Swedbank once again last year's top earning Latvian bank

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Last year Swedbank once again topped the list for audited profits among Latvian banks according to bank public financial records, while four banks posted losses, according LETA news agency on April 22.

In 2019 Swedbank's audited profit was 98.148 million euros, which is a 11.7% decrease compared to 2018 profits (111.193 million euros). SEB Banka had the second largest profit at 47.17 million euros - a 2.8% decrease from 2018. Citadele came in third with profits of 38.976 million euros (18% decrease).

Rietumu Banka finished 2019 with profits of 18.431 million euros (14.2% decrease), while Luminor Bank's unaudited profits are shown as 11.487 million euros (3.8% decrease) by Finance Latvia Association data. Rigensis Bank posted a 7.077 million euro profit (doubling 2018 profits), LPB Bank earned 7.378 million euros in profits (93.9% increase), BlueOrange Bank's profits were 6.045 million euros (17.9% decrease), Regional Investment Bank's profits were 2.997 million euros (47.5% decrease), while Signet Bank increased profits 4.4 times reaching 744,000 euros.

Losses were posted by PrivatBank with a negative 6.9 million euro loss (5.7% increase), Industra Bank (formerly Meridian Trade Bank) operated with losses of 4.338 million euros, as opposed to the previous year's profits. Baltic International Bank's profit losses grew 62.1% at 3.161 million euros and Expobank posted losses of 757,000 euros, as opposed to making a profit in 2018.

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