Banks make nearly €200m profit so far this year

Latvia's banks operated with a profit of nearly €200 million during the first seven months of the year according to data released August 29 by the Financial and Capital Markets Commission (FKTK).

In total, the banking sector in the first seven months of 2017 operated at a profit of €197.9 million. During the period, 15 Latvian banks and four branches of foreign banks operated at a profit (their market share in total banking sector assets was 98.3%). 

In July, total deposits of the banking sector shrank by 1.6% or €334.8 million. 

Domestic customer deposits decreased by 0.6% or €76.2 million, while foreign customer deposits (also known as non-resident deposits, though FKTK dislikes the term) grew by 3.1% or €258.6 million. 

At the end of July, the total deposits in Latvian banks amounted to 20 billion euros.

In July, the total loan portfolio increased by 0.1% or €18.5 million. Loans to domestic enterprises grew by 0.6%, or € 43.6 million, while the domestic loan portfolio decreased by 0.1% or €5.2 million, while loans to foreign customers shrank by 0.8% or €17.3 million. At the end of July, the total loan portfolio totaled €15 billion.

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