Aizkraukles Banka's audited profits reach 8.11 million lats

March 24, 2005 / Banking

Aizkraukles Banka’s (AB.LV) audited financial results for 2004 show that in 2004 the bank’s assets increased by 76%, to 444.5 million lats. Compared with 2003, the bank’s net profits grew by 32%, to 8.11 million lats.

The volume of the bank’s outside funds reached 382.6 million lats, which is 73% more than the total volume of deposits at the end of 2003.

Mortgage loans — 84.3 million lats

In 2004, the bank’s loan portfolio comprised 139.7 million lats, a 110% increase compared with 2003. Mortgage loans made up the greatest part of the issued loans — 84.3 million lats. This is the fifth-best indicator amongst Latvia’s commercial banks.

«I am certain that our chosen strategy is the right one and that in 2005 the bank’s development will be at least as successful, because we offer only highly professional and advantageous services,» says Aizkraukles Banka’s deputy board chairman Olegs Fils.

Aizkraukles Banka was the first commercial bank in Latvia to begin offering customers loans greater than the value of the collateral- 105% loans. Last year the bank opened six new customer service centers.

Ten mortgage lending programs

In order to wholeheartedly participate in the mortgage lending and real estate market, last year Aizkraukles Banka established a real estate finance section which offers loans to completely new projects. At year’s end, Aizkraukles Banka offered a total of ten different mortgage lending programs.

A partner in social projects

Last year, Aizkraukles Banka put its reputation and financial resources behind the project «Latvia’s Pride,» which was aimed at increasing compassion and mutual understanding within society. It also provides regular assistance to sick children, participates in social environment projects, and supports sports in Latvia.

Aizkraukles Banka — one of the leading commercial banks in Latvia

Aizkraukles Banka is one of the top five commercial banks in Latvia. The bank’s paid-up capital is 15 million lats and it has 100,000 shares. Aizkraukles Banka was ranked 30th on a list of the fastest growing Central European banks compiled by the British banking magazine «The Banker».