JSC Baltic International Bank Releases Financial Report for 2Q 2015
In 2Q 2015, assets of Baltic International Bank (Bank) (the Group’s figures are shown within the brackets) surpassed the half-million mark to stand at EUR 521.60 (521.51) million. The Bank recorded a profit of EUR 2.58 (2.57) million. The Bank’s operating income exceeded EUR 10 million.
Bank maintained its liquidity ratio higher than 90% (30 June 2015: 91.35%). The Bank’s liquidity coverage ratio (LCR) many-fold exceeded 100 percent. As at 30 June 2015, the capital adequacy ratio (CAR) was 16.3% (16.1%). This is a 2.2-percentage point increase over the figure recorded at the end of 2014. The growth of the CAR is expected to foster the growth of business volumes.
The total customer funds, including assets under management, brokerage portfolio, debt securities issued, and subordinated deposits totalled EUR 674.91 (674.88) million) as at 30 June 2015, virtually the same volume as at the end of 2014. A slight decrease in the deposits (-1.18%) was caused by redistribution of the customer funds and their transfer to the brokerage portfolio (the investments grew by 25.71%).
In 2Q 2015, the Bank focused specifically on distressed assets. As a result, the Bank reduced its exposures in Ukraine. The loan portfolio therefore shrank by 13.12% (13.53%). The loan portfolio totalled EUR 84.93 (83.09) million as at 30 June 2015 and made up 16.28% (15.92%) of the total assets.
In 2Q 2015, the Bank continued to support cultural and social projects in Latvia. Bank has become a supporter of the Annual Latvian Literature Award, participated in the Riga Marathon and once again received the Sustainability Award. Bank also participated in industry conferences held in Moscow and St Petersburg and in the Eurofi High Level Seminar organized in association with the Latvian EU Council Presidency. As the Bank’s strategy and vision is to keep its business going in the context of long-term development, the Bank participated in the European Enterprises Climate Cup (EECC) competition.