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Net Profit of Rietumu Bank in 2016 Has Exceeded EUR 80 million

02-Mar-2017, 11:32 / Financial Results The Board of JSC Rietumu Banka forwarded to its shareholders the audited financial statement for the year 2016 and the audit opinion of KPMG Baltics.

In accordance with the statement, net profit of the bank amounts to EUR 80.3 million, which is by 11% higher than in 2015. The consolidated profit of Rietumu Group has reached EUR 82.3 million.

As of 31 December 2016, assets of the bank amounted to EUR 3.5 billion and the volume of client deposits was EUR 2.8 billion. Equity and reserves were increased by 9 percent to EUR 472 million.

Capital adequacy ratio of the bank is 22.61%, return on equity after tax (ROE) is 17.76%, return on assets (ROA) is 2.21%.

According to the President of Rietumu Bank Alexander Pankov, "We live in a difficult time, both for the economy as a whole, and the financial world. But we have learned to work effectively in such conditions, and results of the bank speak for themselves. I am sure that we will continue to pose new challenges, solve them and move forward."

In 2016, the bank continued to develop a number of strategic directions. Including financing of international trade, lending of private aviation and water transport, lending services in the UK and Ireland, e-commerce service.

Under the patronage of Rietumu Bank, the Fifth International Conference on online businesses “eCom21” – one of the largest in Europe was held. The forum was attended by over 600 entrepreneurs, experts and representatives from state institutions of 40 countries.

Technologies and remote service were being developed. Rietumu Bank has also introduced new opportunities for mobile applications, and has expanded the service of direct remittances to cards issued by any banks worldwide. The bank has also continued its support and cooperation with promising start-ups in the field of FinTech.

In 2016 Rietumu received another prestigious Spear's Russia Wealth Management Award as the "Best Bank in in the CIS and Baltic Countries”.

The audited financial statement and the audit opinion are to be approved at the Rietumu Bank shareholders' meeting on 30 March.

The financial statement can be found on our website.

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