Rietumu Receives 1H EUR 3 mn Net Profit
OREANDA-NEWS. July 12, 2010. Rietumu remains the leader of the Latvian banking industry in terms of profitability and efficiency, reported the press-centre of TNK-BP.
The Bank’s assets volume accounted for LVL 1 billion (EUR 1.4 billion) as of the end of the first half-year; the amount of attracted resources, including deposits and customer account balances as well as resources attracted in financial markets amounted to LVL 848 million (EUR 1.2 billion).
Rietumu credit portfolio reached LVL 530 million (EUR 754 million) demonstrating 8% growth in the first six months of 2010. The bank will continue to credit new prospective projects. The largest part of the credit portfolio is made up of loans issued outside the Baltics – mostly in Russia, Belarus and other prospective regions.
The bank’s equity and reserves totalled LVL 137 million (EUR 195 million).
As of 30 June 2010, Rietumu Bank’s capital adequacy ratio exceeded 17%, which is substantially higher than required by international and local regulators.
In the end of June Rietumu paid off the last syndicated loan in the amount of EUR 120 million attracted in June 2007 for corporate lending purposes. At present, the bank has no syndicated loan obligations.
Successful indicators of Rietumu result from its well-integrated conservative lending and assets management policy as well as effective costs control and highly efficient core banking operations.