Latvia's Unibanka pulls up its socks, takes a loss

  • 1998-11-19
  • Sandra L. Medearis
RIGA – Following a warning from Latvia's central bank to increase its provisions against the Russian economic crisis, commercial bank Latvijas Unibanka filed a revised 10-month balance Nov. 13 showing a 4.99 million lat net loss ($8.6 million).The bank's announcement shocked the Riga Stock Exchange, dropping the bourse by 2.21 percent.The loss on the 10 month report followed a nine-month report filed Sept. 30 showing a net profit of 1.7 million lats. Unibanka had a net profit of 6.15 million lats for the same period in 1997. The bank filed a revised report for October bringing its net provi...
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