Latvian monetary financial institutions (MFIs), mainly banks, in the first three months of this year worked with a profit of EUR 161.9 million, which is 14.5% more than in the corresponding period of 2023, according to the information released by the Bank of Latvia.
Among them, monetary financial institutions worked with a profit of 65.9 million euros in March.
The total amount of assets of monetary financial institutions on March 31, 2024 was 28.308 billion euros, which is 6% or 1.603 billion euros more than at the end of March 2023, when the assets of monetary financial institutions were 26.705 billion euros.
At the end of March this year, the balance of loans issued to residents of Latvian monetary financial institutions was 13.613 billion euros, which is 2.6% more than a year ago. Among them, Latvian monetary financial institutions issued 13.533 billion euros in loans to residents in euros, which is 2.6% more than a year ago, while the balance of loans issued in foreign currency was 79.9 million euros, which is 2.2% more.
The balance of deposits attracted from residents at the end of March was 18.449 billion euros, which is 2.3% more than a year ago. Among them, deposits in euros were 17.268 billion euros, and in foreign currencies – 1.18 billion euros. Compared to the end of March 2023, the amount of deposits in euro has increased by 3.2%, while the amount of deposits in foreign currency has decreased by 8.5%.
On the other hand, the capital and reserves of Latvian monetary financial institutions at the end of March were 3.39 billion euros, which is 4.8% more than at the end of March 2023.
In the first three months of 2023, monetary financial institutions worked with a profit of 141.4 million euros, but in 2023, the total profit of monetary financial institutions was 573.5 million euros, which is 75.8% more than in 2022.
Monetary financial institutions are credit institutions and financial companies that accept deposits from clients who are not monetary financial institutions, as well as grant loans and invest in securities at their own expense.
