ABLV Group closed Q1 2011 with profit of LVL 5 million

May 24, 2011, 14:07 / Banking

Properly chosen business strategy enabled ABLV Bank to achieve and even surpass its financial targets. Clients high activity in first quarter of 2011 facilitated great financial performance demonstrated by ABLV.

Financial results as of 31 March 2011:

  • Net profit of ABLV Group equalled LVL 5.06 million, whereas net profit of ABLV Bank was LVL 3.96 million.
  • Total amount of deposits with ABLV Bank reached LVL 1.29 billion. Since the beginning of the year, the amount of deposits has grown by LVL 40.4 million, i.e. 3.2%.
  • Total amount of the loan portfolio equalled LVL 572.8 million.
  • Amount of ABLV Bank assets totalled LVL 1.4 billion. Since the beginning of the year, the amount of assets has increased by LVL 60 million, i.e. 4.4%.
  • Capital and reserves of ABLV Bank amounted to LV L80.5 million.
  • ABLV Bank capital adequacy ratio was equal to 12.28%, ROE 20.03%, ROA 1.05%
  • ABLV Bank liquidity ratio was 71.53%.

“Our main tasks for 2011 will be to expand the bank’s operations and increase profitability. We are glad to conclude that results of Q1 2011 stand for success in performing this task. After beginning of the world economic crisis, this is the first quarter in which our bank demonstrated substantial profit,” said ABLV Bank Chairman of the Board Ernest Bernis.

ABLV Bank is the largest independent private bank in Latvia. The bank’s majority shareholders – Oleg Fil, Ernest Bernis and Nika Berne – hold 85.90% of the bank’s share capital. ABLV Group includes ABLV Bank, AS; ABLV Capital Markets, IBAS; ABLV Asset Management, IPAS; ABLV Transform Partnership, KS; ABLV Consulting Services, AS; ABLV Corporate Services, SIA; New Hanza City, SIA, and other companies. ABLV Group has representative offices in Moscow, St. Petersburg, Yekaterinburg, Kiev, Odessa, Minsk, Almaty, Dushanbe, Baku, and Tashkent.

Ilmars Jargans
Head of Public Relations Department
+ 371 6700 2296