OREANDA-NEWS. April 06, 2012. Net audited profit of Rietumu Bank for year 2011 accounted for 10.6m lats (15.1m euro) thus three times exceeding the corresponding result for year 2010. The volume of customers’ deposits grew by 27% to 1.2bn lats (1.7bn euro), reported the press-centre of Rietumu Bank.

Rietumu shareholders’ meeting has taken place today in Riga, and Consolidated and Bank Financial Statements, as well as Independent Auditor’s – KMPG Baltics – Report for the year 2011 have been approved.

According to the report, in year 2011 all main balance sheet indicators of the Bank showed an increase. The volume of Rietumu Bank’s assets increased by 24% and on 31.12.2012 accounted for 1.4bn lats (2bn euro), credit portfolio – by 13% to 605m lats (861m euro).

Equity and reserves of the Bank account for 136m lats (194m euro). Capital Adequacy Ratio – 17.2%.

„We are glad to see that customers’ confidence in the Bank grows year by year. We constantly stay in touch with our customers and they can always count on our financial support and mutually attractive cooperation. Last year Rietumu focused its operations on various regions and industries and paid special attention to diversification. Such strategy delivers good results – you can clearly see it from our financial indicators”, – says President of Rietumu Bank Alexander Pankov.

At the meeting of shareholders it was decided to disburse in dividends 2.7m lats (3.8m euro). The rest of net profit will be left at the Bank’s disposal.

The Shareholders’ meeting has also approved KPMG Baltics as the Bank’s auditor for 2012.

The Annual report of Rietumu and Consolidated Annual Report of the Group for the year 2011 is available on our website http://www.rietumu.com/bank-finance-audited.