Five banks experienced losses in first quarter in Latvia

In Latvia, five banks worked with losses in the first quarter of this year, including Citadele, according to data compiled by the Finance Latvia Association.

In the first quarter of 2020, Bank Citadele's losses were €8,213 million, as opposed to profits a year earlier.

Similarly, in the first three months of this year, the “Industra Bank”, “PrivatBank”, “Baltic International Bank” and “Expobank” experienced losses.

Industra Bank's losses in the first quarter of this year amounted to €2,025 million, compared to last year's profit, PrivatBank's losses amounted to €1.858 million, which is 2.1 times more than in the first quarter of 2019, Baltic International Bank's losses increased 2.8 times, reaching €442 200, while Expobank's losses increased by 35.8%, reaching 320%. €100.

At the same time, the largest profit in the first quarter of 2020 between Latvian banks was Swedbank - in the first quarter of this year Swedbank's profit was EUR 26.137 million, which is 10% less than in the first quarter of 2019.

Next comes SEB Bank, whose profit in the first quarter of this year was €7.097 million, 43.7% less than in the corresponding period of 2019.

The association's data do not show any data from the “Western Bank” which is not a member of the association. According to the bank's disclosures, the West Bank's profit in the first quarter of this year was €6.896 million, 6.8% less than in the first quarter of 2019, thus ranking the West Bank in third.

The data also show that Rigensis Bank's profit for the first quarter this year was €2.003 million, up twice as much as a year earlier, while LPB Bank's profit was €1.729 million, a gain of 2.1%.

At the same time, Signet Bank's profit in the first quarter this year was €575 600, an increase of 14.8 times compared with the first quarter of last year, a profit of €143 400 by the Regional Investment Bank, a decline of 10 times, while BlueOrange Bank's profit was €141, which is a drop of 22.6 times.

The association shall not inform the results of the activities of its member “OP Corporate Bank” branch in Latvia, as well as of the results of the Latvian branch of “Luminor Bank”.

Overall, the Latvian banking sector worked on a profit of EUR 24,503 million in the first quarter of 2020, which is 63.4% less than a year earlier.

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