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Bank profits in Latvia at EUR 52.321 million in first quarter

In the first quarter of this year, the Latvian banking sector worked on a profit of EUR 52.321 million, which is three times that of the corresponding time period of 2020, according to data published by the Finance and Capital Market Commission (FKTK), LETA reported June 8.

At the end of March 2021, the banking sector's total assets amounted to €25.43 billion, which is 4.7% or €1.134 billion more than at the end of 2020, when the total assets of the banking sector amounted to €24.296 billion.

At the end of March 2021, the banking sector's total credit portfolio was EUR 20,792 billion, which is 5.6% or EUR 1.102 billion more than at the end of 2020.

The amount of loans to domestic customers this year, at the end of March, amounted to €17,572 billion, up 3% or €509,316 million more than at the end of last year.

Loans to domestic households amounted to EUR 5.319 billion at the end of March, which is 1.7% or EUR 88,969 million more than at the end of 2020, while loans to domestic non-financial corporations amounted to EUR 5.921 billion, an increase of 4.8% or EUR 271,343 million, including loans to small and medium-sized enterprises amounted to EUR 3.521 billion. €13 billion, up 6.9% or €226,411 million over the end of 2020.

Banks, meanwhile, had attracted €21.277 billion in deposits at the end of March, up 3.7%, or €756.149 million more than at the end of 2020.

Domestic customer deposits increased by 5% compared to the end of last year, or EUR 829,099 million, reaching EUR 17,499 billion at the end of March.

Domestic households' deposits increased by 5.5% or EUR 469.615 million, reaching EUR 9.003 billion at the end of March, while deposits by domestic non-financial corporations increased by 3.7% or EUR 208.567 million, reaching EUR 5.798 billion.

The FKTK's data also show that market concentration continues to grow in the banking sector. The market share of the five largest banks in assets at the end of March 2021 was 88,54% (88.45% at the end of 2020), 90,75% (90.09%) in loans and 90.06% in deposits (89.96%).

In 2020, the banking sector had a total profit of €150.375 million, including EUR 17.438 million in first quarter profit.

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