2002 banner year for Latvian banks

  • 2003-01-23

Latvia's banks posted an aggregate profit of 56.4 million lats (91.1 million euros) for 2002, marking an increase of 13.7 percent over 2001, the Bank of Latvia reported.

Aggregate assets of the banks rose 4 percent in December 2002, while year-on-year the assets increased by 27.9 percent to 4.42 billion lats at the end of the year.

Total loans at the end of December amounted to 2.12 billion lats, an increase of 32.9 percent over the end of 2001.

The Bank of Latvia said loans to local companies and private individuals grew 3.1 percent to 1.85 million lats, up by 36.5 percent over the end of 2001. Of this, loans to companies grew a little faster than those to individuals - 40.1 million lats and 15 million lats respectively.

In December long-term loans grew by 46.1 million lats, while short-term loans expanded by 8.9 million lats. Loans to local companies, mainly industrial and commercial credits, increased by 5.7 million lats and 10.3 million lats respectively.

Total deposits at the banks in December added 3.4 percent to 3 billion lats, marking a growth of 33.6 percent over the year.

Latvia's banks closed 2001 at a profit of 49.5 million lats. At the end of 2002 Latvia had 23 banks operating.