Bank of Latvia posts close to €24 million in 2017 profit

The Bank of Latvia last year posted €23.884 million in profit, which is two times higher than in 2016, the Bank of Latvia press service reported.

Pursuant to the Law on Latvijas Banka, 65% or €15.5 million of the bank’s profit for 2017 will be appropriated to the central government budget, while the rest of the profit will be transferred to the reserve capital of the Bank of Latvia.

The Bank of Latvia has received a positive auditors' opinion on its financial statements for 2017 from the auditing company KPMG Baltics.

The bank’s net interest income in 2017 reached €71.498 million, up 25.9% from 2016, including income from interest growing 34.2% or €35.207 million.

The bank’s interest expenditure last year reached €66.691 million, growing 44.4% or €20.51 million.

In 2017 the Bank of Latvia had accumulated €42.676 million in provisions, which is two times less than in 2016.

Pursuant to the Law on the Bank of Latvia, the bank’s annual financial statements are audited by independent external auditors recommended by the Governing Council of the European Central Bank and approved by the Council of the European Union.

In 2016 the bank posted €11.773 million in profit.

Current Bank of Latvia Governor Ilmārs Rimšēvičs is under investigation for corruption. He is suspected of extorting and accepting a bribe worth at least €100,000, but will not step down and insists that he is innocent.

The Corruption Prevention Bureau (KNAB) has banned Rimšēvičs from leaving Latvia and heading the central bank.

Rimšēvičs has Latvia's central banker since 2001.

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