Monday , January 30 2023

The Bank of Latvia earned 56% more net profit, conservatively valued loans


During the nine months of the year, the iauli Bank Group reached EUR 38 million in net earnings, 56% more than in the same period last year. In the evaluation, however, extraordinary measures are needed.

The iauli bank improved its net operating results from net earnings, net income and commission income.

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With the rapid growth of loans and the leasing portfolio, the steady increase in lending to the banking group during the nine months amounted to 45.7 million pounds. Euro net wages Net revenue from utilities and commissions increased by 30% compared to the corresponding period of the previous year and exceeded 10 million. The largest growth volumes are due to the growing volume of settlements and the net cash flow turnover. The profit from the trading currency in the three quarters of the year has also increased significantly and the Group has earned LTL 5 million. Eur, the bank comments on the result.

It is true that the losses of loans and other assets have increased significantly.

In a conservative estimate of borrowers, loans totaled 2.1 million liters in the third quarter. The EUR loss, as well as changes in the value of non-financial assets, were recognized by LTL 2,7 million. Eur loss, says the bank.

The Bank's results continue to be subject to extraordinary factors in the third quarter at € 11,446 million. Eur net profits of almost 2.5 million. Euros were made changes in the fair value of the convertible loan granted by the European Bank for Reconstruction and Development (EBRD). When a share price decreases, it increases, while inventory depreciation is reflected in a loss of paper. However, a quick factor in expressing the bank's outcome will not be the focus of the EBRD loan conversion, which was adopted at the end of September and the process is expected to start in the fourth quarter.

The decision was taken and the shareholder approval was a time when he was uncertain about the possibility of converting an EBRD loan. The decision to strengthen bank capital not only shows that the largest shareholder is positive about the bank's strategy and prospects but also creates conditions for the bank to continue expanding its business and increasing the attractiveness of its investors, said Vituta Sinius, head of the iuli administration.

The Bank's share capital exceeded 23%.

And the results of the second quarter and the first half of the year are the result of this.

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