Bank profits almost doubled in Latvia in 2021

The Latvian banking sector generated a profit of EUR 291,575 million according to Financial and Capital Markets Commission's information on March 21, LETA reported.

This is up 93.9% on 2020 when the sector generated EUR 150,355 million.

Banks' interest revenue amounted to €530,049 million in 2021, 4.8% more than in 2020, while interest costs were €63,839 million, a decline of 21.2% compared with the previous year.

The banking commission's cash revenue was EUR 334,629 million last year, which is 12.8% more than in 2020, while banks' commissions have increased by 12.6%, reaching EUR 99,862 million.

At the end of 2021, the banking sector's assets amounted to a total of EUR 25,307 billion, representing 4.2% or EUR 1.011 billion more than at the end of 2020, when the banking sector's assets represented a total of EUR 24,296 billion.

Loans provided by banks to non-bank customers were EUR 14,654 billion at the end of 2021, representing EUR 12.2% or EUR 1.598 billion more than at the end of 2020.

Banks had attracted €20.924 billion in deposits at the end of last year, up 2%, or €402.957 million more than at the end of 2020.

The FKTK's data also show that the market share of the five largest banks in assets at the end of 2021 was 88.02% (88.45% at the end of 2020), 89.63% (90.09%) in loans to non-bank clients, while 90.5% (89.96%) in non-bank client deposits.

 

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