Baltikums Bank Sustains Technological Growth
August 30, 2016
According to unaudited financial data from Baltikums Bank, income from its core operations in the first half of 2016 reached 23.25 million euros, which is 29% higher than in the same period a year before. The bank finished the H1 2016 with 9.2 million euros in profit before provisions.
Client investments in subordinated capital accelerated to 24.7 million euros in the first half-year, exceeding year-ago performance by 34%. Substantial growth is also noted in other financial indicators such as fee income, which exhibited a 18% increase over the first half of 2015. The bank’s liquidity ratio at the end of the reporting period was equal to 75.49%. The credit portfolio continues to expand, with 54 million euros in loans granted to Baltikums Bank clients in the first half-year. As a result, loan interest income increased by 32.8% compared to the first six months of 2015. Asset quality evaluation was performed in the second quarter of 2016 with creation of provisions, which affected net profit.
During the reporting period, the bank allocated significant capital to technological development, improving online availability of its services and making the financial transactions of its clients more secure. A state of the art client service centre has been established in order to enhance comfort of remote service for clients and expand geographical access to the bank’s services.
“Our operational priority is developing technologies and services that help our clients handle business and manage their assets effectively, no matter where they are in the world,” Baltikums Bank Chairman of the Board Dmitrijs Latiševs notes.
The bank is set to finalise work on its new website in the coming months. Work is underway on making e-commerce services even more convenient and secure. Beyond that, Baltikums Bank is actively developing a set of new offers for corporates and individuals.
Head of the Public Relations and Communication Department