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JSC "Rietumu Banka" Condensed Interim Non-audited Financial Statements.
Emitents Rietumu banka, AS (2138007F5HA5FFJROB80)
Veids 1.2 Pusgada finanšu pārskati un revīzijas ziņojumi / ierobežotas pārbaudes
Valoda EN
Statuss Publicēts
Versija
Datums 2017-08-31 17:49:24
Versijas komentārs
Teksts

2017 marks the 25th anniversary of Rietumu Bank and during the first half of 2017 the Rietumu Bank Group continued to successfully develop its operations. The Group’s revenues are diversified between interest and commission and despite the low interest rate environment the Group continued to operate very efficiently.

Quality and Individual approach

The Group specializes on servicing corporate customers and high net worth individuals. The Group has extensive experience in the EU and CIS countries and understands the business environments in both Western and Eastern Europe. The Group focuses on larger privately owned businesses to which offers a broad range of products. By maintaining close contact to our clients through our extensive network of representative offices, we have continued to successfully cooperate with our customers. The Bank employs the latest technologies in developing new products our emphasis has always been on employing the latest technologies.

The Bank follows a conservative lending policy while offering innovative and individually tailored products that suit the requirements of each individual customer the best. The Bank focuses the development of its international lending business in new lending markets such as Ireland and the United Kingdom. Other non-banking subsidiaries in the Group include leasing and consumer finance companies, repossessed real estate and other repossessed collateral maintenance companies and asset management. It is the Bank’s strategy as much as possible to fully integrate its subsidiaries into the Bank’s management and control systems.

Financial review

The Group closed first half of 2017 with after tax profit attributable to the Bank’s shareholders of EUR 6,6 million. Income distribution was well diversified across the business units of the Group.  During the first half of 2017 the Bank had to make a significant provision for litigation and fines of EUR 20 million for potential fines in France.

As at 30 June 2017 the Group’s total assets were EUR 3,242 million. This represents a decrease of 6.68% compared to 2016 and this slow-down is due to the general economic situation in the region we operate in as well as the Bank purposefully changing the focus on larger customers resulting in the loss of some smaller customers. 60% of the Bank’s assets are invested in liquidity management portfolios with 19% of this invested in short term money market placement with large mainly European banks. During the first half of 2017 loans and receivables due from customers decreased by 6.8% to EUR 974 million. The decrease was due to the Bank continuation of the downsizing its CIS portfolio. Loans and receivables due from customers represent 30% of total assets and since 2010 this ratio has not exceeded 45%.

The funding sources of the Group remained unchanged in that the Group finances its activity through current accounts and deposits due to customers and shareholders’ equity. Current accounts and deposits due to customers were EUR 2,510 million decreased by 8.5% compared to 2016. The fall in deposits was due to the general economic environment and a refocusing of the Bank customer base to larger customers. The Group total shareholders’ equity was EUR 480 million as of 30 June 2017 representing a 2.8% decrease from 2016. The Group total capital adequacy ratio was 22.74% (2016: 22.36%) forming the basis for maintaining financial stability and growth in the Group for more than 20 years.

The first 6 months of our 25th anniversary year presented many new opportunities to the Bank and we believe that the remainder of the year will also prove to be very successful. We owe our success to our customers and business partners and the trust that they have placed in us.

        Eleonora Gailisha
         Mass Media and Public Relations
         Phone: +371-67020506
         Fax: +371-67020563
         E-mail: egailisha@rietumu.lv

Pielikumi
JSC_Rietumu Banka_Condensed_Interim_Non-audited_Financial_Statements.pdf (7516.24 kB)
JSC_Rietumu_Banka_Financial_Report_for_2Q_2017.pdf (1008.21 kB)