OREANDA-NEWS  On 17 February was announced, that the international auditing company KPMG completed the audit of Rietumu Bank’s financial statements and annual report for the year 2008.

The audit confirmed Rietumu Bank’s financial statements for 2008.

According to the audited report’s data, in 2008 the Bank’s net profit reached LVL 20.5 million (EUR 29.2 million), assets – LVL 1.1 billion (EUR 1.6 billion); the amount of attracted resources (including customer deposits and amounts due to financial institutions) – LVL 974 million (EUR 1.4 billion), the credit portfolio – LVL 571 million (EUR 812 million), equity and reserves – LVL 132.5 million (EUR 188.5 million). Capital adequacy ratio reached 14.7%.

Considering the complicated economic situation and overall business environment in 2008, Rietumu Bank’s management and shareholders regard the year’s results as quite successful.

In the Bank’s budget for 2009 the forecasted profit is set at the same level as achieved in 2008 – LVL 20-21 million (EUR 28-30 million).