Non-audited Semi-annual Profits of Aizkraukles Banka – 2.063 million Ls

July 10, 2002 / Banking

The first half of this year Aizkraukles Banka (AB) had generated a profit of 2.063 million Ls. In June this year, AB earned 118 thousand Ls with the Average Return on Assets (ROA) of the bank at 3.35% per annum. The average value of this indicator in Latvian banking sector according to the data of the Financial and Capital Market Commission last year was 1.5% .

The assets of Aizkraukles Banka as of the end of June 2002 were equal to 129.4 million lats. In June, the assets of AB increased by 1,18 million Ls in comparison with May. Whereas, the volume of non-bank deposits of AB has increased by 5.5 million lats during the previous month and reached 108.8 million Ls by the end of June. As of the end of this half-year, the volume of loans granted by AB has reached 31.5 million Ls.

Compared with the beginning of the year, the investment into treasury bills and fixed-income securities of AB has increased by almost 40%, reaching 48.7 million Ls.

Semi-annual Performance being Audited

For the time being, the halfyear performance of the bank is being audited by the international auditing company Andersen. After obtaining the results of the audit, it is planned to resolve on the allocation of the semi-annual profit. Last year, the shareholders of the bank decided to include the semi-annual profit into the shareholders equity of the bank. Also this year it is planned to have the semi-annual profit included into shareholders equity.

By forming the provision adequate to the increase in the bank’s assets and strengthening its financial stability, AB continues to operate with profit and to increase its shareholders equity . Such a development shall allow the bank to enhance its financial operations on the Latvian market. Bank’s shareholders equity as of the end of the last year was 13.6 million Ls. The paid-in share capital of AB is currently at 10 million Ls.

The comparison of semi-annual performance of AB with the performance of the previous half of the year will be published along with the audited semi-annual performance data.

Continuous Activities in Developing the Client Base

This July, the bank is intending to launch on the market a new Internet banking service - ‘Internetbank AB.LV’. “It shall, both in terms of functionality and security, meet the highest demands of the sophisticated user,” – the Deputy Head of the AB’s Customer Service Division, Mr. Aivars Rauska informs. “Due to the comprehensive options of personalisation, our Internet bank will be easily customisable to the specific needs of every client.”

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