| Emitents | Latvijas Hipotēku un zemes banka, VAS |
| Veids | Finanšu pārskati |
| Valoda | EN |
| Statuss | Publicēts |
| Versija | |
| Datums | 2010-08-20 15:36:07 |
| Versijas komentārs | |
| Teksts |
In the first half of the year 2010, Hipoteku banka
continued active lending within the framework of state aid
programmes.
In the first half of the year 2010, Latvijas Hipoteku un
zemes banka continued active lending within the framework of state
aid programmes, made a repayment of 49.1 million lats of syndicated
and other loans and has accrued funds for repayments scheduled for
the second half of the year.
The range of Hipoteku banka’s promotional programmes was
expanded by Agricultural working capital lending programme in May
2010, and 77 loans of the total of 2 million lats were granted
under the programme by the end of June.
Loans of 126.5 million lats were granted under the
Programme for Improvement of the Competitiveness of Businesses by
the end of June 2010, including 41.26 million lats from the Loan
fund, constituted by funds of the bank and the ERDF. Hipoteku banka
has granted microloans of the total amount of 602 thousand lats
under the Microlending programme. Within the European Social Fund
programme “Support to Self-employment and Business Start-ups”,
financial aid was granted to 130 projects for the total amount of 2
million LVL. By the end of June, 56 loans for the total of 3.65
million lats had been granted under the SME growth lending
programme, which was launched in February 2010 for development of
micro, small and medium-sized enterprises and co-operative unions
providing agricultural services.
The promotional loans portfolio, at the end of the first
six months of 2010, makes up already 40% of Hipoteku banka’s total
loan portfolio.
Says the Chairman of the Board of Hipoteku banka Rolands
Paņko, “By means of these promotional programmes, Hipoteku banka
provides aid in areas that the Government regards as top priority,
supporting which is essential to development of the national
economy of Latvia and improvement of competitiveness. We are
pleased that the interest in opportunities of receiving loans to
start and expand businesses under the programmes implemented by the
bank, despite the adverse economic environment, has been rather
high, therefore we may hope that when the economic situation in the
country becomes stable, this interest in options of receiving aid
would grow larger.”
The volume of gross assets of Hipoteku banka decreased
by 28.9 million lats or by 3%, reaching 937.8 million lats in the
1st half of the year 2010. Within the first 6 months of
2010, the gross loan portfolio of Hipoteku banka has decreased by
7%, reaching 663 million lats, constituted by the portfolio of
development loans of 264 million lats (40% of the portfolio) and
the portfolio of commercial loans of 399 million lats. The volume
of deposits in the respective timeframe has grown by 1% reaching
329 million lats. In the first six months, the Bank made provisions
of 41 million lats for doubtful assets, as a result of which, the
audited losses were 39.3 million lats. The ratio of provisions
built by the Bank and the loan portfolio was 14.3% on 30 June of
this year.
In April 2010, the equity capital of the Bank was
increased by 70.28 million lats. The equity capital was increased
by means of the state taking over the liabilities of Hipoteku banka
towards the Nordic Investment Bank and investing the respective
amount into the equity capital of the bank. The funds of the Nordic
Investment Bank are being used for lending under the Programme for
Improvement of the Competitiveness of Businesses. The capital
adequacy ratio was 20.0% at the end of June, which considerably
exceeds the statutory minimum of 8% as directed by the Law on
Credit Institutions.
Hipoteku banka was established in 1993. In November of
2009, the Government approved the concept of establishment of
Development bank on the fundaments of Hipoteku banka within the
period of time until 2013. The priority of the Bank is providing
aid to small and medium businesses and enabling economic activity
in all regions of Latvia.
Please see attached Mortgage and land bank of Latvia
Interim Condensed Consolidated and Bank Financial Statements for
the 6 months period ended 30 June 2010 in accordance with
International Accounting Standard 34 as adopted by European
Union.
For further information:
Ms. Signe Eisaka
Public Relations Specialist, Hipoteku banka
phone: +371 6777 4159
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