Aizkraukles Banka — among the most earning banks in Latvia

November 13, 2002 / Banking

Over the ten months of this year, Aizkraukles Bank (AB) had generated a profit of 3.357 million lats. In October, AB earned more than 390 thousand lats.

AB is still among the most earning banks in Latvia according to its Average Return on Assets (ROA), i.e. 3% per annum, which according to the ten months performance of AB is twice as high for the bank than on the average in the Latvian banking sector.

The assets of AB as of the end of October 2002 were equal to 161.2 million lats. The assets of AB increased by 11.3 million Ls (7.6%) during this month, or by 63.4 million Ls compared with the nine-months period of the last year (64.9%).

Accepts Deposits with Higher Interest

As of the beginning of November, AB had announced a deposit acceptance promotion. Until the end of the year, the bank has increased the interest rates for deposits by 0.5 per cent on the average.

AB expects to attract new clients by means of a lottery for raffling a TV set as well as offering certain presents to the first 100 depositors. This deposit offer by AB is mainly aimed at medium-size businesses and employees with medium income level.

The volume of non-bank deposits of AB has increased by 6.8 million lats this month (5.6%), exceeding 131 million Ls as of the end of October. It is 52.8 million Ls (or 67.5%) more than during the respective period of time past year.

Total Amount of Loans Granted by AB Also Increased

As of the end of the month, the volume of loans granted by AB has almost reached 34 million lats, which is 6 million Ls more than a year ago. When compared with the nine-months performance of the previous year, the bank has increased the volumes of crediting by more than 22%.

Deputy Head of the Customer Service Division

Aizkraukles Banka