AKB Implements Its Development Strategy Very Successfully
OREANDA-NEWS On 23 October was announced, that in 9 month of a year 2008 JSC Akciju komercbanka Baltikums (AKB) made a profit of 3.4 million lats (4.9 million euro). This index over fulfils Bank’s operating results 2.4 times in comparison with results for the same period of a year 2007.
Well-considered and precisely worked out development strategy – concentration on strategically important directions has brought significant operating results to JSC Akciju komercbanka Baltikums. At the establishment moment chosen operating directions – financing of sea transport enterprises and commerce as well as providing services for wealthy private customers – let the Bank feel safety in conditions of economic instability. In this context the chosen long-term strategy of the Bank based on financing of business, focused on the international markets, allows Bank to feel safe, despite potential risks in the local market.
Aldis Reims, chairman of the board of JSC Akciju komercbanka Baltikums: “Our goal never was attraction of a considerable quantity of deposits from individuals and delivery of mortgage and consumption credits.”
On 31st August 2008 JSC Akciju komercbanka Baltikums among 25 commercial banks of Latvia occupied 22nd place in housing crediting (just 230.5 thousand lats that is 0.19% of volume of Bank’s assets), 22nd place in mortgage crediting (just 232.8 thousand lats or 0.20% of volume assets) and 21st place in individuals crediting (just 2.253 million lats or 1.9% of volume of assets).
“That is the reason why our Bank is in a little bit particular and at this moment favorable position. JSC Akciju komercbanka Baltikums also in future is planning to comply with its philosophy that is based on three main operating directions - financing of sea transport enterprises and commerce as well as private service of wealthy customers. The Bank has never felt so convinced in its chosen market spheres as it is now,” A.Reims pointed.
According to the volume of assets, at the end of August JSC Akciju komercbanka Baltikums, that is a part of JSC Baltikums Bankas Grupa, was the 18th biggest bank of 25 commercial banks of Latvia. Bank’s bonds are quoted in Riga Stock Exchange debt security list.