OREANDA-NEWS. January 15, 2010. Unaudited profit of Rietumu bank in 2009 accounted for LVL 9.2 million (EUR 13 million), reported the press-centre of Rietumu bank.
 
The bank’s total assets remained stable within the year and as of 31 December 2009 totaled LVL 1 billion (EUR 1.4 billion) decreasing by 12 percent as compared to the end of 2008.  
 
While the amount of attracted resources including customer deposits and customer account balances as well as resources attracted in financial markets, accounted for LVL 835 million (EUR 1.2 billion) falling by 14 percent due to repayment of interbank obligations in the amount of LVL 143.5 million. The attracted customer resources grew by 1 percent in 2009.  

Over the year Rietumu credit portfolio decreased. This has been primarily attributed to Rietumu conservative strategy in lending area and overall economic situation, including uncertainty of the future development in Latvia.

Loans granted for promoting projects beyond the Baltic States including Russia and Belarus make over a third part of the total credit portfolio. As of the end of 2009, Rietumu credit portfolio totalled LVL 489 million (EUR 690 million) with a 14 percent fall for the year.

The amount of free cash assets increased significantly in 2009, amounting to LVL 340 million (EUR 484 million) as of the year-end – a 20% increase compared to the end of 2008.

The bank’s equity and reserves totaled LVL 134 million (EUR 190 million).

Capital adequacy ratio accounted for 16% exceeding requirements of international and local regulators twofold.

The bank’s management is fully satisfied with the results of 2009. Despite the economic crisis, scarce financial resources in global markets and tough situation in Latvia, Rietumu successfully ended the year, having maintained its status of the most effective bank in the Baltics.  

Audited financial results of Rietumu will be published in several weeks. The audit is being completed by KPMG.

Rietumu management expresses gratitude to all our customers and business partners for the fruitful cooperation and wishes you all success and prosperity.