OREANDA-NEWS. April 04, 2011. Baltikums Bank presents its Group consolidated and Bank separate financial statements for 2010. Financial statements reflect the Bank’s and Groups performance throughout the year, which is related with processes going on in Latvian and global economy and society, reported the press-centre of Baltikums Bank.

In 2010, Latvia experienced a range of drastic changes to various dimensions. We witnessed growing unemployment, introduction of new taxes, deflation, and pessimistic forecasts articulated by both businesses and public. However, end of the year showed some growth of the GDP, an increase in consumer prices, and decline of unemployment.

These economic and social fluctuations affected the banking sector and, of course, Baltikums Bank. Yet despite the general turmoil, the Bank’s main financial indicators prove that its performance in the chosen niches has been stable and consistent.

The conservative risk management, consistent strategic goals, and establishment of long-term relations with customers – these are the three pillars of success of Baltikums Bank.

On the threshold of its 10th anniversary, the Bank successfully operates in Riga, Limassol, Almaty, and Kyiv, as well as has representative offices in Russia. Baltikums Bank and its foreign branches employ an international team of 180 professionals. Following the Bank’s development policy, its employees are active participants of many international forums including the respected International Investment Forum of Turkmenistan and VTB Capital Investment Forum “Russia Calling!” where Baltikums Bank was invited as the largest and most active trader in the Baltic states in the area of Eurobonds issued by CIS countries.

Baltikums Bank has proved stability of its development and concluded its 10th financial year with the audited profit of LVL 139 thousand (EUR 198 thousand) and the Group’s profit amounted to LVL 200 thousand (EUR 285 thousand).

During the year 2010, the Bank made significant investments in improving the quality of its customer service, improving of business processes, development and training of personnel, and widening of the offering of products and services with the added value.

Total assets of the Bank increased by 12% in 2010 to LVL 125 million (EUR 178 million). Customer deposits increased by 25% reaching LVL 103 million (EUR 147 million) by 31 December 2010. Growing confidence of customers in the Bank is confirmed by the increase in assets under management that grew fife fold and amounted to LVL 36 million (EUR 51 million) by 31 December 2010, which is the one of the highest results in Latvia.

In the area of customer financing, the Bank adhered to a balanced and conservative approach, as usual, and, as a result, its loan portfolio decreased from LVL 29 million (EUR 42 million) to LVL 20 million (EUR 28 million). The Bank plans to expand its customer financing activities in 2011, particularly in the area of short-term financing, taking into account the activation of international operations of its customers.

As of 31 December 2010, the Bank’s capital adequacy ratio was 15.40% (FCMC requirement 8%), and the liquidity ratio was – 71.38% (FCMC requirement 30%).

Baltikums Bank keeps improving its business model introducing latest technologies and methodology. However, our philosophy and approach to business remain unchanged. As an independent private bank and family business Baltikums Bank has built its reputation with establishing and developing fruitful and mutually beneficial relations with its customers. We pay close attention to research and new trends and create products, services, and solutions that are our response to the customers’ needs and wishes. Such outgoing attitude results in high demand of our offered products.

Besides, the Bank’s aim is not only to render professional and high-quality services but also, together with its customers create business, capital, asset, and risk management infrastructure that, in addition to financial rewards, would give customers more stability and security about the future for themselves, their relatives and partners.

Our values remain unchanged: independence and objective approach, security, responsibility, and comprehensive protection of our customers’ interest. We are grateful to all our customers for cooperation and trust expressed to us at these complicated times and will look forward to conducting successful business together.

Baltikums Bank is an international private bank with headquarters in Riga (Latvia) and representative offices in 6 countries. Our goal is to provide top value and quality services for business development and preservation and growth of welfare of our customers. Thanks to our customers, it is possible to ensure flourishing of business contributing to growth of welfare of our employees and shareholders and the countries where we live and work.