Baltikums Bank Posts over LVL 5.7 mio. Profit in 9 months, Plans to Create about 10 New Jobs by End of 2012


In the 9 months of 2012, Baltikums Bank has considerably increased its profitability while maintaining high levels of liquidity and capital adequacy. Our excellent financial performance has been assisted by increasing customer activity, commitment to the Bank’s financial stability roadmap and expanding activity in the fields of investment and personal capital management.

Key financial indicators of Baltikums Bank as of 30 September 2012:

  • Net profit exceeding LVL 5.7 million (EUR 8.1 million), a year-on-year increase 6.4 times;
  • Income from the primary line of business before establishing reserves constituted LVL 7.9 million (EUR 11.2 million), or 4.7 times higher than for the same period in 2011;
  • The Bank’s assets, including assets under management, as of the reporting date have increased by 53.9% to reach LVL 426.6 million (EUR 606.9 million), including a 56.2% increase in the amount of assets under management in the past nine months (by LVL 37.8 million, or EUR 53.8 million);
  • Deposits totalled LVL 289.3 million (EUR 411.7 million), a 55% increase since the beginning of the year;
  • The volume of the Bank’s net credit portfolio at the end of the half-year period constituted LVL 27.9 million (EUR 39.7 million);
  • The Bank’s capital adequacy ratio as of 30 September 2012 was 17%, whereas its liquidity ratio was 81.5%;
  • ROA at the end of September was 2.52%, with a ROE of 27.7%;
  • The capital and reserves of Baltikums Bank grew in the past nine months to LVL 27.5 million (EUR 39.1 million), with a 23.8% increase from 31 December 2011.

Baltikums Bank CEO Dmitrijs Latiševs comments: “This year, thanks to the unprecedented support of our customers and partners, as well as the contribution of the Bank’s personnel, the Bank has shown a considerable increase in profits and other performance indicators. The results posted for the reporting period reiterate our drive to uphold the Bank’s financial stability at the highest level attainable, in line with our customers’ long-term needs of protecting and increasing capital. We are noticing constantly increasing demand for our Bank’s services and good potential for preserving this pace of growth for the rest of the year. We have created 14 new jobs this year to support our growth and intend to attract more than 20 highly qualified and professional private bankers and back-office specialists by the end of the year”.

Our values in the client relationship remain unchanged: independence and objective approach, security, responsibility, and comprehensive protection of our customer’s interests. We are grateful to all our customers for cooperation and loyalty and look forward to continuing our successful cooperation in the future.

Baltikums Bank is an independent private bank with a head office in Riga (Latvia) and a branch in Limassol (Cyprus). The Bank is owned by Latvian financial group BBG AS, whose largest shareholders (with both direct and indirect participation) are Aleksandrs Peškovs and Sergejs Peškovs and their family members, owning a total of 81.06% of the Bank’s equity. The Baltikums Bank group includes Baltikums Asset Management, IPAS; Baltikums International, SIA; Pils Pakalpojumi, SIA; the Baltikums AAS insurance company, Baltikums Luxembourg S.A. and other companies. The Baltikums Bank group has representative offices in Almaty, Kyiv, Moscow and St. Petersburg (via BBG AS), and in Baku (represented via subsidiary Baltikums International).

         Uldis Zandars
         Baltikums Bank AS
         Deputy of Head of the Product Development and Marketing Department
         Phone: +371 67 031 408, +371 29 206 536
         E-mail: uldis.zandars@baltikums.eu