Profit of Aizkraukles Bank in the first five month — 1.945 million lats

June 10, 2002 / Banking

Aizkraukles Banka (AB) has gained revenue of 1.945 million lats in the first five months of this year. This May AB made 313 thousand lats with the banks ROA 3.8% per year. According to the Financial and Capital Market Commission, last year the average value of this indicator in Latvian banking sector was 1.5%.

At the end of May, 2002, amount of Aizkraukles Banka assets was 128.3 million lats. In comparison with April, AB assets have increased by 2.8 million lats . Whereas volume of deposits has grown by 6.2 million lats, and reached 103.3 lats at the end of May. AB finished the fifth month of the year with 29.8 lats in loans.

In comparison with April, volume of investments in treasury bills and other fixed income securities has increased reaching 47.6 million lats. AB’s fixed capital is 10 million lats.

"Growth of the banks financial indicators is stable and dynamic," Olegs Fils, Deputy Head of AB Board, concludes and admits that "competition between commercial banks in the local market intensifies". According to Fils, AB services are competitive enough to gradually reach the goal — increase of the bank’s market share in Latvia.

Reconstruction of AB Main Office Pending

Since the beginning of June AB administration and departments not involved in customer service has started moving to new premises, because reconstruction of the bank’s main office in Riga, 23 Elizabetes Str., will be launched in July. For the period of reconstruction administrative staff will reside in the nearby category "A" office building on 4a Mednieku Str.

The Customer Service Central Office will remain in its current location on 21a Elizabetes Str, therefore the relocation of AB administration will have no negative impact on the bank’s customers.

950 thousand lats are estimated investment in the reconstruction of the bank’s central office facility. It is planned to be completed the by the end of next year.

Aivars Rauska,
Deputy Head of Customer Service Division of Aizkraukles banka