Bank of Latvia earns €11.8m in 2016 profit

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The Latvian central bank, the Bank of Latvia last year earned €11.8 million in profit, which is 2.5 times less than in 2015, the bank told the press on March 16.

In accordance with the Law on the Bank of Latvia, 65% of its profit or €7.7 million will be appropriated to the state budget. The rest of the profit will be transferred to the reserve capital of the bank.

The Bank of Latvia said in its report that net interest income in 2016 grew by €11.8 million as compared to 2015.

Also, the bank last year paid €17.184 million in wages to its employees, up 1.5% from 2015. €3.852 million have been paid in social insurance contributions and solidarity tax.

At the end of 2016 the Bank of Latvia had 539 employees compared to 540 employees at the end of 2015.

The Bank of Latvia total assets at the end of 2016 stood at €14.772 billion, growing by €3.654 billion from a year ago.

The bank also said that pursuant to the Law on the Bank of Latvia, the bank's annual financial statements are audited by independent external auditors recommended by the Governing Council of the European Central Bank and approved by the Council of the European Union. The Bank of Latvia has received a positive auditors' opinion on its financial statements for 2016 from the auditing company KPMG Baltics.

As reported, in 2015 the bank’s annual profit was €30.04 million.

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