Emitents | Latvijas Hipotēku un zemes banka, VAS |
Veids | Būtiski notikumi |
Valoda | EN |
Statuss | Publicēts |
Versija | |
Datums | 2010-07-14 15:27:05 |
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In the first half-year of 2010 the Mortgage and Land Bank of Latvia pursued active lending within five state aid programmes granting loans to the companies in the priority sectors established by government. The development loan portfolio accounts for 40% of the total loan portfolio of the Mortgage Bank. By way of proceeding with the financing of the entrepreneurs
of Latvia within the framework of the state aid programmes, the
Programme for Improvement of Competitiveness of the Businesses has
granted 330 loans for 126,4 million lats. The following companies
producing high added value products benefited from the financing:
SIA “Dendrolight Latvija”, SIA “Nordic Metalplast”, AS “Dzintars”,
SIA “Glāzeri BT”, SIA “MC Bio”, a.o. The European Social Fund
Programme "Support to Self-employment and Business Start-ups"
granted 130 loans to business start-ups for 2 million lats and
trained more than 370 start-up entrepreneurs. The Small and Medium
Enterprises Micro-lending Programme granted 217 loans for the total
amount of 602 thousand lats. The Bank has started to work with the
funds of the SME Growth Loans Programme and has granted 56 loans
for the total amount of 3,7 million lats by now. The Working
Capital Loans Programme for Farmers has granted 77 loans for 2
million lats.
As planned and in line with the law on the state budget for
the year 2010, the equity capital of the Mortgage Bank was
increased by 70,28 million lats in the first six months of 2010.
The share capital of the Bank is 191,60 million lats, but the
reserve capital – 2,063 million lats. As at 30 June 2010 the
capital adequacy ratio of the Bank was 18.6%.
Rolands Paņko – Board Chairman of the Mortgage Bank
says: “The payment discipline of the customers improves
alongside stabilisation of the economic situation. We expect that
the stabilisation trend pertaining to late payers will become more
distinct in the second half of the year. The increased capital base
of the Bank enabled us to intensify the revaluation of the risk of
the granted loans and accumulate provisions for insecure loans. At
the same time we have also accumulated funds for repayment of the
next syndicated loan due in August this year. We are glad that the
volume of deposits with the Bank keeps rising since the Bank has
managed to maintain high customer loyalty.”
In the first six months the Bank built provisions for insecure
assets in the amount of 49 million lats. As a result, the unaudited
losses reached 46,77 million lats. As at 30 June 2010 the ratio of
the accumulated provisions and loan portfolio of the Bank was –
15.8%. The Bank’s profit before provisions and income tax was 2,3
million lats. As at 30 June the Bank’s liquidity ratio was
117%.
In view of the fact that the loans of the aid programmes have
a higher inherent risk, the ratio of the non-performing loans
(overdue more than 90 days) is 23.3% at the Mortgage Bank. At the
same time the Bank has drafted and improved over the time the
procedure encompassing uniform standards and other solutions for
the existing and potential late payers. In 2009 these solutions
were applied to 772 loans. This year the amount of restructured
loans keeps rising as in the first year-half of 2010 various
solutions have been already applied to 543 loans. Carrying over of
the principal, capitalisation of the interest or taking over of the
assets of the collateral are the options used most
frequently.
In the first six months of the year 2010 the gross assets of
the Mortgage Bank amounted to 937,8 million lats, the gross loan
portfolio - 657,2 million lats. The volume of deposits grew by 3%
in the given period reaching 329,9 million lats.
“Moody’s Investors Service Ltd” notched up future outlook for
the Bank’s long-term foreign currency deposits from negative to
stable in the first half-year of 2010. The Mortgage Bank is
assigned the following ratings: long-term foreign currency deposits
Baa3, short-term foreign currency deposits – P3,
financial strength rating – E+, mortgage bonds –
Baa2.
The Mortgage Bank was founded on the 19th of March
1993 as the state commercial bank. The group of the Mortgage Bank
includes the following subsidiaries: Hipolīzings, Hipo
Fondi, HipoNIA and Risk Investment
Company.
For more information contact:
Sandra Eglīte
PR Officer of Mortgage Bank
Telephone: +371 67774244, + 371 26577810
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