The Q4 2021 financial statement of Rietumu Bank and Rietumu Group has been published.
According to the statement, the bank’s net non-audited profit in 2021 has increased by 19% in comparison with the previous year and amounted to 21.5 million euros. The profit of Rietumu Group has increased accordingly more than twice – by 124% – and reached 28.6 million euros.
The bank assets in 2021 year increased by 6% and amounted to 1.6 billion euros, customer deposits grew by around 2%, reaching 1.2 billion euros, shareholder’s equity increased by 5% to 341.5 million euros.
The loan portfolio continues to grow as well. On 31.12.2021 it amounted to 638 million euros, showing increase by 5% in comparison with the end of 2020.
Bank efficiency indicators remain on a high level: return on equity (ROE) is 6.37%, return on assets (ROA) is 1.39%, liquidity coverage ratio (LCR) is 385,74% (the minimum standard ratio being 100%).
Commenting the results, Chairman of the Board of Rietumu Bank Jelena Buraja pointed:
“We are quite satisfied with the past year results. These proves our strategy and decisions made in 2018-2019 were right. It is evident that the period of transition to new conditions and requirements is already in the past. Now we are concentrating on the new development phase with its new goals and purposes.
In 2021 Rietumu started cooperation with a number of fast growing enterprises in Latvia and the Baltics. The bank has made several business financing and investment deals, which were significant on the regional scale, and presently we are considering some other similar projects. Recently we have made a decision to raise several dozen millions of euros from the European Central Bank under the TLTRO program, thus further expanding our financing score.
One more actual goal for the bank progression would be constant work in order to continue the internal control system further improvement and development.
Another important task for Rietumu now and in the foreseeable future is the implementation of Environmental, Social and Corporate Governance culture. I would like to emphasize that we will be especially glad to cooperate with clients who are also moving forward in line with this important trend.”
The full version of the financial statement can be found on our website.
At the end of 2021, one of the leading Spanish newspapers, El Mundo produced a special supplement celebrating the 100th anniversary of the establishment of diplomatic relations between the Kingdom of Spain and the Republic of Latvia.