The Financial Statement of the bank and Rietumu Group for the first quarter of 2020 has been published.
According to the statement, the bank's net profit in January-March has reached EUR 6.9 million.
Assets of the bank amount to EUR 1.5 billion, deposits of customers are EUR 1.2 billion and the shareholders’ equity is EUR 285 million.
The stable dynamics are demonstrated by the credit portfolio, the growth of which has been purposefully developed by the bank. Since the beginning of the year, loans have grown by 2.7%, while in March, compared with February, the growth is 1.3%. The total volume of the portfolio has reached EUR 655 million.
The Bank maintains a high level of asset diversification, the share of loans and first-class securities increasing in their structure.
Indicators relating to the bank’s stability and efficiency are traditionally high. Thus, return on equity after tax (ROE) is 9.14%, return on assets (ROA) is 1.71%. The bank secures the highest liquidity coverage ratio (LCR) of 816.58% (the minimum standard ratio being 100%).
“We are satisfied with the results of this quarter, which confirm that the bank continues to develop successfully. The amount of profit earned in the first three months has surpassed our expectations based on conservative forecasts, including the impact on the economy of the crisis caused by the pandemic. It is clear that the negative effects will clearly manifest themselves in the second and possibly the subsequent quarters. At the same time, we see positive signals that indicate a revival in a number of segments, the unfreezing of suspended projects, the continuation of work according to plans outlined earlier. Restoring of businesses in the post-crisis period will require financial resources that we at Rietumu have and that are available to our customers,” said Rolf Fuls, Chairman of the Board of Rietumu Bank.
