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Lending in Latvia soaring

  • 2002-12-12
RIGA

The share of personal loans in the total lending by Latvian banks at the end of this October has increased as compared with the end of 2001, according to the information provided by the Latvian financial supervision body.

The Finance and Capital Market Commission said personal loans issued by Latvian banks accounted for 393.2 million lats (655.4 million euros), or 19.8 percent of total lending. Late last year Latvian banks had granted personal loans totaling 245.1 million lats, or 15 percent of total lending.

As of Oct. 31, 2002, Latvian banks had issued 1.98 billion lats in loans, whereas late last year this figure amounted to 1.6 billion lats.

The above total includes 52.5 million lats in loans to the central government and municipalities, which is 2.6 percent of total lending (3.2 percent at the end of 2001).

Loans to financial institutions amounted to 245.1 million lats, or 12.3 percent of the total at the end of this June (11.9 percent late 2001), and loans to state-owned companies were issued in the amount of 97.8 million lats, which is 4.9 percent of the total (5.1 percent late 2001).

As far as private companies, late this October Latvian banks had granted 1.17 billion lats in loans, or 59.2 percent of total lending (63.2 percent late 2001).

By contrast, loans to state-owned companies grew by 16.8 percent, to private companies by 13.8 percent, to private individuals by 60.4 percent, to non-profit organizations serving private individuals by 56.8 percent, and transit loans fell 50.3 percent from the end of 2001.

Total loans issued by late October increased by 21.5 percent from the end of last year, including a 1.1 percent growth of loans to the central government and municipalities, a 25.9 percent growth of loans to financial companies.