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Swedbank, ABLV Bank boast largest profits for 2017 among Latvian banks

RIGA - Last year Swedbank boasted the largest profit among Latvian banks, followed by ABLV Bank, according to the information published by the Latvian Association of Commercial Banks.

Seven banks reported loss in 2017.

In 2017, Swedbank posted EUR 94.366 million in profit, which is by 1.6 percent more than in the respective period in 2016. Swedbank’s profit accounted for 40 percent of the aggregate Latvian banking sector’s profit.

ABLV Banka posted the second largest profit – EUR 51.216 million or down 35.4 percent year-on-year, ensuring 21.7 percent of the aggregate profit. SEB Banka came third with EUR 38,199 million in profit, down 25.3 percent year-on-year and 16.2 percent of aggregate profit.

One other bank made a profit over EUR 10 million last year. Rietumu Banka earned EUR 35.451 million in profit, down 2.4 times.

According to the association’s data, LPB Bank (formerly Latvijas Pasta Banka) earned EUR 7.164 million in profit, down 35.6 percnet, BlueOrange Bank followed with EUR 6.291 million in profit, down 6.1 percent year-on-year, Rigensis Bank with EUR 4.004 million, down 43.2 percent, Regionala Investiciju Banka with EUR 3.976 million, up 46.3 percent, Citadele bank with EUR 2.216 million, down 16.4 times.

At the same time, Luminor Bank posted EUR 589,200 in loss, Meridian Trade Bank posted EUR 2.354 million in loss, Signet Bank (formerly, Bank M2M Europe) posted EUR 2.519 million in loss, Baltic International Bank posted EUR 2.668 million in loss, Expobank posted EUR 3.416 million in loss, PrivatBank posted EUR 3.481 million in loss, and Norvik Banka posted EUR 10.523 million in loss after 2017.

The Latvian banking sector last year earned EUR 236.101 million in aggregate profit, down 48 percent from the respective period last year.

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