OREANDA-NEWS. September 10, 2013. The net audited profit of Rietumu Bank in the first half of the year 2013 is LVL 15.3 million (EUR 21.8 million). The total profit of Rietumu Group during the same period has more than doubled – up to LVL 16.8 million (EUR 23.9 million).

The financial results of Rietumu Bank and the consolidated results of Rietumu Group for the first half of the year 2013 were approved at the meeting of shareholders on Friday. According to the approved financial report, all major performance indices have grown considerably. Thus, the bank’s assets as of 30.06.2013 amount to LVL 1.7 billion (EUR 2.4 billion), showing a growth in comparison with the first half of the year 2012 of 10%. Deposits have increased by 13.5% up to LVL 1.5 billion (EUR 2.1 billion), the capital and reserves amount to LVL 168 million (EUR 239 million).

In comparison with the first half of last year, the return on assets and the bank’s capital has more than doubled – 1.05% and 10.62% (before taxes) respectively. The bank’s capital adequacy rate, which includes profit for six months, has exceeded 20%.

The financial report of Rietumu Bank and the consolidated financial report of Rietumu Group have been audited by KPMG Baltics.

According to the President of Rietumu Bank Alexander Pankov, “This year has been successful for us with regard to both the financial results and development. The position of the bank as a regional leader in serving the needs of international businesses is strengthening. We are successfully continuing to implement our strategy of innovations: this autumn Rietumu Bank will already host the second international conference in e-commerce eCom21 in Riga. The bank will also continue to participate in prospective business projects, as well as will continue working on offers of new advanced financial solutions for its clients.”