OREANDA-NEWS. The financial results of JSC “Rietumu Banka” and the consolidated results of Rietumu Group for the first half of the year 2014 were approved at the meeting of shareholders on last Friday.

According to the approved financial report, net audited profit of Rietumu Bank in the first half of the year 2014 is EUR 37.6 million, thus increasing by 73% comparing to corresponding period of the last year.

The bank's assets as of 30.06.2014 amount to EUR 3.1 billion, showing a growth in comparison with the first half of the year 2013 of 24%. Clients' deposits have also increased by 24% up to EUR 2.7 billion. The capital and reserves amount to EUR 328 million (+38%).

The return on capital of the bank is 13.3%, return on assets - 1.4%. The bank's capital adequacy rate, which includes profit for six months - 22.88%.

“The first six months of this year have become another successful stage in the development of Rietumu Bank. The bank continues to implement its long-term strategy aimed at the diversification of income sources and offer of new innovative services. Today one of our priorities is the development of e-commerce and the introduction of contemporary technologies in the field of payment cards. Shortly we are completing the implementation of a big project which will take Rietumu Bank to an advanced position in the transaction card service in the Baltic Region,” says Alexander Pankov, President of Rietumu Bank.

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