OREANDA-NEWS. March 31, 2008. Rietumu Bank’s annual Council meeting and Shareholders’ summit took place on 25 March in Riga. The Bank’s Council and Shareholders have approved audited financial results for 2007 and corporate development plan for 2008.  

The Bank’s Council has accepted and Shareholders’ summit has approved Consolidated and Bank Financial Statements and Auditor’s – KMPG Baltics – Report for the year ended 31 December 2007.

The audited Report approved by the Shareholders’ meeting confirmed that 2007 was very successful for Rietumu Bank. Net profit of the Bank in 2007 amounted to LVL 34.8 million (EUR 49.5 million) enjoying a 17% increase versus 2006. Rietumu Bank’s assets (excluding assets under management) grew by 32% reaching LVL 1.2 billion (EUR 1.7 billion). The Bank’s commercial loan portfolio demonstrated strong growth of 60% reaching LVL 599 million (EUR 852 million). The total amount of customers’ deposits reached LVL 886 million (EUR 1.3 billion), a 32% increase compared to the end of 2006.

The shareholders’ meeting resolved to distribute dividends from the Bank’s net profit of 2007 in the amount LVL 0.39 per share, representing LVL 8.8 million (EUR 12.5 million) or 25% of net profit. The remaining profit will residue in the Bank’s equity.

Shareholders’ meeting has also approved corporate development plan and Rietumu Bank’s budget for 2008. According to the agreed budget, the estimated net profit for 2008 accounts for LVL 37.5 million (EUR 53.5 million). KPMG Baltics has been approved as the Bank’s auditor for 2008.