņi" in Salaspils and Ķekava parishes, as well as "Aleksandra muiža" in Mārupe parish have already been built; and under development is the park "Remmes Lāči" in Mārupe parish.

Rietumu Banka’s profitability ratios are high at a stable level: return on equity (ROE) 3.12%, return on assets (ROA) 0.74%. The bank’s capital adequacy ratio, which reflects the company’s financial stability, is 23.67%, liquidity coverage ratio is 292.34%, almost three times exceeding the requirement set by the regulator (100%).

The financial statement is published on our website.