Baltic International Bank became one of the leading 2014 taxpayers in the banking sector

News - April 14, 2015

Having paid EUR 2.89 million in taxes, Bank became one in the top 10 of 2014 taxpayers among the Latvian commercial banks, the major contributors to the country’s budget.

„The figures are a clear testimony for the importance of the financial sector in facilitating the economy,” the Chairperson of the Board Ilona Gulchak emphasises. „The banks contribute positively to economic growth by acquiring foreign investments and providing much-needed finance to businesses. Also, the banks are the biggest corporate taxpayers. According to the research recently published by KPMG Baltics, the aggregate contribution of the banking sector to Latvia’s economy was 4.39% of GDP. The aggregate contribution is quantified in terms of both direct contribution (2.37%) and indirect contribution (induced impacts). Indirect contribution manifests itself in fostering economic development of other sectors. KMPG applied Eurostat’s average multiplication equation in Europe’s financial services sector to calculate that Latvia’s banking sector provides more than 23 000 jobs.”

In 2014, Bank ensured the growth of its key performance indicators (KPIs) through boosting its operating income by 8.6%, expanding its customer base, and acquiring Bank-held customer funds totalling EUR 683.06 million. Compared with 2013, Bank’s assets increased by 58.3% to reach EUR 533.03 million. The volume of customer deposits grew by 62.8% to attain the level of EUR 448.25 million by the end of 2014. 

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