BlueOrange successfully completes the audit and continues to develop

June 12, 2019

According to the audited data, BlueOrange Bank finished the year 2018 with a profit of EUR 7.4 million. The Bank’s income during the reporting period amounted to EUR 31 million. The Bank's equity reached EUR 66 million, which is a 10% increase compared to the last year. At the end of 2018, the Bank's total assets (incl. assets under management) amounted to EUR 648 million.

In 2018, BlueOrange Bank continued the implementation of its new business model and the development of the Bank's business technologies and new business lines in line with the new financial market requirements. The Bank’s audit was performed by the international audit company SIA “PricewaterhouseCoopers.”
“We are pleased with the results of the audit on the Bank's performance during the past year — our positive profit and income results are entirely in line with those previously planned, and the report issued by the international certified auditor is unqualified. This proves that the business model selected by BlueOrange over the previous years has been successful. The bank is developing dynamically in line with market requirements,” notes Dmitrijs Latisevs, Chairman of the Board at BlueOrange.
“Quarter 1 of this year was finished with a profit of 3.188 million. It is logical that compared to the beginning of 2018, profits are lower: in the event of cardinal changes in the structure of income, we can expect a more rapid increase in 2020. We plan to close this year with a profit large enough to provide for the return on capital at the level of 7%. In the first three months of this year alone, the Bank's credit portfolio has grown approximately by 10%, which proves that the Bank continues to develop successfully in its priority business line — lending to companies in Latvia and the Baltic States. We have developed individual lending programs for both small/medium-size customers, and large companies. We are actively supporting the manufacturing, trading, port and terminal business, as well as the construction sector. We are pleased to be one of the banks in Latvia that is contributing to the growth of local companies, the production, exports and the Latvian economy as a whole,” adds Dmitrijs Latisevs.