Latvian financial institution profits dramatically decreased in 2019

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2019 profits for Latvian monetary financial institutions (MFIs), mainly banks, were 117.1 million euros, which is 2.5 times less than in 2018, according to Latvian central bank Latvijas Banka statistics published on January 29.

MFI total assets at the end of the period in December 2019 totaled 21.759 billion euros, which is 0.4% less than at the end of the same period in 2018. MFI loans to residents at the end of the period ending in December 2019 totaled 11.685 billion euros, which is 1.5% less than in the previous year. Euro MFI loans to residents made up 11.541 euros, but foreign currency loans were 143.4 million euros, which is a decrease of 22.7%.

Resident deposits at the end of the period in December 2019 reached 13.031 billion euros, which is 7.8% less than the previous year. Of this amount 12.16 billion were euros and 870.6 million were foreign currency, which means euro deposits increased by 10.2% and foreign currency deposits decreased 17.9% compared to the previous year.

MFI capital and reserves at the end of December totaled 2.657 billion euros, which is a 6.9% decrease from 2018. In 2018 MFI profits totaled 290.1 billion euros.

According to Latvijas Banka, MFIs include “credit institutions, credit unions, money market funds (MMFs) and other financial institutions whose business is to receive deposits or close substitutes for deposits from customers and, on their own account, to grant credits and invest in securities; as well as electronic money institutions, whose main business is issuing of electronic money.”

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