Latvian monetary financial institutions (mainly banks) earned EUR 528.4 million in aggregate profit in the first nine months of 2023, which is a 2.5 times increase against the respective period in 2022, the Bank of Latvia reports.
In September, the monetary financial institutions’ profit was EUR 57.5 million.
As at September 30, 2023, the aggregate assets of the Latvian monetary financial institutions stood at EUR 26.918 billion, up 7.2 percent or EUR 1.798 billion against the end of September 2022 when their aggregate assets were worth EUR 25.12 billion.
The balance of loans issued to residents by the Latvian monetary financial institutions was EUR 13.649 billion at end-September, up 2.1 percent year-on-year. This included EUR 13.56 billion in euro-denominated loans issued to residents, up 2.2 percent year-on-year, and EUR 89.5 million worth of loans in foreign currencies, down 15.3 percent.
The balance of resident deposits totaled EUR 17.478 billion at the end of September, up 1.5 percent against the same period last year, including EUR 16.269 billion in euro-denominated deposits, which grew 2.6 percent from the end of September 2022, and EUR 1.209 billion in deposits in foreign currencies, down 11.4 percent from the same period a year ago.
The capital and reserves of the Latvian monetary financial institutions totaled EUR 3.567 billion at the end of September 2023, up 14.6 percent from the same period a year ago.
The Latvian monetary financial institutions closed 2022 with EUR 326.3 million in aggregate profit. In the first nine months of 2022 their aggregate profit was EUR 213.1 million.
Monetary financial institutions (MFI) are credit institutions and other financial institutions accepting deposits from customers which are not monetary financial institutions, as well extending loans from own funds and investing in securities.
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