Rietumu reports record profit

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Latvia's Rietumu Group, of which Rietumu bank is the core part, turned in a strong performance in the first half of 2014, posting record profits of 35 million euros after tax.

The figure is up 51.6% compared to the same period in 2013, generating an after tax return on equity for shareholders of 11.5% (2013: 10.09%) and an after tax return on assets of 1.2% (2013: 1%). 

"The first half of 2014 proved to be successful with another period of record highs in profits," Rietumu said in a statement to the Riga stock exchange, defining its clients as "corporate customers and high net worth individuals."

"Many of the Group’s business units contributed to the increase in net profit and the income distribution was well diversified across the business units of the Group. Operating income reached EUR 71.9 m 
which represents an increase of 12% from 2013.

"The Group’s goal is to maintain a cost to income ratio of less than 40% and in 2013 this ratio reached 29.4%. For the first half of 2014 the Group reached a profit margin of 59% compared to 43.4% in 2013," Rietumu said.

The group's total assets also stand at a record level: just over 3 billion euros.

According to Latvian Banking Association data, Rietumu bank is the country's fourth-largest bank by assets.

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