Banking sector deposits grow slightly for the year

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In the first eleven months of 2014 total deposits in Latvia’s commercial banking sector grew by 1.5%, or €320.2m, according to data released by the Financial and Capital Markets Commission (FKTK) Monday.

While resident deposits grew by 0.6%, or €62.4m, government and state agency deposits shrank slightly. Non-resident deposits grew by 2.5%, or €257.7m.

The banking sector as a whole operated during the first eleven months of the year with profits of €301m, a rise of 14.8% (€262m) over the same period in the previous year.

Thirteen Latvian banks and three foreign bank branches in Latvia posted profits for the period, comprising 82.6% of the total national banking sector assets.

The credit portfolio in the sector remained largely unchanged during November, while assets last month grew by 1.3%, or €388m, reaching a total of almost €30bn.

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