Baltic International Bank Announces 2011 Half-Year Financial Results, Posting a Net Profit of LVL 781 748
According to preliminary unaudited figures, Baltic International Bank recorded a net profit of LVL 781 748 for the first half-year of 2011. Bank’s assets grew by 14 percent to reach LVL 191.7 mio. Bank earned LVL 4.8 mio in operating income.
„Our positive results were driven primarily by bank’s efficiency and effectiveness across key banking areas. As a result, bank’s operating income increased nearly half as much compared to the same period of the past year,” the Chairperson of the Board Ilona Gulchak said. “Bank’s past efforts reap rewards: during the previous periods, bank kept broadening its product assortment, improving the internal business processes, and focusing on more efficient use and management of the financial resources. It’s also worth mentioning that our clients are using widely-diverse banking services more now than they did previously. Clients with high-risk appetite more often choose investment vehicles considered to involve higher risk than cash deposits for a higher return.“
The increase in Bank’s income is attributed to factors such as successful trading operations both on the FX market and capital market (the capital market is the market for securities), and a rise in fee and commission income. The fee and commission income was boosted by the intensity of customer transactions involving financial instruments and implementation of bank’s Gold Investment Program.
Our customer deposits showed a half-year increase of 14 percent and reached LVL 152 mio. Bank’s loan portfolio saw a slight rise in value (up 3.4 percent) and complied with bank’s conservative lending policy.
Bank’s capital adequacy ratio was 14.6 percent. Bank continues maintaining a strong liquidity position: a 93.26 percent liquidity ratio as at 30 June 2011.
During the first half of 2011, bank continued to actively build its product portfolio. Bank broadened its range of plastic payment cards by adding Amber Card to premium credit cards MasterCard World Signia and Platinum. Amber Card is designed specifically for those preferring a card with no name embossed thereon. Beyond that, Baltic International Bank, in partnership with worldwide renowned brands, has developed a vast spectrum of exclusive offers for World Signia cardholders.
Bank specifically focused on encouraging financial instruments-based investments and direct equity investments. In May, Riga-based Amber Sea Business Angels Club opened its doors. The Club members include bank’s clients and business partners. The Club is committed to fostering angel investments.
The launch of bank’s newly redesigned website proved to be a worthwhile project.
Bank’s future plans envisage an aggressive promotion of customer-favoured banking products such as discretionary asset management and provision of advisory services (advice on asset structuring and protection, tax advice, and professional legal advice). The entire package is aimed at providing our customers with new opportunities of preserving and enhancing their wealth.