The Financial Statement of Rietumu Banka and Rietumu Group has been published

29 March 2024, 17:00

The 2023 Financial Statement of Rietumu Bank and Rietumu Group, with the opinion of the auditor – KPMG Baltics – has been published.

Rietumu Banka’s net profit before tax in 2023 was 15.9 million euros, Rietumu Group’s profit was 21.5 million euros.

According to the statement, in 2023 all key performance indicators of the bank and the group have increased. 

Rietumu Banka's assets increased by 7.6% and as of 31.12.2023 was 1.5 billion euros, the amount of customer deposits increased by 6.2% and exceeded 1 billion euros, loan portfolio has grown by 12.3% and was 656 million euros, shareholder’s equity increased by 8% and was 360 million euros.

Jeļena Buraja, the Chairman of the Executive Board of Rietumu Banka, in her letter to shareholders, clients and partners noted:

“I am pleased that in this challenging era we are able to work successfully, develop, support our clients and forge new and ambitious plans. Rietumu Bank has further strengthened its position among the leading credit institutions operating in the country, and convincingly is the largest bank owned by local shareholders. Our financial results are a reliable indicator of the foresight of the chosen strategy and its successful implementation and provide a solid foundation for the further growth of the bank.

Last year we substantially extended cooperation with large companies established in Latvia and other European countries. We firmly stand behind the independence of Latvia, its economic growth and further integration into the single market of the European Union. We ensure qualitative financial services and safe settlements to our clients in Latvia and Europe.

We grant the necessary funds for the development of various economic sectors – we have financed many ambitious projects in such key areas supporting the growth of Latvian economy as green energy, transport and logistics, commercial and residential real estate project development, innovative agriculture, local production, trade and financial services.

At the same time we are deeply convinced that it is very important to implement and strictly observe all international sanctions. It is one of the priorities of Rietumu Bank and it has received positive assessment from the Bank of Latvia, the Financial Intelligence Unit and our local and foreign partners.

Last year we continued to improve the bank’s internal processes, including the corporate management and internal control system, and to develop risk assessment and compliance with sanctions. We implement our sustainability strategy, which defines the bank’s priorities in environmental, social and governance areas. We continue to provide social and cultural support to the society. We have been consistently providing support to Ukraine and the Ukrainian community and refugees in Latvia since the beginning of the war, and this will definitely remain one of our priorities.

Rietumu Banka has ambitious growth plans, and we look to the future with confidence. We will continue to develop cooperation with Latvian and European companies, offer our clients extensive business financing opportunities, introduce new financial products, expand cooperation with international partners.

Thank you, our shareholders, clients and partners for your support last year!

We continue our path to new successes together!”

The financial statement is published on our website.


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15 March 2024, 12:35 Financial Results