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Audited profit of Rietumu Bank for 2012 year six months – 11m euro

29-Aug-2012 / Notifications Net audited profit of Rietumu Bank for 2012 half-year accounted for 7.8m lats (11.1m euro) thus three times exceeding the corresponding result for the same last year period. All the bank’s main balance sheet indicators grew over the first six months.

Rietumu Bank’s shareholders’ meeting has recently taken place in Riga, and Bank Interim Financial Statements, as well as Independent Auditor’s – KMPG Baltics – Report for 2012 half-year have been approved.

According to the report, over the first six months of 2012 all main balance sheet indicators of the bank showed an increase. The volume of Rietumu Bank’s assets increased by 15% and accounted for 1.6bn lats (2.3bn euro), client’s deposits – by 9% to 1.3bn lats (1.9 bn euro).

Total bank’s credit portfolio showed the increase of 12% amounting to 678m lats (965m euro), thus commercial loans portfolio reaching 546m lats (777m euro).

Equity and reserves of the Bank increased by 6% and account for 144m lats (205m euro). Capital adequacy ratio – 17.5%.

«This apparent increase was quite predictable, resulting from the successful implementation of the bank’s long-term development strategy. At the same time it demonstrates the growing economic activity of our customers. We aspire to support our customers in the regions, where their business interests lie, offering innovative banking products and tailored financial solutions also in the future», – says Alexander Pankov, CEO of Rietumu Bank.

Rietumu Bank’s profit forecast for the year 2012 is 15m lats (21m euro).

Rietumu Bank’s financial report for the first six months of 2012 is available on our website rietumu.com/bank-finance-audited.

Eleonora Gailisha
Mass Media and Public Relations
Phone: +371-67020506
Fax: +371-67020563
E-mail: egailisha@rietumu.lv
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