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Swedbank shows highest profit among Latvian banks in 2018
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    News

    Swedbank shows highest profit among Latvian banks in 2018

    RIGA, March 25 (LETA) - Like in the previous seven years, Swedbank made the highest profit among Latvian banks also in 2018, with SEB Banka and Luminor Banka following as the second and third highest-earning banks, while three banks - Baltic International Bank, PrivatBank and PNB Banka (previously Norvik Banka) - posted losses for last year, according to the data released by the Finance Latvia Association.

    In 2018, Swedbank generated EUR 111.193 million in annual profit, up 17.8 percent against a year before and accounting for 37.8 percent of the banking sector's aggregate profit.

    SEB Banka posted EUR 45.867 million in 2018 profit, which was an increase of 20.1 percent year-on-year and 15.6 percent of the banking sector's aggregate profit. Luminor, which was set up last year, followed with EUR 44.243 million in last year's profit or 15 percent of the banking sector's 2018 profit.

    Citadele was the only other bank making more than EUR 10 million in profit last year. Citadele Bank reported a profit of EUR 33.037 million for 2018, which was several times more than a year before.

    The association's data does not include Rietumu Banka, which is not a member of the Finance Latvia Association. According to the bank's information, Rietumu Banka raised its profit by 1.5 percent last year to EUR 33.661 million, which ranked it the fourth highest-earning bank in Latvia.

    The banking association's data shows that BlueOrange Bank earned EUR 7.367 million last year, up 17.1 percent year-on-year, Regionala Investiciju Banka made EUR 6.244 million, up 57.1 percent, LPB Bank made EUR 5.549 million, down 22.6 percent, Rigensis Bank made EUR 2.986 million, down 25.4 percent, Meridian Trade Bank made EUR 1.537 million in contrast to a loss in 2017, Signet Bank earned EUR 610,400 and Expobank made EUR 279,400 in 2018 profit.

    Meanwhile, Baltic International Bank posted a EUR 304,900 loss, PrivatBank reported a EUR 4.196 million loss and PNB Bank sustained a EUR 5.099 million loss in 2018.

    The association does not provide information on its members, the Latvian branches of Danske Bank, OP Corporate Bank and BigBank.

    In 2018, the Latvian banking sector generated EUR 294.477 million in aggregate profit, up 24.7 percent against 2017.

    • Published: 25.03.2019 14:38
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