Latvian monetary financial institutions (MFI) – mainly banks – operated with profits of EUR 326.3 million in 2022, which is 26.5% more when compared with the year prior (EUR 257.9 million), according to information published by the Bank of Latvia.
In December financial institutions operated with profits of EUR 28.5 million.
The total asset value of these institutions reached EUR 26.026 billion on the 31st of December 2022. This is 6.9% or EUR 1.67 billion more when compared with the end of 2021, when assets were worth EUR 24.357 billion.
At the end of the year the balance of loans issued to residents by Latvian monetary financial institutions was EUR 13.394 billion, which is 7.8% more than a year prior. Loans worth EUR 13.315 billion were issued to residents last year, which is 8% more when compared with a year prior. The volume of loans issued in foreign currencies was EUR 79.2 million, which is 13.2% less.
Residents’ deposits reached EUR 17.997 billion at the end of December, which is 8.8% more than a year prior.
Deposits reached EUR 16.693 billion (EUR 1.304 billion in foreign currencies). The volume of deposits in euro increased by 8.3% when compared with the end of 2021.
The volume of investments attracted in foreign currencies increased by 15.7%. The capital and reserves held by Latvian monetary financial institutions was EUR 3.214 billion by the end of December, which is 5% more when compared with the end of 2021.
Monetary financial institutions are credit and financial associations that accept deposits from clients other than monetary financial institutions, as well as issue loans and invest in securities.
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