Swedbank, ABLV and Rietumu post highest six-month profits

Swedbank, ABLV Bank and Rietumu Banka posted the largest unaudited profits in January-June this year, while only one bank in Latvia - Eesti Krediidipank's Latvian branch - operated with losses, according to the Association of Latvian Commercial Banks, reported LETA Tuesday.

Swedbank's profit in the first half-year amounted to €47.65 million, which is 14.5% less than in the first half of 2015. ABLV Bank posted €45.301 million in profit - 4.3% up on year 2015, while Rietumu Banka's profit totaled €45.197 million - an increase of 21.2%.

Seven banks posted profits exceeding €10 million in January-June.

SEB Banka's profit amounted to €37.89 million (2.2 times more on year), DNB Banka - €24.324 million (threefold increase), Citadele - €20.369 million (2.2 times more), and Norvik Banka - €10.89 million (89% increase).

Sixteen banks earned profits exceeding €1 million.

Latvijas Pasta Banka's profit was €8.047 million (3.8 times more on year), PrivatBank - €4.76 million (10.8% decrease), Expobank - €3.09 million (2.6 times less), Baltic International Bank - €2.944 million (14.3% more), BigBank branch in Latvia - €2.184 million (61.8% more), Rigensis Bank - €2.165 million (9.3 percent more), Regionala investiciju Banka - €1.922 million (4.2 times more), Meridian Trade Bank - €1.462 million (the bank operated with losses in January-June 2015), and Baltikums Bank - €1.223 million (4.7 times less on year).

Bank M2M Europe earned €888,400 in profit in the first half of the year, and only the Latvian branch of Eesti Krediidipank posted reported a loss of €455,100 for January-June.

Latvian banking sector posted €268.64 million in total unaudited profit for the first half of 2016, which is 22.1% more than in the first half of 2015.

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