Bank profits up in 2015

Take note – story published 8 years and 3 months ago

Last year the banking sector in Latvia posted profits of €416m, which is €105m more than in 2014, according to data by the Financial and Capital Markets Commission (FKTK), reported LSM's Latvian-language service Thursday.

According to FKTK data, bank profits grew from investments in shares as well as selling foreign currencies.

Last year Latvia's credit portfolio grew for the first time after years of shrinking since the financial crisis broke out.

However the tendencies are being viewed rather critically. The total household credit portfolio shrunk 4% last year despite an increase in consumer loans. In 2015 the state started an aid program for families who want to buy their first home.

Banks lent €68m within the scheme last year, but the volume of mortgage agreements shrank either way.

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