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Swedbank and ABLV Bank enjoyed largest profits last year

Photo: pixabay.com.
Last year, the largest profits among banks in Latvia were recorded for Swedbank and ABLV Bank. Seven banks worked with losses in Latvia last year, according to data compiled by Association of Latvian Commercial Banks.

Swedbank’s profits were EUR 94.366 million, which is 1.6% more when compared to 2016. This amount also accounted for 40% of the banking sector’s total profits.

At the same time, profits of ABLV Bank, whose shareholders decided to commence self-liquidation in February, reached EUR 51.216 million last year, which is 35.4% less than a year before, forming 21.7% of the banking sector’s total profits.

SEB Bank earned EUR 38.199 million last year, which is 25.3% less when compared to the year before, forming 16.2% of the banking sector’s total profits.

Rietumu Bank earned a little over EUR 10 million – its profits reached EUR 35.451 million.

According to data from the association, LPB Bank earned EUR 7.164 million (35.6% less), BlueOrange Bank earned EUR 6.291 million (6.1% less), Rigensis Bank earned EUR 4.004 million (43.2% less), Regional Investment Bank earned EUR 3.976 million (46.3% more), and Citadele Bank earned EUR 2.216 million (16.4% less) in 2017.

At the same time, losses were recorded in the following banks in 2017: Luminor Bank (EUR 589.2 thousand), Meridian Trade Bank (EUR 2.354 million), Signet Bank (EUR 2.519 million), Baltic International Bank (EUR 2.668 million), Expobank (EUR 3.416 million), PrivatBank (EUR 3.481 million) and Norvik Bank (EUR 10.523).

Latvia’s banking sector worked with profits of EUR 236.101 million in 2017, which is a decline of 48% when compared to 2016.


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