The Q1 2022 financial statement of Rietumu Bank and Rietumu Group has been published.
The bank assets were 1.5 billion euros, customer deposits 1.1 billion euros, loan portfolio 648 million euros, capital and reserves 330 million euros.
Compared with the start of the year, a number of bank financial indicators in the first quarter have decreased as a result of geopolitical factors, most particularly related to military actions in Ukraine, detrimental effect on global business and economy.
Having conducted analysis of the situation and estimated potential developments of the current tendencies, in March Rietumu created preventive provisions on some previously issued loans. Considering these provisions, the bank net profit in Q1 was 517 thousand euros.
Notably liquidity coverage ratio (LCR) remains on a high level 334,98%, several times increasing the minimum standard ratio set by the regulator (100%). Total capital ratio is 24,23%.
Commenting on the results, Chairman of the Executive Board of Rietumu Bank Jelena Buraja noted: “The war conflict in Europe and measures taken by world society aiming to end it sent shockwaves to all economy fields and areas. However, we see that already in April-May clients began to successfully adapt to new reality. We are keen on supporting them and continue to consider new ambitious business project financing. We believe that current macroeconomic hardship should be overcome in the foreseeable future. The bank continues operating with profit and providing services to its clients as usual”.
The full version of the financial statement can be found on our website.
The 2021 Financial Statement of Rietumu Bank and Rietumu Group, with the opinion of the auditor – BDO Latvia – has been published.