In 2019, the Bank continued its successful development in accordance with the previously approved strategy. One of the key elements of development in 2019 was the active transformation process of the Bank’s business model, reorienting the Bank’s business from providing services to the non-residents’ segment to a new business niche – providing services to small and medium enterprises (‘SME’) of Latvia and the European Union, while focusing on the principal banking product – SME crediting. During the reporting period, the Bank’s net profit reached EUR 2.99M, exceeding the financial results planned in the Bank’s budget for 2019 by 39%.
Likewise, the Bank continued its work on attaining goals such as ensuring the customer base risk acceptable for the Bank, developing the AML/CFT control system, ensuring the optimal amount of administrative costs, and preserving the high level of responsibility in all areas of activity.
The audited Consolidated and Bank’s Annual Report is available here