Just three banks post deposit growth in first half of 2017

In the first six months of this year Latvian banks had attracted €20.322 billion in aggregate deposits, which is 4.9% or €1.036 billion less than at the end of 2016, according to the Latvian Association of Commercial Banks.

While only three banks saw their deposits grow in the first half of 2017, deposits in 17 banks dropped from the end of last year.

The list of five leading banks by deposits remained unchanged in the first half of 2017. Swedbank, ABLV Bank, Rietumu Banka, SEB Banka, and Citadele reported largest deposits at the end of June, but of these banks only SEB Banka reported an increase in deposits.

At the end of June, Swedbank had attracted €4.303 billion in deposits, down 2.9% from late 2016. Deposits with ABLV Bank reached €2.821 billion, down 3.1% from late 2016, while Rietumu Banka had attracted €2.462 billion in deposits, down 9.6%. Deposits with SEB Banka, meanwhile, grew 2.9% to €2.308 billion, and Citadele saw deposits decline 2.3% to €2.111 billion.

The three banks reporting deposit growth in the first half of this year included SEB Banka, as well as Norvik Banka (both +0.4%) and the Latvian branch of Danske Bank (+37.3%).

Meanwhile, deposits dropped in Swedbank, ABLV Bank, Rietumu Banka and Citadele, as well as the Latvian branch of Nordea Bank (-4.1%), DNB Bank (-3.5%), BlueOrange Bank (-7%), Regionala Investiciju Banka (-22.5%), Meridian Trade Bank (-10.1%), Baltic International Bank (-17.4%), Expobank (-12.1%), Rigensis Bank (-29.6%), PrivatBank (-15.7%), Latvijas Pasta Banka (-3.2%), Bank M2M Europe (-3.1%), the Latvian branch of OP Corporate Bank (3.2 times), and the Latvian branch of Bigbank (3.5 times).

At the end of June, the Latvian banks held €11.343 billion in corporate deposits and €7.923 billion in personal deposits, according to the banking association's data.

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