JSC “Regional Investment Bank” (RIB) has closed 2019 with an audited profit of 2.99 million euros, increasing the bank’s equity to 47.2 million euros. The bank’s assets reached 286.3 million euros at the end of the year.
Last year, RIB successfully implemented the transformation of the bank’s business model in accordance with the development strategy for 2019-2022, which envisages a shift in emphasis from universal banking to lending and financial services to Latvian small and medium-sized enterprises. The auditor of the bank’s results was EY.
As part of the new strategy, the bank last year issued new loans in the amount of 29.4 million euros, which is 41.3% more than a year earlier. At the end of the year, the bank’s loan portfolio was 71.2 million euros.
“After several years of change in the Latvian banking sector, RIB has a clear development perspective. Last year we focused on the implementation of our new business model – we conducted an in-depth study of Latvian SME lending needs, strengthened our lending team and assessed our risk approach to this business. Last year’s results and the bank’s strong balance sheet indicators give us confidence that the bank’s development path has been chosen correctly, “says Aleksandrs Jakovļevs, Chairman of the Board of RIB.