Rietumu Bank’s audited annual report published – Market news

The financial report of Rietumu Banka and the group for the year 2023 and the opinion of the auditor – the company KPMG Baltics – have been published.

According to the report, Rietumu Banka’s profit before taxes in 2023 was 15.9 million euros, the group’s profit was 21.5 million euros.

According to the report data, the main financial indicators of the bank and the group showed an increase last year.

The bank’s assets increased by 7.6% and amounted to 1.5 billion euros as of 31.12.2023, the amount of customer deposits increased by 6.2% and exceeded 1 billion euros, the loan portfolio increased by 12.3% to 656 million euros, capital and reserves increased by 8% to 360 million euro.

As noted in her letter to the bank’s shareholders, clients and partners, Rietumu Banka’s board chair Jeļena Buraja:

“I am satisfied that even in this era of challenges, we are able to work successfully, develop, provide support to our customers and forge new, far-reaching plans. Rietumu Banka has further strengthened its position among the leading credit institutions operating in our country, and is confidently the largest shareholder-owned bank in Latvia. Our financial results clearly demonstrate the foresight of the chosen strategy and its successful implementation, and provide a solid foundation for the bank’s future growth.

Last year, we significantly expanded our cooperation with large Latvian and other European companies. We firmly stand for the independence of our country, the growth of its economy and further integration into the European Union’s single market. We provide quality financial services and secure payment options to our customers in Latvia and Europe.

We allocate the necessary funds for the development of various sectors of the national economy – we have financed many ambitious projects in such areas as green energy, transport and logistics, development of commercial and residential real estate projects, innovative agriculture, local production, trade and financial services, which are essential for the growth of the Latvian economy.

At the same time, we are deeply convinced that it is very important to immediately implement and strictly enforce all international sanctions. This work is one of the priorities for Rietumu Banka, it has received positive evaluations from the Bank of Latvia, the Financial Intelligence Service and our local and foreign partners.

In the past year, we continued to improve the bank’s internal processes, including the corporate management and internal control system, develop risk assessment and sanctions enforcement directions. We implement our sustainability strategy, which defines the bank’s priorities in the field of environment, social and governance. We continue to provide support to society in the social and cultural fields. One of our priorities is and unequivocally will remain support for Ukraine and the Ukrainian community and refugees in Latvia, which we have consistently provided since the beginning of the war.

Rietumu Banka has ambitious growth plans, and we look to the future with confidence. We will continue to develop cooperation with Latvian and European companies, offer our clients extensive business financing opportunities, introduce new financial products, expand cooperation with international partners.

Thank you to our shareholders, customers and partners for their support last year! Together we are on the way to new successes!”

You can familiarize yourself with the report on our website.

About Rietumu Banka

Rietumu Banka is the largest Latvian capital bank and one of the largest banks in the Baltic region. The bank’s activity is focused on serving large and medium-sized enterprises of Latvia, as well as other Baltic and European countries, and wealthy individuals. The bank’s clients are companies working in such sectors as green energy, food and goods production, commercial and residential real estate development, construction, import and export transactions, logistics, trade, financial services, technology, etc.

Rietumu Banka