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Tuesday 18.09.2018 | Name days: Liesma, Elita, Alita

Banking sector losses in late August – 299.2 million lats

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During the first eight months of 2010, seven Latvian banks and two foreign bank branches operated with profit, in total earning 7.1 million lats; however, at the end of August, the total volume of loss in the banking sector amounted to 299.2 million lats, the business portal Nozare.lv was informed by the Head of the Financial and Capital Market Commission (FCMC) Anna Dravniece.

The market share of the nine banks that operated with profit, in the overall banking sector assets, is 11.8%.

Compared to the first eight months of the last year, when the losses reached 455. 4 million lats, this year they have decreased by 34%.

FCMC, basing on the previous bank results, forecasts that the total banking sector losses this year would be approximately 500 million lats, which is by about two-thirds less than in 2009, when they amounted to 773.4 million lats.

At the end of August, the banking sector profit, excluding stocks and taxes, totalled 96 million lats.

Over a month, the banks’ stock for the unsafe credit balance has not changed significantly, and at the end of August it still was 1.7 billion lats, or 11.4% of the total bank credit portfolio. At the end of July this indicator also was 11. 4%.

In August, the indicators of all Latvia’s banks were in compliance with the requirements of standards, and remained high. At the end of August the liquidity ratio reached 65.5%, while the capital adequacy ratio of the banking sector increased and was 15% at the end of August (respectively, at the end of July – 65.4% and 13.8%).

Since the beginning of the year, ten banks have raised the capital by 253.3 million lats in total, and at the end of August, the banking sector’s paid-up capital amounted to 1.85 billion lats. Overall, during 2009, thirteen banks in Latvia have increased capital by 998.2 million lats.

According to the information available on the official website of Association of Latvian Commercial banks, at the end of the 2nd quarter of 2010, there were thirty banks in Latvia, ten of them are branches of foreign banks.


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