H1 bank profits up 22%

The Latvian banking sector made €268.4m in aggregate profit in the first half of this year, according to preliminary data released by the Financial and Capital Market Commission (FKTK), reported LETA Wednesday.

All 16 Latvian banks and four of the eight branches of foreign banks closed the first half of this year with profit. Their aggregate share in Latvian banking assets was 98.3%.

Compared to the respective period last year, the banking sector's profit has risen by 22%. In the first half of this year the banking sector profit was €219.6m.

Deposits in the Latvian banks in June rose 0.3% to €22.3b with resident and non-resident deposits rising at the same rate.

The banking sector's loan portfolio increased 0.6% or €95m in June with the portfolio of resident corporate loans increasing 0.3% or €21m and the portfolio of nonresident loans growing 1.1% while the portfolio of resident household loans remained unchanged month-on-month. The total banking sector’s loan portfolio exceeded €15b at the end of the first half of this year.

Compared to the end of 2015, the aggregate banking sector loan portfolio has risen by more than 2 percent. At the end of last year the aggregate loan portfolio stood at €14.68b.

Compared to the end of 2015, bank deposits in Latvia declined in the first half of this year from €23.26b in late 2015.

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