Swedbank posts biggest H1 profit among Latvian banks

In the first half of 2019, Swedbank generated the highest profit among Latvian banks, followed by SEB Banka, while three banks – Expobank, PrivatBank and PNB Banka (whose operations were suspended in August) suffered losses, according to the data released by the Finance Latvia Association.

In the first half of this year, Swedbank’s profit rose 3.5 percent year-on-year to EUR 60.101 million, accounting for 47.2 percent of the banking sector’s aggregate profit. SEB Banka generated EUR 23.986 million in six-month profit, up 1.4 percent against January-June 2018.

The association’s data do not include Rietumu Banka which is not a member of the association. According to the information released by the bank, its profit was EUR 15.117 million in the first half of 2019, or 25.1 times smaller than a year ago, which ranks Rietumu Banka in the third position.

Citadele Bank saw its profit drop 1.5 percent year-on-year to EUR 12.45 million in the first half of 2019.

The Latvian branch of Luminor Bank earned EUR 5.951 million in six-month profit, down 3.7 times from the same period last year, BlueOrange Bank made EUR 4.31 million, which is by 36.5 percent less than a year ago, LPB Bank’s profit dropped 11.9 percent to EUR 3.107 million, Rigensis Bank saw its six-month profit grow 2.1 times to EUR 2.56 million, the profit of Regionala Investiciju Banka declined 12.1 percent to EUR 1.949 million, Meridian Trade Bank saw its profit shrink 2.6 times to 466,700, Baltic International Bank posted EUR 295,300 in profit in contrast to a loss a year ago, and Signet Bank’s profit was down 4.1 percent to EUR 162,700.

Meanwhile, Expobank’s loss was EUR 551,600, PrivatBank reported a EUR 706,300 loss and PNB Bank a EUR 5.678 million loss for the first half of 2019.

The above data do not include information on the Latvian branches of Danske Bank, OP Corporate Bank and BigBank.

The Latvian banking sector’s aggregate profit for the first half of 2019 was EUR 127.217 million, down 4.5 percent from January-June 2018.

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