Baltic International Bank shows good financial results in Q1 2016
In Q1 2016 Baltic International Bank showed financial results that can be regarded as positive: its revenue from operating activities reached EUR 7.7 million at the end of March 2016, which is a 60% increase compared to the revenue in Q1 2015, while its profits amounted to EUR 1.17 million at the end of Q1 2016, which is 3.8 times more than in the corresponding period in the previous year.
The increase in the revenue from operating activities was mainly due to an increase in the volume of trade transactions, revenue from which has grown by EUR 1.94 million, compared to the same period a year ago, an increase in commission fees (+14.7% compared to Q1 2015), an increase in brokerage transactions (+23.9%), and an increase in the volume of documentary operations (+27.7%).
Mrs Ilona Guļčaka, Chairperson of Baltic International Bank, tells more: ‘The first quarter of this year has been intense for Baltic International Bank but the stressful work has brought financial results that can be regarded as positive. We also continued working actively to further improve the risk management system and the quality of loan portfolios, and also to ensure sustainable development of the Bank internal control system. I’m pleased that the input of work and investment gives us reasonable assurance in the sustainable development of Baltic International Bank in the future.
In Q1 2016 the liquidity ratios of Baltic International Bank stood at record levels: at the end of the quarter its liquidity ratio reached 91%, which is 1.5 times more than the minimum internal norm of 60%. The liquidity coverage ratio went over the 600% mark, reaching 615% (614%) (the norm for the period of time from 1 January 2016 till 31 December 2016 is 70%).
At the end of Q1 2016 the total capital ratio was 17.7%. In order to further strengthen the capital base, the shareholder meeting held on 31 March 2016 adopted a resolution to increase the share capital by EUR 2 million.
In Q1 2016 the Bank continued implementing various national cultural, artistic and business support projects. During this period Bogene, the latest book by Gundega Repše in a series of historical novels titled ‘We. Latvia, the 20th century’, was published with the support of the Bank. The Bank has also supported, for the second consecutive year, the Latvian Literature Award which is the most important annual event in Latvian literature. On the Easter Eve the Bank also provided current financial support to the Roman Catholic Metropolitan Curia of Riga.
Active work was also performed in Q1 2016 to develop a modern and interactive mobile app for the Latvian National Museum of Art; the app is supported by the Bank and will be released upon the opening of the Museum in early May 2016.