Best bank: SEB Banka
Despite the Latvian economy dipping into recession last year, the banking sector delivered impressive bottom-line growth, with total profits almost doubling year on year to €622 million.
AfE 2024
Leading the sector with record results was SEB Banka, Latvia’s best bank.
To the end of December 2023, the bank, led by Ieva Tetere, president and chair of the management board, reported a 100% year-on-year rise in profit before credit losses and imposed levies of €186 million, supported by operating income of €249 million, up 64% from 2022.
Higher rates and loan growth across key segments underpinned the rise in profits. Loans to the public hit a total of €3.3 billion – up €120 million on 2022 – with €31 million in new consumer lending, a 27% increase on the previous year.
Lending to large corporates and small and medium-sized enterprises was also up, rising 4% to €267 million and 17% to €584 million, respectively.
Growth