Financial results of Baltic International Bank in the first half of 2010

News - July 23, 2010

Based on unaudited data, Baltic International Bank has been working with a profit equal to 143,639 lats in the first half of 2010. Revenues from core activities of the bank, in their turn, amounted to 3.3 million lats.

During the first half of the year, the bank has adhered to the traditionally conservative approach in asset management. A moderate rate of lending has been favourable for increase of the loan portfolio by 6.6 million lats, and thus the total loan portfolio at the end of June was valued at 45.6 million lats. There has also been an increase in the securities portfolio (up to 24 million lats), which mainly included fixed income instruments.

Individual approach and focus on preservation of family capital have contributed to strong growth of the volume of customer assets serviced by the bank during the second quarter of 2010. The volume of deposits increased by 12.5% compared with the first quarter results and amounted to 170.2 million lats at the end of June. As at 30 June 2010, total assets amounted to 194.1 million lats, which means an increase of 9% in comparison with the result of the first quarter of 2010.

In the first half of 2010, customer activity increased compared to the same period of the previous year, which has resulted in growth of net interest income by 36% and an increase in net commission fee income by 18%.

At the end of June 2010, the liquidity ratio reached the level of 86.2%, which ensures the fulfilment of the standard set by the Financial and Capital Market Commission (30%).

During the first half of 2010, the bank also focused on improving the quality of customer service and extending the range of products and services. As part of the programme oriented at modernization of external channels of communication, the bank has concluded an agreement on development of a new Internet bank which will allow the bank to satisfy a wide range of demands of the customers and will significantly increase the efficiency of remote operations.

Matters of family values and successful business development by the future generations are a priority for the bank. For this reason, the bank started a program in early 2010 which focuses on exhaustive assistance in the professional and personal growth of young successors of family capital.

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