Bank deposits climb to nearly €20bn

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Latvia's banking sector saw a modest 2.4% rise in deposits during May to bring the total amount of cash deposited with banks to nearly €20 billion according to information published Friday by the financial regulator, the Financial and Capital Markets Commission (FKTK).

The deposit base is split almost evenly between resident deposits (€10bn) and non-resident deposits (€9.6bn).

During the first five months the year, the banking sector as a whole operated with a profit of €151.8 million euros – an impressive 18.3% rise over the same period the previous year when Latvia was not yet a member of the eurozone.

In May, the banking sector's total assets amount compared to the previous month increased by 0.5% to stand at €28bn.

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