Latvian bank profits doubled last year

The Latvian banking sector made a profit of EUR 622.215 million last year, which is almost twice as much as the profit of banks in 2022, according to data published by the Latvian Central bank (Bank of Latvia) on March 14.

Banks' interest income in 2023 amounted to EUR 1.32 billion, which is 2.1 times more than in 2022, while interest expenses amounted to EUR 225.633 million, an increase of 4.2 times.

Meanwhile, banks' fee income last year amounted to €325.838 million, up 0.9% on 2022, while bank fee expenses fell by 1.3% to €92.775 million.

At the end of last year, banking sector assets totaled €28.258 billion, up 2% or €554.022 million from €27.704 billion at the end of 2022.

The amount of loans granted by banks to non-bank customers at the end of 2023 was EUR 15.637 billion, which is 1.5% or EUR 224.193 million more than at the end of 2022.

In deposits, banks had attracted EUR 23.165 billion at the end of 2023, up by 0.3% or EUR 60.353 million compared to the end of 2022.

The Bank of Latvia data also show that the market share of the five largest banks in assets at the end of 2023 was 88.95% (88.8% at the end of 2022), in loans to non-bank customers - 89.07% (90.18%), and in deposits of non-bank customers - 89.97% (89.88%).

The total profit of the banking sector in 2022 was EUR 321.322 million.

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