OREANDA-NEWS. March 09, 2012. Baltikums Bank AS provides for your consideration the group’s consolidated and the Bank’s separate financial reports for the year 2011, reported the press-centre of Baltikums Bank.

Dmitrijs Latisevs, Chairman of the Board and Chief Executive Officer (CEO) of the Bank, summarises the 2011 results: “The past year has shown that the economy of Latvia is gradually recovering from the crisis, and positive trends are picking up. This has led to Latvia being reassigned an investment grade that will allow it to return to international capital markets. At the end of the year, the international lending programme, with the participation of the International Monetary Fund and the European Commission, was successfully concluded. All of this allows us to look ahead with optimism – provided that the external economic environment is favourable.”

Aleksandrs Peskovs, Chairman of the Council of the Bank, is satisfied with performance in 2011: “Independence, objectivity and strategic partnership, efficiency and reliability – these words reflect the achievement of Baltikums Bank. Despite the fast-paced, at times even unexpected development of affairs in Latvia and globally, the most important financial performance indicators of Baltikums Bank are inspiring and characterise the Bank’s operation as stable and resilient in the niches it has selected. The targets set by the Bank for 2011 in terms of development and income growth were met with great success. The Bank continued its work in developing the private capital management strategy, increasing the level of customer service, and creation of added value for the Bank’s customers, employees and shareholder interests.”

The Bank successfully operates in Riga, Limassol, Almaty and Kyiv, and has represented in Moscow, St. Petersburg and Baku. Baltikums Bank and its international units employ a team of 194 highly qualified specialists from different countries.

Baltikums Bank has once again proven the stability of its development, closing its 11th fiscal year with an audited profit of LVL 2.2 mio. (EUR 3.1 mio.).

In 2011, the total amount of the Bank’s assets grew 68% to reach LVL 210 mio. LVL (EUR 299 mio.). The amount of attracted deposits increased by 80% during the year, reaching LVL 186 mio. (EUR 265 mio.). The increase in customers’ faith in the Bank is evident from growth of the amount of assets in the Bank’s trust management. During the year, this figure nearly doubled, reaching LVL 67 mio. (EUR 95 mio.) by 31 December 2010 – one of the best performance indicators in Latvia.

An important event in the Bank’s operation was the change of its name and registered office. According to its strategy, last year the bank changed its trade name to Baltikums Bank AS, a phrase that is easier to perceive for local and foreign customers alike and is related to the Bank’s operation and growth on foreign finance and capital markets.

At the same point, the Bank also changed its registered office, planning to open a Head Office on one of the most important streets in Riga, at Smilsu iela 6. Built specially for the Riga 1st Joint Credit Company, this edifice will be the hub for Baltikums Bank operations based on the traditional values of European banks.

The building on Smilsu iela 6 was designed in 1910-1912 by architect Wilhelm Ludwig Nikolai Bockslaff and refurbished in 1991-1992 by architects Zane Kalinka, Peteris Klava and Andis Silis. The Bank was built in rational Art Deco with neoclassical decorative elements. The facade is decorated with gilded ornamental mosaics between the windows.

In 2011, Baltikums Bank began issuing elite MasterCard Platinum payment cards, continuing in the vein of its payment card service, which has been provided since 2002. Today, by issuing the MasterCard Platinum, we reaffirm the initial values we defined as early as 9 years ago: uncompromising devotion to the highest quality of banking products and services in the best interest of our customers.

Last year, Baltikums Bank strategic partner Baltikums Lizings opened a representative office in Azerbaijan, representing the Bank’s interests in the country.

The economic ties and relations between our countries continue to develop, due in large part to the mutual official visits paid by representatives of both Azerbaijan and Latvia. We are witnessing considerable growth of business activity in connection with the Azerbaijani market among our customers. We are aware of the needs of our customers and want to be with them on this market. The Baltikums Lizings representative office intends to provide advice on the financial services and products of the entire BBG group, which also includes Baltikums Bank.

Baltikums Bank continuously develops its business model by introducing advanced technologies and methods and by paying particular attention to internal development. The new focus of the business model is on satisfying customer needs, providing the necessary support infrastructure and resources, and increasing the level of self-reliance and sense of responsibility of its staff. However, our philosophy and business approach remain unchanged. Baltikums Bank as an independent private bank and family business is renowned for its consistency in its established as well as developing relations with the customer, which steadily bring success and mutual benefit. By paying particular attention to research and development, we create products, services and solutions that are in demand, primarily, for the simple reason that each of them was developed in the interest of our customers as a response to their particular needs and wants.

Our values remain unchanged: independence, objectivity, responsibility, and complete protection of the interests of our customers. We appreciate our customers’ cooperation and trust in this difficult time, and hope for continued success in our future business together.

You can view the Bank’s full audited financial report for 2011 on the Bank’s website, www.baltikums.eu.