Latvia: Bank profits up 2.6 times on year in H1/2023: central bank

Latvian banks made a total profit of EUR 350.312mn in the first half of 2023, which was up 2.6 times from EUR 132.526mn in the corresponding period of 2022, according to data from the Bank of Latvia, LETA reports. The banking sector’s overall profit for the first six months of 2023 was higher than for the whole of 2022, when it amounted to EUR 321.718mn. Net income on interest amounted to EUR 574.8mn (up 2.2 times) and interest expenses to EUR 64.133mn (up 2.2 times) in the first half of 2023. Commission income totalled EUR 168.42mn, which was up 5.6% over a year. The banking sector’s assets totalled EUR 27.234bn at the end of June 2023, which was down 1.7% from EUR 27.705bn at the end of 2022, when. The bank loan portfolio amounted to EUR 15.622bn (down 0.3%) and deposits to EUR 22.448bn (down 2.8%).

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