The financial statement of Rietumu Banka and Group for January-March 2024 has been published.
According to the statement, Rietumu Banka’s profit before taxes in the first three months of this year was 4 million euros. The Bank’s assets as of 31.03.2024 were 1.5 billion euros, customer deposits were 970 million euros, capital and reserves 337 million euros.
The amount of the loan portfolio was 648 million euros. Since the beginning of the year, Rietumu Banka has issued loans for the total amount of 18.7 million euros, continuing to allocate funding, including for the development of green energy projects in Latvia.
Rietumu Banka has allocated financing of 4 million to SIA "SP Auce" and SIA "Mežgalis" – Latvian subsidiaries of the company "Volterra Energy Group" for the refinancing of the two currently largest solar power parks in Latvia, which are operating in Auce and Valdemārpils. The two solar parks have more than 14,000 solar panels installed with a total capacity of 9,279 MW, enabling the production of more than 9 500 MWh of green electricity per year.
1 million euro was allocated to SIA “Spridzēnu HES” for the development of solar energy park and the operation of hydroelectric plant in Aiviekste municipality, where solar panels with a total capacity of 1.5 MW and a production capacity of 1.2 MW are located next to the hydroelectric power station in the Aiviekste river, thus diversifying and increasing energy production.
As Jeļena Buraja, Chairman of the Board of Rietumu Banka, emphasized: ”Financing for Latvian business is our strategic priority. Following the principles of sustainability, we increasingly support renewable energy projects implemented throughout the country. The development of this sector is important for environmental protection and for ensuring the energy independence of Latvia, as well as for the growth of the national economy. Green energy is undoubtedly the future – it is important to realize it today and provide the necessary support to this area of the economy.”
Rietumu Banka’s profitability ratios are high at a stable level: return on equity (ROE) 3.86%, return on assets (ROA) 0.91%. The bank’s capital adequacy ratio, which reflects the company’s financial stability, is 23.59%, liquidity coverage ratio is 397.81%, several times exceeding the requirement set by the regulator (100%).
The financial statement is published
on our website.
